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Syracuse University increased tuition by 3.9% for full-time undergraduate students for the upcoming academic year, according to its newly-released 2024-25 budget.

According to a Monday SU news release, tuition for these students will be $63,710 — a little more than $2,000 greater than what was listed in last year’s budget. The university also raised room rates for “most full-time new and returning undergraduates” and board rates, increasing by 5% and 3%, respectively.

Along with several fee increases, SU’s 2024-25 budget includes a “historic” amount allocated toward student financial aid, the release states. This year, the university will direct $372 million — an 8% increase from the 2023-24 budget — to funding financial aid, grants and scholarships.

“We are focused on creating opportunity for and providing access to talented students from across the socioeconomic spectrum,” Ryan Williams, vice president for enrollment services, said in the release. “Our historic commitment to financial aid ensures that Syracuse University continues to be a place where students from a variety of backgrounds can live, learn and thrive.”

According to Monday’s release, SU’s Board of Trustees recently approved the updated rates, which also included slight increases to its co-curricular fee and health and wellness fee. The student activity fee will remain the same, the release states.