Full prices to attend the College of Pennsylvania for the 2023-24 educational 12 months will climb 4% to $84,600 beneath a plan endorsed Thursday by the board of trustees.
That marks a return to pre-pandemic share will increase. The final two years, the board stored share will increase beneath 3%.
However the college mentioned it additionally plans to increase its full support program to households who make lower than $75,000 with “typical belongings” — the edge is presently $65,500. Underneath the plan, Penn additionally will present college students in that group with summer time internships, tuition and analysis funding, stipends for meals throughout Thanksgiving and winter breaks when eating halls are closed, commencement regalia, and grant funding to cowl the price of Penn’s medical insurance plan, the college mentioned. And first-year college students will get a laptop computer.
With the elevated earnings threshold, greater than 1,200 college students will qualify for the complete tuition, charges and room and board support, the college mentioned. That’s out of an undergraduate enrollment that tops 10,400.
» READ MORE: Complete annual prices at Penn to exceed $80,000 for the primary time
“This growth of Penn’s undergraduate monetary support program will make the trail to Penn doable for lots of of extra college students every year,” Penn president Liz Magill mentioned in an announcement. “As pupil and household want will increase, so do our efforts to not solely meet that want, however to ship assets and alternatives that amplify the Penn expertise.”
The college mentioned it elevated its monetary support price range 12% to $286 million to assist cowl the expanded program.
Citing “excessive ranges of inflation, particularly for compensation,” the board additionally endorsed a $3,260, or 4%, improve in whole prices for different college students. That features $58,620 for tuition, $7,484 for charges, $12,166 for housing, and $6,330 for eating.
Final 12 months, the college raised whole prices 2.9% to $81,340. At the moment, a Penn vp mentioned share will increase in prices can be bigger in subsequent years. At the moment, he projected 3.5%.
» READ MORE: Penn touts 2.8% tuition hike as lowest share improve in additional than 50 years
For 2021-22, Penn raised tuition 2.8%, which it touted on the time because the lowest improve in additional than 50 years.
In February 2020, simply earlier than the pandemic shutdown, the board hiked whole prices 3.9%. The prior 12 months, it additionally was 3.9%.
Penn mentioned 44.4% of its undergraduates obtain support at a median of $61,961. The common support package deal covers 73% of a pupil’s whole prices, the varsity mentioned, together with books and provides, transportation, and different private bills.
In 2007-08, greater than three-quarters of scholars who obtained need-based monetary support took out loans; now, it’s 19%, Penn mentioned.