Tuition will increase by 5% for all University of Missouri students beginning this fall.

A report from Missourinet says the Board of Curators has voted today to increase tuition at all four campuses.

University of Missouri President Mun Choi says the tuition hike means students will pay an additional 14 to 17 dollars per credit hour.

The university’s Board of Curators has voted today in favor of a five-percent tuition hike.

The system’s Chief Financial Officer Ryan Rapp says the increase is necessary to remain competitive with other schools.

UM leaders have worked to offset the tuition increases by seeking new funding for scholarships and reducing room, board and textbook costs.