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International students may soon have to pay more to study at Alberta’s largest university.

If approved by the board of directors in December, the University of Alberta will apply its Academic Price Index (API) rate of 3.02 per cent to foreign student tuition, raking in an extra $2.4 million annually.

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Oh, and if you haven’t heard of API, don’t worry — you are probably not alone.

As the Consumer Price Index — currently at 1.5 per cent — factors in items like food, shelter, transportation, and goods and services, the API uses a formula of local academic-based drivers such as salary costs and benefits, materials and supplies, services, utilities and maintenance.

The university hopes that by using the new formula, developed in consultation with the university and student bodies, they can narrow the gap between operating expenditure and revenue, the finance and property committee heard Monday.