Emory University’s board of trustees, at the recommendation of President Gregory Fenves, raised the tuition at Emory by 4.9%, bringing the cost of tuition up to $59,920. The eye popping number comes at a time of increased inflation that has put strain on families across the country.

In an Emory News Center article, the University stated that it “remains committed to making a college education affordable and accessible by meeting 100% of demonstrated financial need for all domestic undergraduate students and their families.”

The University in previous years had totted that it would increase the financial aid pool by “replac[ing] need-based loans with grants and scholarships.”

However, the aid pool the University has promised dropped from a high of $151 million annually to $145 million, a decrease of about 6 million.