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.