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Credit: Eric Zeng

Penn's Board of Trustees approved a 3.9 percent increase in cost of attendance for the next academic year, bringing the total costs of tuition, fees, and room and board to $73,960 for the 2019-2020 academic year. This an increase from the $71,200 in the 2018-2019 academic year, which was the first time it cost more than $70,000 to attend Penn for one year.

Penn Trustees also approved a record undergraduate financial aid budget of $247 million for the next academic year, which is an increase of 4.5 percent from last year.

Tuition will also increase 3.9 percent, from $49,220 to $51,156, fees will increase from $6,364 to $6,614, and room and board $15,616 to $16,190 next year. Total costs for Penn undergraduate students have increased nearly 4 percent each year for the past nine years. 

Credit: Ben Zhao

“We not only do full financial aid for low-income students but also for middle- and upper-income students who otherwise couldn’t afford it," Penn President Amy Gutmann said during a Trustees meeting, adding that Penn does not want to "squeeze out the middle class."

Forty-six percent of Penn's undergraduate students currently receive financial aid packages, according to a press release from Gutmann's office.