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, Business Journals reported.
Among 1,694 degree-granting 4-year colleges that reported cost of attendance estimates since the beginning of the pandemic, roughly 74% hiked prices in the recently completed academic year. A total of 1,402 schools reported sticker-price increases over the course of the pandemic, with hundreds increasing their cost of attendance by 5% or more since 2020, according to Department of Education data. Last year's median increase among all schools analyzed was 1.1%.
Get Philly local news, weather forecasts, sports and entertainment stories to your inbox. Sign up for NBC Philadelphia newsletters.
Check out PBJ.com's full article for how other schools compared in the ranking.
Stay in the know on all things business with the Philadelphia Business Journal.