Northwestern’s tuition will top $50,000 next year, the University announced in an email early Wednesday morning.

According to the email, undergraduate tuition will rise to $50,424 for the 2016-17 school year, an increase of 3.7 percent. Tuition is currently $48,624.

The University announced in early March that students entering next year and beyond will not be offered loans as part of their financial aid packages. In addition, current students will have their need-based loans capped at $20,000.

The email also said room and board rates will increase by 3.7 percent from $14,936 to $15,489. Last year, tuition rose by 3.8 percent.

This story was updated at 10:15 p.m.

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