PHILADELPHIA -- Total undergraduate charges for tuition, fees and room and board at the University of Pennsylvania will increase 4.9 percent for the 2007-2008 academic year, bringing the total cost of an undergraduate year to $46,124. The increase was approved today by Penn's Board of Trustees.
Tuition and fees for undergraduate students for the 2007-2008 academic year will increase 5.15 percent to $35,916; average room-and-board charges will increase 4.1 percent to $10,208.
The University also announced a $7 million increase in its undergraduate financial-aid budget for the coming academic year, with those funds targeted to middle- and low-income families.
Penn is one of the few universities in the nation with a need-blind admissions policy, which ensures that students are admitted based on academic achievement, without regard for their ability to pay. Any accepted student who matriculates with a demonstrated financial need will receive a financial-aid package that meets the full extent of the student's need for a full four years.
Penn spends more than $90 million per year out of its operating budget for need-based grants to undergraduate students.
Since 1997-98, the percentage of the average freshman aid package met by grants has increased from 68 percent to 82 percent, while the average loan as a percentage of total aid has declined from 23 percent to 9 percent. The average freshman grant increased by 72 percent during the same period.
Roughly 40 percent of the University's aided freshmen will have their need met without any expected student loan in 2007-2008.
For the eighth year, Penn will continue the Summer Savings Waiver Program, which provides grants to offset the normal summer self-help work- contribution requirement of students who participate in unpaid or low-paying community-service or career-related activity during the summer.