The Board of Trustees approved a 3 percent tuition increase for the 2012-13 academic year, the University announced Monday. This bump will affect students at all schools in the University — with the exception of those at the Stanford School of Medicine, who will experience a 3.5 percent uptick in tuition.

 

In a University press release, Board Chairwoman Leslie Hume said the tuition increase will offset the rising costs of salaries and health care. She added that the University’s need-based financial aid program will help to ensure that students are able to continue to study at Stanford.

 

Undergraduate and general graduate tuition will both climb from $40,500 to $41,250 next year. Graduate engineering tuition will rise from $42,660 to 43,950, and law school tuition from $47,460 to $48,870.

 

Current business school students will not experience a change, but those entering the business school this fall will pay 3 percent more at $56,850.

 

Room and board for undergraduates will increase by 3.5 percent to $12,721, making the grand total cost of a Stanford undergraduate education $54,506, from $52,341.

 

The Board of Trustees has approved similar tuition increases in the past. Undergraduate tuition has risen by 3.5 percent each year for the past four consecutive years. Before that, the board increased tuition by 5.17 percent for the 2007-08 academic year and by 5.4 percent for the 2006-07 academic year.

 

Half of the University’s general funds come from tuition, according to the press release. Money from the general fund supports financial aid for undergraduates, the salaries of faculty and staff members and the purchase of library books.

 

Investment income and indirect cost recovery from sponsored research activity make up the rest of the general fund. According to the press release, while investment income is expected to rise by a small amount, the University anticipates a decline in cost recovery from research activity.

 

— Kurt Chirbas