My first spring at the University of Michigan was both busy and enjoyable. Everywhere I went in Ann Arbor, I ran into so many happy graduates in caps and gowns and their beaming families and friends.
All told, the three U-M campuses graduated more than 10,500 students this spring. UM-Dearborn set a record for its largest graduating class ever.
This level of achievement bodes very well for the future of our state. By the year 2020, 70 percent of the jobs in Michigan will require education beyond the high school level. U-M is proud to lead the way in attracting the talent and providing the educated graduates our state needs to continue its economic rebirth.
I also am pleased to share two new websites that discuss our impact within the state.
At our U-M + Ann Arbor site, you can learn about the economic benefit we bring to the local community, including the addition of more than 9,000 jobs since 2001.
Our U-M + Detroit site highlights some of the many ways that we engage in Detroit. Student and faculty activities include service learning, research and partnerships, and take place within a number of centers and initiatives based in Detroit. U-M was founded in Detroit in 1817, and we are a proud partner in its revival.
Last week, the Board of Regents approved the university budget for the 2016 fiscal year. Thanks to a small increase in state funding and our ongoing efforts to control costs, tuition for in-state residents will increase by 2.7 percent. At the same time, we have increased financial aid for undergraduates by 8 percent for the year resulting in no increased net cost for most students with financial need.
We appreciate the work of Gov. Snyder and the Legislature to increase public higher education funding in the state budget in a constrained economic environment.
U-M enjoys a multitude of cooperative initiatives throughout Michigan, and we enjoy sharing those stories in Michigan Impact. Thank you for your support of the university and our students.