The total annual cost of a Penn education will rise by 3.9 percent in the 2012-13 academic year, to $56,106, and the University’s financial-aid expenditures will go up 7.7 percent. Both increases are in keeping with recent trends. Over the last four years, undergraduate tuition, fees, room and board have risen by approximately 4 percent per year. Since President Amy Gutmann took office in 2004, Penn’s financial-aid budget has grown at more than twice that clip, averaging nearly 10 percent per year.
For the next academic year, tuition will increase to $39,088 from $37,620; room and board will increase to $12,368 from $11,878; and fees will increase to $4,650 from $4,478. The average grant for aid-eligible undergraduates—Penn replaced all student loans with grants in 2009—is estimated to be $38,250. According to University officials, the average net cost for aided students to attend Penn today is less than it was in 2004.