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Regent at New Mexico’s flagship university have approved a tuition hike and pay raises for faculty and staff.

University of New Mexico regents voted following a budget summit Thursday to increase tuition by 2.5 percent. Students will pay $7 more per credit hour for upper-division and some graduate courses, and fees will increase 2.39 percent.

The Albuquerque Journal reports new revenue generated from the tuition increase will support campus safety measures, faculty retention efforts and investments in the curriculum.

An extra $443,000 will be funneled into student financial aid.

The 1 percent salary bump for faculty and staff who have satisfactory job performance will come primarily from a compensation-related increase in state appropriations.