Northeastern University will provide a record $253.8 million in financial aid—not loans—for undergraduate students in 2016-17. The investment represents a 6.2 percent increase over the financial aid budget for the current year, and exemplifies the university’s ongoing commitment to significant investments in financial aid.

Over the past five years, Northeastern has increased financial aid at nearly double the rate of tuition increases. The university’s financial aid investment for the 2016-17 academic year is more than two times the investment made a decade ago—$121.5 million in the 2006-07 academic year.

Undergraduate tuition for the 2016-17 academic year will be $46,720, an increase of 4.7 percent. The new tuition figure remains competitive with many of Northeastern’s peer institutions. Overall, tuition, fees, room, and board will increase 4.5 percent.

“Northeastern’s unique experiential education model empowers students to imagine and build their own lives and career paths,” said Sundar Kumarasamy, vice president for enrollment management at Northeastern. “They gain the real-world experience and knowledge necessary to be successful in our rapidly evolving society, through opportunities across the globe, both inside and outside the classroom.

Commitment to supporting students through graduation

Once again, Northeastern will meet the full demonstrated need of all freshmen and transfer students, as determined using the financial data families provide to the College Board and on the Free Application for Federal Student Aid. More than 70 percent of first-year students at the university receive some form of grant aid from the university.

Undergraduate students will also continue to benefit from the Northeastern Promise, a compact that guarantees eight semesters of funding to students who receive need-based Northeastern grant assistance. Under the promise, need-based grant funds will automatically increase at the same rate as tuition and is guaranteed not to decrease, regardless of a family’s economic circumstances

The university also provides 150 full-tuition scholarships to Boston Public Schools graduates and hosts college readiness events for BPS students and their families aimed at helping them prepare and apply for college and financial aid.

Northeastern continues to experience record demand

This year, Northeastern received a record 51,014 applicants for the fall 2016 freshman class, showing a consistent rise in the quality and quantity of students and highlighting both academic achievement and geographic diversity.

The university’s experiential education model—particularly its renowned co-op program—is a key factor in the high demand. There were 10,395 co-op placements in 2014-15, up from 6,301 in 2006-07. More than 3,200 students had a global learning opportunity in 2014-15, and Northeastern counts 3,165 co-op employers in the U.S. and around the world.

The impact of Northeastern’s experiential education on students’ career preparedness is significant. Ninety percent of Northeastern graduates are employed full time or enrolled in graduate school within nine months of graduation. What’s more, 89 percent of 2014 graduates who are employed full time are doing work related to their major, and 50 percent of 2014 graduates received a job offer from a previous co-op employer.

Co-op makes Northeastern graduates more prepared than their peers

Job readiness is also important to employers, and a recent survey of more than 1,000 employers yielded high marks for Northeastern students’ over their peers. Eighty six percent rated Northeastern graduates working at their companies as very or highly prepared, compared with 64 percent of all recent college graduates working at their companies. They also rated Northeastern graduates higher in many attributes, including creativity, adaptability, leadership, work ethic, and team work.

Click the image below to view the results of this survey:

Research is also at the heart of the demand. Earlier this year, Northeastern ascended into the top tier for research activity among higher education institutions, according to the Carnegie Classification of Institutions of Higher Education, a leading classification used to distinguish U.S. colleges and universities.