Georgetown’s tuition will spike by 2.9 percent next year, the university announced in a press release Friday, after the Board of Directors approved the increase.

The increase – which raises tuition from $39,768 to $40,920 for the 2011-12 academic year – nearly matches last year’s 3 percent tuition hike. Georgetown’s tuition has been rising steadily for years; the 2009-2010 increase of 2.9 percent, matching next year’s increase, was the smallest percentile increase since 1973.

Room and board charges will also be raised by 2 and 2.9 percent respectively. After totaling tuition, room and board charges, the total cost in 2011-2012 will amount to $53,910, up 2.8 percent from this year’s $52,443.

Despite the climb, Georgetown remains committed to accommodating students in need of financial aid, the press release said. The board of directors’ newest package increases financial aid by 10 percent.

“Providing aid to eligible undergraduates with financial need is a top university priority,” Provost James O’Donnell said in the press release. About 55 percent of students receive financial aid. The university pledged to retain a need-blind admissions policy and meet the full financial need of its undergraduate students, even as federal financial aid programs potentially face massive cuts.

The limited tuition increase is reflective of the university’s commitment to its students, O’Donnell said in the press release. Tuition costs were also raised across graduate schools.

“We continue to balance the cost of providing high-quality academic programs and services with the need to limit tuition growth,” he stated.

– Hoya Staff Writer Laura Engshuber contributed to this report.

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