PHILADELPHIA -- Total undergraduate charges for tuition, fees, room and board at the University of Pennsylvania will increase 5.25 percent for the 2006-2007 academic year, bringing the total cost of an undergraduate year to $43,960. The increase was approved today by Penns Board of Trustees.

Tuition and general fees for undergraduate students for the 2006-2007 academic year will increase 5.5 percent to $34,156; average room and board charges will increase 4.3 percent, to $9,804. A portion of the housing increase will go into a funding pool to support necessary capital improvements to Penn's College Houses, as was done last year.

Penn will continue its longstanding need-blind admissions policy, which admits students based on academic achievement, without regard for their ability to pay. The University will also continue its full-need policy, which guarantees that those students who matriculate with demonstrated financial need will receive financial aid packages that meet the full extent of the their need for a full four years.

The University is projecting an increase of 7.7 percent in its need-based undergraduate grants and scholarships in the coming year.

From 1997 to 2005, the percentage of the average freshman aid package met by grants has increased from 68 percent to 80 percent, while the average loan as a percentage of total aid has declined from 23 percent to 11 percent. The average freshman grant increased by 61 percent during this same period.  

Roughly 40 percent of the University's aided freshmen will have their need met without any expected student loan in 2006-2007.

Penn will continue, for the seventh year, the Summer Savings Waiver Program, which provides grants to offset the normal summer self-help work contribution requirement of students who participate in unpaid or low-paying community service or career-related activity over the summer.