The Elon University Board of Trustees met Tuesday to approve the 2014-2015 fiscal year budget, which includes a 3.69 percent increase in undergraduate tuition. Next year, tuition will cost $30,848 with the total cost of living on campus adding up to $41,914.

In an email sent out to the faculty and staff, President Leo Lambert said next year's tuition will remain lower than the national average. Additionally, the cost of tuition will be between $5,000 to $15,000 lower than Elon's peer institutions.

According to Lambert, financial aid will increase by 6.88 percent with a commitment to increase need-based aid to support the university's goal of providing complete access to a global experience.

"In a climate of sluggish economic growth and uncertainty about support for higher education at both the state and federal level, we continue to believe in moderating tuition increases and maintaining Elon’s position as one of the nation’s best values in private higher education," Lambert wrote.

The new budget will allocate for an enrollment target of 1,450 incoming first-year students and continue toward the university's goal of having no more than 15 percent of classes taught by part-time faculty.

The budget will also include 16 new full-time faculty positions, 14 new staff positions and 11 additional positions in physical plant.