The Board of Trustees approved a 3.5 percent tuition increase for the 2013-14 academic year on Monday. The increase will affect all Stanford students equally, with the exception of those at the Graduate School of Business, whose tuition will rise by 3.9 percent.

Under the new plan, the cost of undergraduate and graduate tuition will rise from $41,250 to $42,690. The cost of room and board will also increase, from $12,751 to $13,166.

The Board of Trustees has consistently approved similar increases in tuition in recent years. Undergraduate tuition increased by 3 percent last year after having risen by 3.5 percent for the four preceding years.

As the cost of attending Stanford rises, the University has also increased funding for its financial aid program. The total expenditure projected for financial aid during the 2012-13 academic year totaled $250 million, an increase of 3.4 percent over the previous year.