University of Colorado (CU) Board of Regents have approved a proposal to increase in-state tuition by 8.7 percent for the 2013-14 academic year at its Boulder campus.
As a result, now the students will be asked to pay $365 per credit hour for a total of 12 credit hours. Currently, full-time students are paying $358 per credit hour for 11.25 credit hours per semester.
"I don't want to raise tuition, but we have to raise tuition," CU president Bruce Benson said. "We're not going to jeopardize the quality of this institution."
In addition, the Regents also hiked first-year out-of-state undergraduates' tuition by 1.9 percent, bringing the overall tuition total to $30,538.
In total, for the past 12 years, tuition and fees have increased by 136 percent at Boulder.
Meanwhile, they have hiked the tuition by six percent at CU's Denver and Colorado Springs campuses and raised the tuition at College of Arts and Sciences to $8,760 after a 6-3 votes by the regents.
Apart from trying to maintain the quality of education during these tough economic times, the university has increased the tuition to raise the faculty and staff's salary by approximately 3.6 percent.
Stephen Ludwig, one of the regents said that most of the colleges are opting for tuition hikes as the states have considerably decreased their funding toward educational institutions.
Colorado University receives around $2,993 from the state and on the other hand, students at the University of North Carolina get more than $23,000.
