It's back to school season for America's colleges and universities. And for most campuses, that's meant it is also back to raising prices for students and their families, the Philadelphia Business Journal reports.
Following a two-year span that saw thousands of schools cut costs and accept federal bailout funds during the COVID-19 pandemic — and just weeks after the Biden administration pledged to erase billions in student loans used to cover higher ed's rapidly rising sticker prices — a Business Journals analysis highlights that inflation is back in vogue among the Ivory Towers.
Schools with some of the largest increases in costs since the pandemic include the University of Pennsylvania in Philadelphia, where direct charges this semester are $81,340, up 10% versus what it asked two years prior during the 2020-21 academic period, according to Penn's website. On a year-over-year basis, Penn's direct costs are up 3% this semester, according to the university.
A university spokesperson said 45% of Penn undergraduates receive need-based financial aid, with an average award of $61,047.
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