Tuition for the 2012-2013 year will be $42,500—a 3.8 percent increase over tuition for the 2011-2012 year—announced Barbara Feiner, vice chancellor for finance, on Thursday.

It is an increase of $1,550 from the 2011-2012 year’s tuition of $40,950. The change is similar to the 3.9 percent increase last year that brought tuition to more than $40,000 for the first time.

“The past several years have been difficult ones economically for many both here in the U.S. and around the world, although there are continuing signs of recovery and hope for a more stable financial future,” Provost Edward S. Macias said in a letter to students and parents.

The letter states: “Washington University continues to set a course based on careful, prudent planning and cost containment.”

Washington University is one of the first schools to have announced tuition for the upcoming year.

Housing costs will also increase by about 3.9 percent, and meal plan prices will increase by 2.7 percent. Double-occupancy housing will cost between $8,700 and $9,624, depending on what housing students select, compared to the current range of $8,374 to $9,264. The meal plans will range from $3,700 to $5,138, compared to the range of $3,600 to $5,000 this year.

Feiner estimates the student health fee will increase by 23.4 percent, to $780 per student from the current $632. The increase is due to the uncertainty around healthcare reform, Feiner wrote in an email to Student Life.

Though the tuition hike is similar to last year’s, the percentage continues to decrease since the 5.5-percent increase in the 2006-2007 year.

“In setting the tuition rate for undergraduates, the administration considers the tuition costs of similar universities, the ability of families to pay, and, of course, our budgetary needs,” Feiner wrote.

Tuition constitutes approximately two-thirds of the operating revenue for the undergraduate schools of Washington University.

“Although the University has seen improvement in its endowment over the past year, its value is still below its value from just a few years ago. We continue to be prudent stewards of this important asset and its potential to fund important future initiatives. Following two successive years of reductions in endowment spending, in response to the endowment downturn of 2008 and 2009, we were able to increase the spending by a modest amount for the current academic year. However, this source of revenue is still below the level of three years ago,” Macias said.

Feiner stressed that the University remains committed to providing financial aid to its students.