Students can expect to pay an extra $262.79 for a year's tuition and fees next semester.
The Board of Regents on Thursday unanimously approved a 5.75 percent increase in tuition and fees for next year.
President David Schmidly recommended a 2.85 percent tuition increase on top of the state-mandated 2 percent increase established by the New Mexico Legislature.
Schmidly said the budget is frugal but will be effective.
"With this increase, we can prepare a budget that funds initiatives important to student success, such as a scholarship portfolio, faculty retention and extended library hours," he said.
Regent Mel Eaves said that even with the increase, UNM will be competitive with peer institutions.
Get content from The Daily Lobo delivered to your inbox
"The budget that we approved are all necessary, and I think we kept the tuition increase to a bare minimum," he said. "The increase will be the lowest of probably any institution in the state and the lowest of any research institution in the area."
Included in the budget are a 2 percent increase in staff salaries and a 3 percent increase in faculty salaries.
The regents also approved raising UNM's minimum wage to $9 per hour, not including students.
Ashley Fate, president of the Associated Students of UNM, said the increase is good for the student body.
"When students take a look at what they are getting for their money, they understand the direct benefits they will be receiving," Fate said.
Schmidly said he is working on a five-year plan that would set UNM long-term goals for tuition increases.
In the five-year plan, Schmidly advocates guaranteeing freshman would pay the same tuition for four years. The new plan wouldn't charge students for taking more than 18 hours per semester.
"When you set tuition, you impact policy because it directly affects our operations," he said. "Low cost of tuition does not always equate to student success. We need to take a longer range view on UNM - one that incentivizes our students to stay in school and graduate."
