The cost of a prestigious education is going up.
Stanford University's Board of Trustees on Tuesday decided to raise rates for tuition, room and board at the school. The 3.5 percent increase means a year at the school will cost undergraduates more than $50,000 starting next year.
The new plan pushes the current current tuition to $38,700 from $37,380. Room and board jumps to $11,876 from $11,463.
Grad students will also be paying more for tuition.
While it sounds like a pretty steep increase, the board isn't ignoring the elephant in the economy. The national recession was a consideration in their decision, Leslie Hume, chair of the Board of Trustees said.
"In approving the tuition increase for 2010-2011, the Board of Trustees was mindful of the economic hardships facing many Stanford students and their families." Hume said, following the board's Feb. 8-9 meeting. "We have tried both to moderate tuition increases and to ensure generous financial aid for those most in need."
The school will still offer a financial aid plan that provides free tuition to undergrads from families making less than $100,000 a year. Students from families making under $60,000 a year can attend and the school and live on campus for free.