Tuition and housing costs will rise for University of Michigan students as part of a budget approved 7-1 Thursday by the UMich Board of Regents, MLive reported.
The $2.8-billion 2022-23 budget also includes a $15 minimum wage extended to temporary and student staff employees on the Ann Arbor, Flint and Dearborn campuses and an expansion of financial aid to offset the tuition increases for in-state students who demonstrate need.
National inflation reached 8.6% in May, according to the U.S. Bureau of Labor.
Tuition will increase 3.4% for in-state undergrads and 3.9% for out-of-state students. Housing costs will also increase 4.6%.
Total financial aid will increase by 6.5%.
“As a result, all in-state undergraduates with financial need will have no increase in net tuition from this tuition increase,” UMich Provost Dr. Laurie McCauley said.
McCauley and Regent Paul Brown touted UMich’s Go Blue Guarantee, free full tuition to in-state students on the Ann Arbor campus whose families have incomes under $65,000.