— Duke University raised its cost for tuition by 3.9 percent during its board of trustee's planning retreat held Friday and Saturday, bringing the cost for undergraduates to more than $53,000.

The tuition and fees will now make up most of the almost $71,000 total cost for attendance, which includes room and board, the university said in a news release. The Durham-based school said the bump is the smallest annual percentage increase in the last decade.

“We recognize that the cost of higher education, and in particular of a Duke education, is one of the defining issues for this university, and we are aware that it represents a significant and challenging hurdle for many families,” said Price. “This decision comes after a rigorous assessment of our program costs and financial aid, focusing on ways we can address affordability while maintaining our unique and excellent educational experience, including the people, facilities and programs that make Duke one of the top universities in the world. We will continue to be vigorous in containing expenses, generating new resources and ensuring that access, affordability and diversity remain key priorities.”

The university said it expects to use more than $161 million this year for undergraduate financial aid. About half of Duke's students get some financial help from the school, according to the news release.

New tuition rates for Duke's graduate and professional schools in 2018-19 were also set: