CHARLOTTESVILLE, Va. (WVIR) - Some University of Virginia upperclassmen will be paying more for their education in the coming semesters.

The UVA Board of Visitors agreed Friday, March 1, to raise tuition.

The General Assembly recently passed its budget, which included incentives for state schools like UVA to maintain tuition rates. The university would get more than $5 million, but ultimately decided to raise tuition for third year arts and science students, specifically starting in 2021.

The roughly $2,700 increase will generate upwards of $12 million for the university each year.

The university's College of Arts and Sciences says it needs more money to fund a plan that would bring in new faculty and activities to students.

"The college has been developing a multi-year plan, really looking forward to putting forward a new vision on how they can best maximize academic activities of the students,” said Melody Bianchetto, vice president of finances.

UVA President Jim Ryan said it is important to make sure incoming students, who will be the first to deal with the tuition hike, would know the cost of attending the university.

"If we don't move forward today we're not going to provide notice to students who are enrolling in the fall. If we do move forward, and a year from now the state offers us a deal that is too good to pass up, no one is going to complain if we tell a student or families that tuition differentials are off the table,” he said.

According to Bianchetto, students who are already at the loan cap the university sets before the tuition increase will receive grants to offset the tuition hike.

Students receiving free tuition through AccessUVA will also not be affected.