DALLAS -- University of Texas officials say the Board of Regents' decision to spend more of the system's endowment should ease the pressure for student tuition hikes.
Regents voted Thursday to start spending 5 percent a year from an $11.7 billion endowment called the Permanent University Fund.
That's up from a current rate of 4.75 percent.
The increase will mean a $27 million increase in funding for campuses next year.
UT campuses will share about $18 million of that money.
Campuses in the Texas A&M System, which also receives money for the fund, will receive the other $9 million.
UT System Chancellor Mark Yudof says the spending increase was justified by the endowment's strong investment returns in recent years.
He says the board also wanted to reduce the strain on students' wallets.
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