(CBS DETROIT) — The University of Michigan Board of Regents approved a new budget for the upcoming academic year.
According to the university, tuition will be rising by 3.4% but will be offset by a 5% increase in financial aid.READ MORE: Biden Announces Nearly $3 Billion To Address Food Shortages
Officials say 1 in 4 in-state undergraduates will not pay tuition because the increase in financial aid will cover tuition for most students.
Most graduate programs will see a 3.9% increase in tuition and fees.READ MORE: 'These Cases Are Not Over': Michigan Solicitor General Reacts To Court's Ruling In Flint Water Crisis Indictments
In addition, the Ann Arbor campus will expand its $15 per hour minimum wage to temporary and student employees.
Officials say the general fund budget is part of a universitywide budget packet including spending plans for Michigan Medicine, UM-Dearborn, UM-Flint, athletics, Michigan Housing and supplemental student fees.
© 2022 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.MORE NEWS: Here Are Ways To Save While On Vacation