Tuition, fees, and room and board will increase 3.9 percent at the University of Pennsylvania in 2019-20, nearing a total of $74,000.

The increase was approved by the university’s board of trustees Thursday afternoon. Under the plan, tuition will rise to $51,156, fees to $6,614, housing to $10,600, and dining to $5,590, the university said.

That’s a total of $73,960, up $2,760 from the current year’s cost of $71,200.

Penn also increased its undergraduate financial aid budget by 4.5 percent to $247 million, the school announced. Forty-six percent of Penn undergraduates receive grant-based financial aid, the school said, with an average award of $53,943.