Undergraduate tuition will rise 3.5 percent to $42,360 this coming year, according to the university’s latest financial plan.

The increase from the current rate of $40,920 per year is the largest percentage change in tuition since 2009, when tuition increased 5.5 percent. The Financial Plan 2013-2016 projects a 3.5 percent tuition increase each year through 2016.

According to university spokeswoman Stacy Kerr, the increased costs are largely due to the new expenses associated with the operation of Regents Hall, which is set to open this summer.

Including tuition, room, board and fees, an undergraduate education will cost $55,640 in fiscal year 2013, a 3.2 percent increase from this year’s $53,910.

All room rates will increase about 2 percent, although the cost of living in a townhouse is set to increase by over 11 percent in fiscal year 2013 due to a new policy that will charge townhouse residents for utilities as part of their room rates instead of as a separate charge.

Graduate tuition will increase by 3.5 percent in fiscal year 2013, while tuition for the Masters in Business Administration program will increase by 4 percent. School of Continuing Studies rate increases range from 3 to 4.5 percent.

Georgetown was the most expensive university among its peer institutions in 2009 but has retreated to the middle of the pack since then. The university’s total costs of living have grown an average of 2.7 percent between fiscal years 2009 and 2012 while its peer institutions have raised costs by a collective average of 4.3 percent.

Still, some students believe that the university’s tuition increases are unfair. Joseph Vithayathil (COL ’12) recommends that Georgetown adopt The George Washington University’s fixed tuition policy, which prevents tuition hikes from affecting already enrolled students. GWU students pay tuition at the rate that was charged when they enrolled throughout their time at the university.

“They should go with GWU and lock in the same rate for the next four years. You don’t have to worry about a 5 percent increase next year,” he said.

Georgetown will also increase available need-based financial aid by $1.9 million in fiscal year 2013, $4.7 million in 2014, $6.5 million in 2015 and $5.6 million in 2016.

More than 40 percent of undergraduates, about 2,800 students, receive financial aid each year, according to the university.

“While tuition everywhere is rising, Georgetown is still making an unprecedented commitment to meet full demonstrated financial need,” Kerr said.