Duke's Board of Trustees approved a nearly four percent tuition increase Saturday.
Undergraduate tuition for the 2014-2015 school year will now be $45,800. Add in room, board, and other fees and the total cost for the academic year will be over $60,000.
Comparing that to in-state students at UNC Chapel Hill, their total cost is around $23,700 per year. Out-of-state students pay around $46,000 for the 2013-2014 school year.
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 for Duke's graduate and professional schools.