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The Board of Trustees approved a 3.94 percent overall increase in student costs as part of its FY 2014 budget, university officials announced Thursday evening.

Last year, overall student cost increased by 4.1 percent for continuing students and 4.85 percent for new students, making Brandeis the second most expensive college in the state, behind only Williams College, according to a Boston Business Journal report published last May.

Senior Vice President for Students and Enrollment Andrew Flagel said that the university would continue discussing ways to cut other costs and continue its commitment to financial aid.

“There is no doubt that student costs at Brandeis would be unmanageable without donor support, and the university also has an aggressive plan to improve efficiency in purchasing and services,” Flagel said in a statement. “There is also a drive to maintain our academic integrity and preserve our historic commitment to access through financial aid. All of these are areas that will continue to be subjects of robust discussion.”

Next year, for continuing students, tuition will be $43,980 and total costs, including tuition, the technology and health fee, student activity fee, housing and dining, will be $58,170. For new students, tuition will be $44,380 and total costs will be $58,570.

“The FY14 budget also includes extensive redeployment of resources through efficiency and procurement improvements, as well as sustaining aggressive annual giving and endowment funding targets,” Senior Vice President for Communications Ellen de Graffenreid said in a statement. “These initiatives are challenging but necessary to maintain student cost increases below four percent while maintaining our commitment to access and to academic excellence.”

Officials said the budget supports academic priorities of low class sizes and student-teacher ratios.