A Board of Regents committee on Thursday approved Chancellor Biddy Martin's plan to increase tuition for in-state undergraduates by $250 per year for four years and $750 per year for students from other states.

The plan would eventually generate $40 million per year, which would be used to increase financial aid, improve student services and hire professors to teach high-demand courses.

Students from families with incomes of less than $80,000 would receive grants to cover the increases.

The full board could give final approval Friday after the 4-0-1 vote by the regents' business, finance and audit committee.