The University of Pennsylvania will raise tuition 2.8% next year, which the Ivy League institution is touting as its lowest percentage increase since the 1960s.

Total cost for tuition, fees, and room and board will exceed $79,000 for 2021-22, up $2,188 from the current year. Tuition will rise to $54,652, fees to $7,058, housing costs to $11,358, and dining to $5,946, under a plan approved by the board of trustees Thursday afternoon.

“The moderate increase in charges was determined through careful consideration of the impact of the pandemic on students and their families as well as the ongoing financial challenges confronting the University,” Trevor Lewis, vice president for budget planning and analysis, said in a statement.

» READ MORE: Penn hikes tuition, room and board fees

In each of the last two years, tuition has risen 3.9%.

Some colleges and universities have frozen tuition and other costs or even cut them in the last year, given the economic effects of the pandemic and the fact that much learning is taking place remotely. Both Immaculata and Cabrini Universities announced in October they would freeze tuition, fees, and room and board for 2021-22.

» READ MORE: Some colleges have started to cut tuition as coronavirus keeps students off campuses

Penn noted that 46% of its undergraduates receive grant-based financial aid from the university, with an average of $55,861. And students from families with incomes less than $65,500 and typical assets get aid that covers tuition, fees, and room and board, the school said.