Penn hikes costs 3.9 percent

Tuition, fees and room and board at the University of Pennsylvania will rise 3.9 percent for 2017-18, bringing the total tab to $68,600, the university announced Thursday.

That's up $2,600 from the current year's $66,000 pricetag.

The breakdown includes $47,416 for tuition, $15,066 for room and board and $6,118 for fees.

The university's financial aid budget also will increase to $224 million. Penn's financial aid packages include all grants — no loans. This academic year, 46 percent of undergraduates received grants based on need from Penn, the school said. The average grant was $45,368.