University of Michigan regents | Michigan Radio

University of Michigan regents

steve carmody / Michigan Radio

The University of Michigan Regents approved a slight tuition increase Monday night.

The regents approved a budget, including a 1.9% tuition increase, on a five to two vote. The board deadlocked on a similar proposal last week.

The budget takes effect Wednesday. 

The University of Michigan Regents
Tracy Samilton / Michigan Radio

The two Democrats running for the University of Michigan Board of Regents say the university needs to improve its ethics and transparency practices, and do more to make tuition more affordable.

Some of the changes proposed by Paul Brown and Jordan Acker stem from a Detroit Free Press investigation into the university's handling of its endowment funds. The investigation found that many of the funds in which the university invests are connected to top university donors and alumni investment advisors.

The next president of the University of Michigan may be announced later this morning. The Board of Regents has scheduled a special meeting at 10 a. m. to vote on the U of M's next president.

Current U of M President Mary Sue Coleman announced last year her plans to retire in July.

Coleman has led the university for 12 years.

The next president will be the 14th president at the University of Michigan.

Sarah Kerson / Michigan Radio

This year marks the lowest tuition rate increase for University of Michigan undergraduate students in nearly 30 years.

The 1.1% increase, or $148 per year for the average undergrad, puts U of M's in-state tuition at $13,142 per year. Out-of-state students will have to foot a slightly bigger bill. U of M regents approved a 3.2% for those students, which is an additional $1,270 per year, on average.

The university also marked another financial success for the upcoming term.