Northeastern University has announced that it will provide a record $221.4 million in institutional grants—not loans—for the 2014-15 academic year. Over the past five years at Northeastern, financial aid has increased at double the rate of tuition.

Undergraduate tuition for 2014-15 will be $42,534, a 4.3 percent increase from the current year. Factoring in the record level of financial aid, the “net increase” in tuition will be 3.2 percent.

Notably, Northeastern will meet the full demonstrated need of all freshmen aid applicants this year—an important goal that the university is achieving three years ahead of schedule and one that has been guided by the institution’s Long Range Plan. More than 70 percent of first-year students currently receive either need-based grant aid or merit scholarships.

“We are committed to making a Northeastern education affordable to talented students from all socioeconomic backgrounds,” said Jane Brown, vice president for enrollment management. “We work in partnership with students and their families to provide all financial aid resources for which they are eligible.”

In addition to the unprecedented investment in financial aid, the university provides the “Northeastern Promise,” a unique compact that guarantees eight semesters of funding to students who receive need-based Northeastern grant assistance. Need-based grants automatically increase at the same rate of any future tuition increase.

Building on that initiative, Northeastern participates in the national “Say Yes to Education” program, which allows participating students with family income below $75,000 to attend tuition free. Northeastern also offers 150 full tuition scholarships to Boston Public Schools graduates. The university regularly hosts college readiness events for BPS students and their families aimed at helping them prepare and apply for college and financial aid.

Northeastern continues to experience a record demand for its experiential education model and career outcomes. Its signature co-op program combines rigorous classroom learning with meaningful career-​​aligned work experience and provides students with a competitive edge after graduation. Ninety percent of graduates from 2006 through 2012 were employed full time or enrolled in graduate school nine months after graduation. Eighty-seven percent of full-​​time employed graduates were doing work related to their major. Within that group, 51 percent received a job offer from a previous co-op employer.

Northeastern received 49,822 applications for 2,800 seats for the fall 2014 freshman class—more than in any previous year and at an application to seat ratio of 18-to-1. The group of admitted students exceeds all previous benchmarks in terms of academic achievement, total applicants, and geographic diversity.

The consistent increase in the quality and quantity of students applying to Northeastern year after year is reflective of the university’s world-​​class faculty, global co-​​op and experiential learning opportunities, a vibrant entrepreneurial environment, and students’ access to research.