U of M Board of Regents approves annual budget

A tuition increase of 1.5 percent ($150-$180 depending on campus) for resident students was approved. For resident graduate/professional students, tuition increases range from 2.5 percent to 3.5 percent. Non-resident undergraduate students on the Twin Cities campus will see an increase of 7 percent, or $1,350 annually, reflecting the U’s goal to move that rate to the middle of the Big Ten. Low- and middle-income students will largely have the tuition increase offset through new investments by the University, state, and federal financial aid, including a proposed $1.4 million increase in need- and merit-based aid. The new aid will mitigate or eliminate the tuition increase for 42 percent of the U’s resident undergraduates who have family incomes below $100,000 annually.