It has become a refrain in recent years, and a welcome one at that: The tuition increase for the upcoming academic year is the smallest in three decades, while the acceptance rate for the incoming Class of 2003 is the most selective in Penn’s history.
Tuition and fees for undergraduates will increase 4.2 percent, from $23,254 to $24,230, while the overall student charges will increase 3.7 percent, from $30,460 to $31,592. “This maintains our commitment to limit the rate of increase for both tuition and total student charges for our undergraduates at Penn,” said President Judith Rodin, who added that the total charges are expected to be the lowest in the Ivy League.
Rodin also noted that the trustees are “resolutely committed” to the University’s campaign to raise $200 million to beef up the endowment for undergraduate financial aid. So far, $73 million has been raised.
Meanwhile, of the record-high 17,649 students who applied to Penn this year (up from 16,658 a year ago), only 4,703 were accepted. That 26.6 percent acceptance rate is the lowest ever at Penn. Approximately 40 percent of those admitted had applied for early decision, and 350 were children of alumni.
