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Durham, N.C. -- Undergraduate tuition at Duke University will increase 4 percent to $45,800 a year following approval by the school's Board of Trustees.

The school says the total cost for the next academic year will be about $60,530. That includes tuition, room, board and fees.

Duke also uses a need-blind admissions policy, under which the university accepts U.S. students without considering their ability to pay. The school then meets 100 percent of their demonstrated financial need.

More than half of all Duke students receive some form of financial assistance from the university.

The trustees also approved higher tuition rates Duke's graduate and professional schools.

The trustees met Saturday after a two-day retreat at Stanford University in Palo Alto, Calif.

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