At today’s meeting, the University of Pennsylvania Board approved a 2.8% increase in tuition fees for next year, as well as an undergraduate financial assistance budget of $ 259 million.
“This is the slowest rate of increase in tuition since the 1960s,” said Craig Carnaroli, Executive Vice President. “The unprecedented nature of the pandemic has had a huge financial impact on the university, but the same applies to many students and their families. We do a lot to minimize and enhance cost growth as much as possible. Efforts have been made. Our special grant-based financial assistance program. “
To maintain Penn’s world-class academic programs and student services, undergraduates from 2021 to 2022 will be charged $ 54,652 for tuition, $ 7,058 for housing, $ 11,358 for housing, and $ 5,946 for meals. I will.
“A modest increase in fees was determined by careful consideration of the impact of the pandemic on students and their families and the ongoing financial challenges facing the university,” said Budget Planning and Analyst. Vice President Trevor Lewis said. “Consistent support for Penn’s strategic priorities maintains excellent academic instruction, research, and student resources that make Penn’s experience very impactful and unique.”
In response to the COVID-19 pandemic, the university made several new investments this year in financial support for its students. Penn replaced the summer savings expectations of all undergraduate financial assistance packages from 2020 to 2021 with additional grants, admitting that students have fewer summer employment opportunities than usual. And in addition to announcing that families with incomes of up to $ 140,000 (and typical assets) will receive a financial assistance package that covers at least tuition, Penn has recently been new to this same middle-income population. Students who have made $ 500,000 available for their annual summer internship funding. The program is based on an existing summer funding initiative for highly supported students.
“The university is looking for every opportunity to expand its long-standing commitment to providing financial support to students of all income levels,” said Mary Frances McCourt, Vice President of Finance and Accounting. “As well as mobilizing to address the unique financial pressures students are facing as a result of the COVID-19 pandemic, the new summer funding initiative is a formative career exploration for low- and middle-income students. It will help you access the opportunity and will have a huge impact over the years. “
The university’s undergraduate financial assistance program meets 100% of the needs demonstrated in grants and work studies, and Penn’s education should be achievable for talented students from all financial backgrounds. We support the philosophy of. Currently, 46% of Penn’s undergraduates receive grant-based funding packages, with an average of $ 55,861 in funding, which exceeds tuition fees. Students with a family income of less than $ 65,500 (including regular assets) will receive a financial assistance package that covers tuition, tuition, rooms, and meals. These highly supported students are also eligible for a range of additional financial benefits, including access to first-year laptop grants, summer internships and research opportunity funding.
University student resources go far beyond financial assistance. Financial Wellness @ Penn, a financial literacy program, aims to enhance students’ financial well-being by providing personal financial education, tools and resources. The program is virtually implemented this year with the mission of helping students set financial goals, make informed financial decisions, and feel the power to improve their financial behavior. ..
Since Amy Gutmann took office as President Penn in 2004, Penn’s undergraduate financial assistance budget has nearly tripled. Penn launched a groundbreaking grant-based financial assistance program in 2008, with undergraduate aid budgets growing at an average annual rate of 7.4%. This is almost twice the growth rate of the total cost. Today, Pennsylvania is the largest university in the United States, providing required blind admissions and grant-based financial assistance for undergraduates.
Penn’s grant-based financial assistance program is in line with the inclusion goals outlined in the Penn Compact 2022 Presidential Initiative. This includes a comprehensive effort to raise additional funding for funds to support undergraduate financial assistance, graduate and professional student assistance.
Additional information on undergraduate financial assistance at the University of Pennsylvania is available at www.srfs.upenn.edu.
Penn Council Approves Undergraduate Expenses and Financial Assistance Budgets for 2021-22 – India Education, Education News India, Education News
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