The University of Minnesota Board of Regents on Wednesday approved next year’s budget with steep tuition hikes and academic cuts despite concerns from some students, faculty and staff it will lead to fewer students and instructors.

The University of Minnesota's Board of Regents on Wednesday approved next year's operating budget, which features tuition hikes of up to 7.5% and a 7% cut to academic programs.

In-state students will now pay $16,132 per year, up from about $15,100, while non-resident undergraduates will see tuition grow 7.5% and pay $39,018 per year.