Stanford University has confirmed a 3.5 percent increase in its tuition fees for the 2017-2018 academic year. The school is still adamant, though, that students can still graduate debt-free.

In its official website, Stanford University announced that its Board of Trustees has approved an increase in undergraduate tuition for the next school year. It has also reaffirmed its commitment to keeping education at the institution accessible through need-blind admission as well as affordable through a need-based financial aid program.

It was confirmed that the total undergraduate charges will rise to $64,729 for the 2017-2018 academic year. It will include $48,987 for tuition, $15,112 for room and board as well as $630 for a mandatory health fee.

Stanford University did note that it expects most students to "pay far less" because of its "generous financial aid program." This initiative is intended to make sure that the economic statuses of students and their families will not prevent those who are qualified from enrolling to the school.

Chair of the Board of Trustees Steven A. Denning explained that the university's financial aid program will help "mitigate the impact" of the tuition increase, which he described as "modest." He said that the Increase is needed to maintain the quality of Stanford's undergraduate academic programs.

Denning admitted that the net price of education at Stanford has increased by just 0.6 percent per year, after being adjusted for inflation, over the past decade. The net price is the average price that students pay after grants and scholarships.

He also added that most students at Stanford "graduate debt-free" due to financial aid from the school as well as from outside sources. Silicon Valley Business Journal reported that the university will still support students whose parents earn less than $125,000 per year by not having them pay tuition.

Moreover, students whose parents have incomes below $65,000 will not be required to pay tuition, mandatory fees as well as room and board. Each student who receives financial aid must contribute $5,000 every year from earnings through summer and part-time campus jobs.