SAN FRANCISCO (KABC) -- The University of California Board of Regents postponed their vote on a proposed tuition increase until May.The UC Board of Regents planned to vote Wednesday on the proposed increase of $342, or 2.7 percent, in annual tuition and fees for the 2018-19 academic year.The public university system said the hike will compensate for state funding cuts at a time of record-high enrollment.If approved, the cost for California residents who currently pay $12,630 in tuition and fees would increase to $12,972.Out-of-state students would pay an additional $978, or an increase of 3.5 percent, bringing their total for annual tuition and fees to $28,992.The regents approved a similar increase last January, which was the first tuition hike since 2011.Many students have vocally opposed the increase. The UC Student Association has collected nearly 3,000 petition signatures online.