Incoming students next fall will no longer pay a fixed tuition rate during their tenure at the University, according to a release Monday.

Officials plan to eliminate a longstanding policy that guaranteed students a single fixed tuition rate for up to 10 consecutive semesters beginning next academic year. Cutting the policy will give administrators more flexibility to spend money to meet “the evolving needs of its community,” like allocating resources to renovate several University buildings this summer, officials said in the release.

“The University is reviewing all aspects of the undergraduate student experience to identify areas for improvement,” University President Thomas LeBlanc said in the release. “As part of this process, fixed tuition emerged as a program that is not realizing the potential envisioned, and it has an associated cost that can be put to better use.”

The University has maintained a fixed tuition policy since 2004. Members of the Board of Trustees have approved tuition increases for incoming students for the past several years, most recently raising the cost to more than $56,000 for the Class of 2023.

The switch also places the University on par with its 12 peer institutions and bring tuition in line with housing costs, which change each year.

Students’ need-based financial aid packages will be reviewed annually based on changes made to the cost of attendance, the release states.