June 28, 2024
At its June 28 formal meeting, the Oakland University Board of Trustees approved a $304,776,589 million budget for the 2024-25 academic year. The budget reflects the university’s mission to provide students with an accessible, high-quality education in a supportive environment. Highlights include:
- $52.6 million in financial aid
- Heath insurance stipends for graduate assistants
- Enhanced campus safety
- IT security initiatives
- Mental health initiatives for students and staff
The 2024-25 tuition rate for in-state undergraduate lower division students is $15,863 or $528.75 per credit, an increase of 4.19% or $21.25.
The 2024-25 tuition rate for in-state graduate students is $21,960 or $915.00 per credit, an increase of 4.99% or $43.50.
OU’s no-fee policy keeps pricing transparent as there are no additional fees.
“Our financial planning process took into account enrollment projections, financial aid support, projected state appropriations and our operating costs to determine next year’s tuition rates,” said Stephen W. Mackey, vice president for Finance and Administration. “We did this with an eye towards maintaining Oakland’s tradition of sound fiscal management, seeking cost containment opportunities and presenting a balanced general fund budget to our Board of Trustees while, at the same time, continuing to offer a value-based educational opportunity for our students."
As students and families grapple with rising living costs, Oakland remains committed to affordability, with more than 70% of full-time undergraduate students receiving scholarships and grants to cover some or all of their tuition. OU’s institutional merit- and need-based financial aid to full-time, undergraduate students who are residents of Michigan reduces their average net tuition cost by 29%.
Qualifying freshman students can attend OU tuition-free for four years through the Golden Guarantee program.
Despite receiving the lowest funding per student from the state, OU maximizes its public dollars, conferring degrees for $8,300 below the state average. Nearly 99% of Oakland University graduates stay in Michigan, helping drive the state’s economy and quality of life.
“The current budget reflects the values inherent in Oakland’s mission that is informed by our history and shaped by our aspirations,” said OU President Ora Hirsch Pescovitz. “These values place the highest priority on our faculty, staff and students, and emphasize policies that support an accessible, affordable and world-class education that serves as a catalyst for upward mobility and opportunity.”
In addition, The Board approved a 3% increase in OU’s housing rates, which equates to $10,662 for a double room. This is among the smallest rate increases for double-room housing at Michigan’s public universities.
While holding down costs, OU is focused on providing student residents with exceptional service and amenities. This fall will see the rollout of expanded food service hours, mobile food ordering and additional Living-Learning Communities, in which students with similar interests, passions and academic pursuits can live, learn and grow together.