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ALBUQUERQUE, N.M. — University of New Mexico regents on Tuesday afternoon unanimously approved a 2.5 percent increase in tuition and a 10 percent increase in student fees, which is expected to cost about $286 per student per year.

Regents faced a $7.9 million funding shortfall after a drop in state tax money given to the school by legislators and by declining tuition revenue as students move through school faster.

Regents voted unanimously for the increase at their budget summit Tuesday.

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