Tuition and fees are going up at Texas Tech University for the upcoming year.

The Texas Tech System Board of Regents approved a 3.95 percent net increase in tuition and fees for the 2014-15 academic year.

The decision came during a conference call of the Board of Regents on Tuesday afternoon.

The increase will add an estimated $182.75 to the tuition of a student taking 15 semester credit hours.

Texas Tech President M. Duane Nellis said that the increase is to allow an investment in faculty and instruction, and to decrease the student-to-faculty ratio.

“After holding tuition and fees flat last year, we requested the modest increase to allow us the resources needed to invest in our outstanding faculty and staff and continue the quality education and college experience our students expect,” said Nellis.

In a press release, Tech says that it is estimated that their overall tuition and fees of $9,607.60 for the 2014-15 academic year will rank third-lowest out of nine peer institutions across the state, including the University of Texas and Texas A&M University. They say that Tech tuition will also rank third-lowest among Big 12 Conference member institutions.

Regents also approved an optional fixed tuition-only plan for incoming undergraduate students. The plan will hold designation tuition flat for 12 consecutive semesters. In order to maintain the initial tuition cost, the student must graduate within that four year period.