"The University of Michigan Board of Regents approved a budget that will increase tuition by 1.9 percent for undergraduates on the Ann Arbor campus. The budget also includes $12.8 million in additional aid, which will cover the cost of the tuition increase for students receiving need-based financial aid, President Mark Schissel announced, according to a university statement.
The new budget will use more than $400 million from the university’s endowment of more than $12 billion.
According to the new measure, tuition will increase to an annual rate of $15,520 for in-state students and $51,838 for nonresident students. Regents also approved a 1.9 percent increase in on-campus housing rates and the University Health Service fee. The budget further calls for a temporary $50-per-term COVID-19 fee, revenue from which will be used to cover testing and other safety services." …