tuition, budget, financial aid, housing, career services
June 26, 2023
At its June 26 formal session, Oakland University’s Board of Trustees approved a $291,400,000 general fund budget for the upcoming academic year.
Budget Highlights
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Oakland University’s 2023-24 full-time resident undergraduate tuition for incoming freshmen will be $15,225, a small increase of $21.75 per credit hour. OU’s no-fee policy keeps pricing transparent. The 2023-24 budget includes a 4.5% tuition increase, which is within the Michigan legislature’s recommended tuition restraint.
In April, OU’s Board of Trustees approved the 2023-24 University Housing budget, which included no increase in room and board rates. To further improve affordability, the housing budget includes a $500 reduction in cost for standard residence double occupancy rooms. This change represents a 4.6% reduction in cost and will be available to both incoming and returning students in OU’s standard residence halls.
Oakland continues its strong commitment to providing financial aid as 75% of OU students receive scholarships and grants to help cover some or all of their tuition. Financial aid to OU’s full-time resident undergraduate students reduces their average net tuition cost by about one-third.
In addition, OU’s Golden Grizzlies Tuition Guarantee allows incoming freshmen meeting certain financial guidelines to attend OU free for four years, and the university offers an array of need- and merit-based scholarships for students. OU’s continued investment in student financial aid, robust support services and the development of high-demand academic programs are a demonstrated commitment to Michigan’s workforce.
The budget also reflects appreciation for OU student employees. The minimum wage is being increased to $15 for undergraduate student workers and master’s graduate assistants, and to $25 for doctoral graduate assistants.
At the same time, Oakland continues to practice good financial stewardship, saving more than $94 million through cost containment and budget reductions over the past 20 years.
Despite receiving the least state funding per degree awarded, OU makes an outsized impact on the state’s economy as 99% of Oakland graduates stay in Michigan. Recent OU graduates earn an average starting salary of around $56,000.
With helpful guidance from faculty mentors, more than 87% of OU graduates have gained internship experiences that help prepare them for a rapidly evolving workforce.
A recent review of campus safety led to $655,000 in safety enhancements being made on OU’s campus. These include the addition of access control equipment to exterior doors of OU’s Kresge Library, Campus Recreation Center and Oakland Center student union, as well as complete access control of Hamlin Hall and Vandenberg Hall.