Ann Arbor (WWJ) -- Students attending the University of Michigan in the fall will be paying a little bit more. The U of M Board approved a 5.6 percent tuition increase Thursday afternoon.
Tuition and fees for first-year undergraduates will be just over $11,000 That's a $590 increase from last year. To try to offset the hike, the board also approved the largest investment ever in financial aid.
The $1.4 billion budget also calls for funding to begin hiring 100 new faculty members.
The new faculty will cut down the student-faculty ratio over the next several years.
"Through a combination of innovation, ingenuity and hard work, we have been able to control costs and limit this year's tuition increase," said U-M President Mary Sue Coleman.
"This year's increase in financial aid allows us to continue our commitment to meeting the full demonstrated need of students from Michigan," Coleman said.
"Compared with other top universities, the University of Michigan remains affordable for our residents, even at full price."
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