TCU Board of Trustees approved a tuition hike Friday at its fall meeting.

Tuition will increase by 4.9 percent next fall, according to Mark Johnson, chairman of the board of trustees. Financial aid will also increase.

“The board advances financial aid at least 4.9 percent for need-based students,” said Chancellor Victor Boschini.

The naming of campus buildings was also discussed during the meeting.

A residence hall in Worth Hills will be named Richards Hall, in recognition of Trustee Nancy T. Richards and her family. The business school auditorium will be named Shaddock Auditorium, in recognition of Kim and Bill Shaddock and family. The fine arts building will be named in recognition of a major gift from the Luther and Teresa King Family Foundation.

Johnson said plans for the administration building have moved forward. Boschini said construction will start in the spring and will take around 18 months.

In addition to construction on campus, the TCU and UNTHSC School of Medicine will start accepting applications Monday.