The University of Michigan has approved a tuition increase for undergraduate and graduate students for the 2019 fiscal year.
In-state undergrad tuition will increase by 2.9 percent to $15,262. The difference is $436 more than last year's tuition cost.
Out-of-state undergrad costs will hit $49,350, a 3.9 percent increase. University officials say tuition and fees for most graduate and professional programs will see a 3.3 percent jump.
Despite tuition hikes, the University's $2.18 billion budget includes nearly $29 million more in undergrad financial aid funding. The budget also maintains the 'Go Blue Guarantee', which is a "free-tuition pledge for in-state students with a family income of up to $65,000."
For out-of-state students and those from families with incomes up to $90,000 annually, UM offers need-based financial aid.