The cost of attending Princeton University will be going up sharply in the fall.

But the Ivy League school is also boosting the amount of financial aid it gives to students by 5.6 percent to cover those rising costs.

University's trustees voted Saturday to approve an undergraduate tuition fee for the 2012-13 school year of $38,650. That 4.5 percent boost represents the school's largest tuition hike in six years.

Room charges will go up 5.4 percent to $6,950, while the full meal plan cost is rising 3.8 percent to $5,680.

The school also announced a 1.7 percent decrease in the number of undergraduate applications. Princeton received 26,663 applications from prospective students this year, down from a record high of 27,115 last year.

Other Ivy League colleges have seen similar drops  

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