HARRISONBURG, Va. (AP) — James Madison University officials have approved a tuition hike of $1,000 per year.

The Daily News-Record reports that the university's board of visitors approved a proposal Friday that calls for the increase to take effect for the freshman class of 2018.

This year's tuition and mandatory fees total $7,250 for in-state students, while out-of-state students pay $23,650.

The additional money would be spent on faculty and staff compensation, financial aid, academic scholarships and student career planning resources.

The proposal would guarantee that in-state students in the next two freshman classes would not have a tuition increase of more than 3 percent per year for the rest of their college career, but that is dependent on stable state funding.