The annual undergraduate tuition for CSU students would increase from the current $5,742 to $6,084 in the 2024-25 school year.
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It would generate an additional $148 million for the system next year. It would also increase student financial aid by $49 million.
The proposal was met with opposition from many students. They held protests outside the meeting on Wednesday.
"Angry, upset, just full of a lot of emotions," said Courtland Briggs, a CSU Channel Islands grad student. "We are out here pouring our hearts out."
A student representative on the CSU board of trustees proposed amending the plan to four years instead of five, but the board rejected her proposal on an 8-12 vote.
The final tuition plan passed on a 15-5 vote.
"We hope that all of our stakeholders understand," said CSU board chair Wenda Fong. "We understand the concerns that you have. And we as a board stand as guardians of the CSU mission."
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University officials said revenue increases are needed to cover a roughly $1.5 billion budget shortfall.
The CSU was initially considering implementing an ongoing 6% tuition hike, but opted to limit the proposal to five years after vocal opposition from students and some members of the Board of Trustees who said it would create significant financial hardship for students amid the rising cost of living and housing.
Under the plan, tuition will go up $342 per semester for undergrads, and $432 for graduate students starting in fall 2024. By 2027, students would be paying nearly $2,000 more than they are now.
The last CSU tuition increase was a 5% hike in 2011-12.
City News Service contributed to this report.