BOULDER, Colo. (CBS4)– Students attending the University of Colorado will have to pay five percent more tuition starting this fall.

The CU Board of Regents unanimously approved the tuition increase for in-state undergraduate students on Thursday afternoon.

That’s lower than proposed hikes of 8.6 percent and 6.7 percent that administration officials had proposed for in-state students.

Regents agreed on the lower tuition hike after approving only $8 million for a tuition-funded salary pool for staff raises instead of $12 million.

Rates for incoming non-resident students and graduate students will increase by 3.8 percent.

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