Cost to attend Penn will rise 3.9 percent next year

Tuition, fees and room and board at the University of Pennsylvania will rise 3.9 percent next year, the university announced today.

Undergraduate tuition will increase to $40,594 from $39,088, the university said. Room and board will increase to $12,922 from $12,368, and fees will increase to $5,296 from $5,122.

Total costs will be $58,812, up from $56,578 last year.

The university noted that it also is increasing its financial aid budget by $9 million or five percent to $188 million and will continue its all-grant, no-loan policy for students. The university has used grants instead of loans for all students since 2009.

The average grant for students next year is estimated at $40,200. This academic year, 46 percent of students received need-based grants from Penn. Most undergraduate families with incomes less than $175,000 receive some grant aid, the university said. A typical student from a family with an income under $40,000 gets a grant that covers full tuition, room and board costs, the school said.