Penn Increases Attendance Cost While Boosting Financial Aid Budget

The University of Pennsylvania announced it's increasing the total cost of attendance for an undergraduate year at the Ivy League institution by 3.4 percent — but its financial aid budget is getting a boost as well.

The financial aid pot is rising from $214 million to $224 million, the highest in the school's history. The yearly cost to attend, a combination of tuition, room and board and fees, will increase from $66,000 to $68,600. Tuition on its own is rising from $45,556 to $47,416.

The 3.4 percent increase in total charges is slightly less than the cost increase from 2015-16 school year to the 2016-17 year, in which the overall cost grew by 3.9 percent.

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