The Harvard Corporation last week approved a $500 increase in tuition and room and board fees, bringing the yearly cost of a Harvard education to $7500.

The increase will consist of a $400 rise in tuition and a $100 increase in room and board costs, representing a rise of seven per cent over last year, George S. Putnam, treasurer of the Corporation, said yesterday.

Adaquate

Putnam said many Corporation members felt the $500 increase would not be adequate to cover next year's costs. The new increase is "the minimum needed to break even," he said.

Few Changes

The Corporation had to approve the cost increase quickly, without making many changes, so the Faculty could plan its budget, Putnam said.

Since President Bok has been absent in January for the past two years, the Corporation has not carefully reviewed tuition increases, Putnam said. He added that members of the Corporation hope to discuss tuition for the 1979-80 term much earlier in the year--possibly in November or December.

All Harvard graduate schools will also increase their tuitions next year from six to nine per cent, Putnam said. But the Corporation refused to approve a tuition increase of more than ten per cent requested by the Dental School, because Corporation members felt the increase too great, he added.

L. Fred Jewett '57, dean of admissions and financial aid, said yesterday he expects scholarship grants to increase roughly in proportion to the tuition increase, but added he does not yet know the exact amount of the increases.

Melissa D. Gerrity, assistant to the dean for financial affairs, said yesterday that rises in salaries and maintenance and utility costs in faculty-owned buildings caused the increase.

Yale University also increased its tuition and room and board fees last week, bringing the total cost of attending Yale exactly to Harvard's $7500 yearly figure. Stanley Flink, director of public information at Yale, said Friday.

Next year will be the first time in recent years that Yale's tuition has not been lower than Harvard's, Gerrity said.

The rate of tuition and board fee increases at Harvard has steadily declined from 12.5 per cent in 1975 to seven per cent this year, but the total amount has increased more than $2000 since 1974.

Putnam said the Faculty's financial situation has improved in the past three years. The Faculty lost nearly $2 million in 1975, but showed an $800,000 surplus in 1977, he said.

The Faculty's solvency next year depends on income from the College Fund, enrollment in the summer school, heating costs and other factors. Putnam added.