Price tag for next year at Penn: $63,000+

The price tag for a year at the University of Pennsylvania will top $63,000 in September - a 3.9 percent increase, the university announced Thursday.

For 2015-16, Penn set undergraduate tuition at $43,838, room and board at $13,990, and fees at $5,698, for a total of $63,526. That's up from $61,132 for the current year.

The announcement came as Penn's board of trustees is holding its winter meetings on campus this week.

The university also announced it will increase its financial aid budget to $206 million.

Penn does not include loans in its aid packages; it gives only grants.

The average grant for students next year is estimated to be $43,800, the university said.

Nearly half of Penn undergraduates receive need-based grants.