Oakland University’s Board of Trustees Approves 2023-24 Tuition and Budget

During its formal session on June 26, the Board of Trustees at Oakland University approved a general fund budget totaling $291,400,000 for the upcoming academic year.

Key Budget Points

  • Raise in minimum wage for student employees to $15
  • $500 deduction in standard double room housing rates
  • No change in rates for all other housing options

The full-time resident undergraduate tuition for incoming freshmen at Oakland University for the 2023-24 academic year has been set at $15,225, reflecting a modest increase of $21.75 per credit hour. The university’s transparent pricing policy ensures clarity for students. The 4.5% tuition increase included in the 2023-24 budget aligns with the recommended tuition restraint set forth by the Michigan legislature.

In April, the Board of Trustees approved the University Housing budget for 2023-24, which maintained room and board rates at their current levels. Furthermore, the housing budget incorporates a $500 reduction in the cost of standard double occupancy rooms, representing a 4.6% decrease in expense for both new and returning students residing in Oakland University’s standard residence halls.

Oakland University remains dedicated to providing financial aid, with 75% of its students receiving scholarships and grants to assist with their tuition expenses. This aid reduces the average net tuition cost for full-time resident undergraduate students by approximately one-third.

Additionally, the Golden Grizzlies Tuition Guarantee offered by Oakland University enables qualifying incoming freshmen to attend the university tuition-free for four years, and various need- and merit-based scholarships are available for students. The ongoing investment in student financial aid, robust support services, and the development of high-demand academic programs underscore Oakland University’s commitment to Michigan’s workforce.

The budget also demonstrates gratitude for Oakland University student employees, as the minimum wage for undergraduate student workers and master’s graduate assistants will be raised to $15, and to $25 for doctoral graduate assistants.

Despite being the recipient of the lowest state funding per degree awarded, Oakland University significantly impacts the state’s economy, with 99% of its graduates remaining in Michigan. Recent graduates of Oakland University attain an average starting salary of approximately $56,000.

Mentored by faculty, over 87% of Oakland graduates have benefited from internship experiences, preparing them for the rapidly evolving workforce.

A recent campus safety assessment led to $655,000 being allocated for safety enhancements across Oakland University’s campus. These enhancements include the installation of access control equipment to exterior doors of the Kresge Library, Campus Recreation Center, and Oakland Center student union, as well as the implementation of full access control of Hamlin Hall and Vandenberg Hall.

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