The Toronto Transit Commission has voted to increase the cost of an adult metropass to $121 and extend the current student discount to all public college and university students.

Adult cash fares will rise to $3 from $2.75 and metropasses will go up to $121 a month from the current price of $109. The price of tokens will rise from $2.25 to $2.50 and a weekly pass will rise from $32.25 to $36.

Student and senior fares will increase by 15 cents, and children's fares will increase by 5 cents.

TTC chair Adam Giambrone also introduced a motion that would extend the high school student fare discount to all university and college students, which will be effective in September, 2010. This motion was passed by the members.

The fare increase will start on Jan. 3 and bring in $45 million in new revenue as the TTC attempts to deal with a $100-million budget shortfall.

The fare change would cost the TTC 12.5 million rides, however.

Last week, students from the Canadian Federation of Students launched the Fair Student Fares campaign calling on the Toronto Transit Commission to protect students from pending fare increases.

The student discount would bring the cost of a metropass down to $99, which is about $22 cheaper than the proposed adult fare.

There are more than 150,000 college and university students in Toronto.