AUSTIN – The University of Texas' Board of Regents voted on Monday to increase tuition for all eight universities in its system and its six medical schools. 

The board approved the increases "to provide them with critically needed revenue to boost student success, including an emphasis on increasing graduation rates and recruiting and retaining top faculty," according to a statement by the University of Texas System.

The new tuition rates will be for the next two academic years, according to a letter from UT-Austin President Gregory Fenves to students. 

For students attending UT-Austin, in-state undergraduate tuition will increase by $104 per semester in 2018-19 and by $106 per semester for 2019-20. Increases will also vary by a student's major, with students studying nursing, engineering, business and other majors paying more. 

Graduate students will also experience a similar tuition increase with students in the business and pharmacy programs experiencing a larger tuition increase.

Students attending UT – San Antonio will also see their tuition rise starting in fall 2018. Resident undergraduate students will have to pay $127 more per semester, which is a 2.6 percent tuition increase. Out of state students and graduate students will also see a similar increase. 

A full breakdown of the tuition increases by schools and majors can be found at the UT System's website.