The University of Pennsylvania is raising tuition by 4% for the 2023-24 academic year, a hike that outstrips the modest bumps of the two previous years, reports the Philadelphia Business Journal.
Tuition at the Ivy League university increased 2.9% for the current academic year after rising 2.8% the year prior, the smallest bump in 50 years. This year's increase, approved by Penn's board of trustees Thursday, will bring undergraduate tuition to $58,620, or a total of $84,600 with room, dining and fees included. Penn chalked up the increase to inflation, especially related to faculty and staff compensation.
Penn is also expanding its financial aid program — which students are eligible and how much the school will spend. President Liz Magill announced at the board of trustees meeting that students whose families make $75,000 or less are now eligible for financial aid packages that fully cover tuition, fees, housing and dining. The previous cutoff was $65,500. The school's total undergraduate financial aid budget was approved at $286 million, a 12% increase over projected aid spending in the current academic year, the school said in a statement.
Penn's undergraduate student body comprises 10,412 students as of fall 2022, with a freshman class size of 2,409. In total, there are 28,201 students enrolled at the university including graduate and part-time students.
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Head over to PBJ.com to see how much money Penn pulled in just in the past fiscal year and how tuition compares to other Ivy League institutions.
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