Tuition, fees, and room and board for undergraduates at the University of Pennsylvania will cost nearly $77,000 next year under a plan approved by Penn’s board of trustees Thursday.

The price tag represents a 3.9% increase, or $2,866. Tuition will cost $53,166, fees $6,876, housing $11,014, and dining $5,770, for a total of $76,826.

That’s the same percentage increase as Penn enacted last year, which raised costs to nearly $74,000.

» READ MORE: Costs to attend Penn will approach $74,000 in 2019-20

“A measured increase in tuition makes it possible to invest in the resources and programs that make a Penn education the best in the world, while simultaneously maintaining a robust and growing undergraduate aid budget,” Trevor Lewis, vice president for budget planning and analysis, said in a statement.

Trustees also approved an increase in the undergraduate student aid level, bringing the total to $256 million. Financial aid for tuition also will be expanded to include families with typical assets making up to $140,000.

Penn noted that 45% of undergraduates receive grant-based financial aid packages, with an average of $56,693.