Investments in financial aid, academic support and faculty support highlight the UM-Dearborn operating budget for fiscal year 2017. The budget was approved Thursday by the Board of Regents.

The budget includes an increase of 10.4 percent in existing financial aid programs, bringing the university’s total financial aid investment to more than $15 million for the fiscal year.

“University of Michigan-Dearborn’s budget reflects our commitment to investing in academic excellence, student success and increasing access to a University of Michigan degree,” says UM-Dearborn Chancellor Daniel Little.

“We know a college education has the ability to transform our students’ lives and the region as a whole, and we continue to work hard to reduce costs so that we can invest in our most pressing priorities.”

The university has redirected approximately $8 million from its operating budget over the past decade to support the university’s highest priorities. This year’s budget includes an additional $465,000 in cost-cutting savings.

Regents approved a 4.1 percent increase to resident undergraduate tuition, a 4.2 percent increase to resident graduate tuition, and a 2.1 percent increase to nonresident undergraduate and graduate tuition. The plan meets the state Legislature’s tuition restraints approved earlier this month.

Tuition and fees for a typical in-state, full-time undergraduate student will increase by $235 per semester to $6,016, based on 15 credit hours. The cost of tuition and fees for graduate students varies by program.

The $143 million budget includes $24.8 million from state funding, an increase of $770,000, or 3.2 percent.

UM-Dearborn has created a website to help students better understand the various factors used in determining tuition rates and resources available such as financial aid and scholarship opportunities.