Stanford’s financial aid budget will shrink for the first time in over a decade as the university attempts to bridge its budget shortfall, the Stanford Daily reported Thursday.

Under a new budget strategy that is expected to save Stanford $2.5 million in aid money next year, the expected student contribution for those on financial aid will increase by $250 to $4,750. Families with annual incomes above $200,000 will also face a tuition hike. Meanwhile, the minimum campus wage will increase by two percent to $12 per hour.

Karen Cooper, Stanford’s director of financial aid, told the Stanford Daily that while the university would not be changing the formula it uses to calculate financial aid eligibility, it will assess need more stringently. She noted that financial aid officers in the past were “more generous than would be equitable” when awarding aid to higher income families.

Earlier this year, Yale increased its expected term-time contribution by 15 percent to $3,000 per year. Caesar Storlazzi, director of student financial services, said in May that he expects the University’s financial aid expenditure to remain largely unchanged in the coming year.