For the fourth year in a row, the price of a Penn education will increase by 3.9 percent for the upcoming school year, the University announced Thursday.
Total undergraduate charges — including tuition, room and board and other fees — will be $58,812 for 2013-14. The hike was approved by the executive committee of the Board of Trustees. Tuition alone will increase from $39,088 this year to $40,594 next year.
Although the University has now kept tuition increases below 4 percent for the past five years, it is likely that 2013-14 will mark the last year in which some families will see a bill below the $60,000 mark. If total undergraduate charges increase at the same 3.9 percent rate next year, it will cost $61,105 to attend the University in 2014-15.
On the bright side: The university will beef up its financial aid budget by 5 percent.