The average cost to live on campus next year will rise $330, according to a policy approved unanimously by the Penn State Board of Trustees on Friday.

Students seeking to live in a standard double room on campus next year will see a $100 jump per semester in their housing bill, from $1,810 to $1,910.

Meal plan 3, the plan chosen by most students, will rise in price from the current $1,615 to $1,680, meaning that the average cost to live on campus next year will rise from $6,850 to $7,180.

Gary Schultz, Penn State's vice president for finance and business, said the increase was determined by trying to anticipate the university's costs for the coming year.

"To cover those costs, we have to look at the revenue side," Schultz said.

After President Graham Spanier's opening remarks, Bill Schreyer pledged an additional $25 million to his namesake honors college Thursday at the Board of Trustees meeting, nearly doubling what he called his "greatest investment."

Since donating $30 million in founding the school 10 years ago, Schreyer said his highest expectations have been fulfilled, and with this most recent donation the college is "in position to pull ahead of the pack in the country and the world."

Spanier said the $25 million will be donated in the form of an endowment to the Schreyer's Honors College that will primarily provide student support and expand programming for a variety of ongoing activities.

"It seemed to work out pretty well the last time; why fool around with success?" Schreyer said.

Check The Daily Collegian on Monday for the full story.