STATE COLLEGE — Penn State trustees have approved a budget plan that seeks a 5 percent boost in state funding, a request that school president Graham Spanier called a “modest increase” that takes into account the state’s fiscal challenges.

The plan, approved Friday, would ask for a nearly $15 million increase in state aid to $293.7 million, and it comes roughly three months after the state Legislature trimmed aid to Penn State and 17 other schools by nearly 20 percent.

Republican Gov. Tom Corbett’s initial proposal in March called for a 50 percent reduction in funding for Pennsylvania’s 18 state-supported universities, including the four state-related schools. After stiff resistance from many students, teachers and some lawmakers, the Legislature reduced the size of the cutback when the budget was approved in June.

State aid now represents about 6 percent of revenue for Penn State.

The funding in large part helps defray costs for in-state students to attend the university. Penn State this year increased tuition by 4.9 percent, a smaller hike than what some students had feared.