According to a statement from the college, the trustees approved the hike at their Feb. 16-17 meeting. The 4.76 percent increase marks the smallest rate of increase in tuition, room and board since 2002-2003.
The Consumer Price Index for the 12-month period ending in January shows a rate of inflation of 1.6 percent.
"That is something we hope will be taken into account by current and prospective students as a sign of diligence and prudence in trying to balance the costs for them with the expense of providing high-quality education," said Dave Maley, spokesman for the college.
IC tuition next year will be $35,278, with fees for standard room and board set at $12,854.
Only a University could spin keeping tuition hikes to a mere 4 times the annual rate of inflation as good economic policy.
Tuition for students in the university's endowed colleges would be $41,325, about a 4.7 percent increase. New York state resident students in Cornell's statutory colleges would pay $25,185, about an 8 percent increase, while tuition for non-state residents in the statutory colleges would also be $41,325.
At the current "low 4.76% yearly increase" of the tuition hike, tuition costs will be about $73,000 by 2020 if they can keep it at that low 4.76% yearly increase.
All this press release shows is a need for price controls.