Penn's Board of Trustees announced a resolution to increase undergraduate tuition by 3.8 percent for the upcoming academic year, exceeding $70,000 in costs for the first time.
The total cost of attendance would also grow by 3.8 percent, from $68,600 for the 2017-2018 academic year to $71,200 for the 2018-2019 academic year, Vice President of Finance and Treasurer MaryFrances McCourt announced Wednesday.
The cost of attendance consists of multiple components, including tuition, room and board, and additional fees.
Next year, tuition will increase from $47,416 to $49,220, room and board from $15,066 to $15,616, and fees from $6,118 to $6,364.
The University's budget for financial aid will simultaneously increase by 5.25 percent, and Penn will allocate $237 million for financial aid in the upcoming school year.
The budget, which was endorsed by the Budget and Finance Committee, will be voted on tomorrow by the full board which includes Penn President Amy Gutmann.
The possible increase would be the lowest in nine years, as administrators have consistently increased total costs by 3.9 percent every academic year for the past eight years.
Correction: A previous version of this article indicated that Penn Provost Wendell Pritchett serves on the Board of Trustees. The article now reflects that he does not. The Daily Pennsylvanian regrets the error.