At its July 1 special formal session, Oakland University’s Board of Trustees approved a $273,500,000 general fund budget for the upcoming academic year. The 2022-23 budget includes a 3.9% tuition increase, which is about average among Michigan’s 15 public universities and well below the recommended tuition restraint.
OU’s 2022-23 full-time resident undergraduate tuition for incoming freshmen will be $14,572, a slight increase of about $18 per credit hour. Oakland remains the sixth-lowest for all-in tuition for freshmen. In addition, the university’s no-fee policy remains in place, making Oakland’s pricing the most transparent.
“At Oakland, we empower individuals and strengthen communities by providing students from all economic backgrounds affordable access to outstanding educational experiences,” said Dr. Ora Hirsch Pescovitz, president of Oakland University. “We also understand that inflation has put additional pressure on students as it has our university operations, but we have worked diligently to find a way to continue making OU a high-quality, value-priced education as a pathway to a successful career.”
The state’s FY2023 higher education conference report that was agreed to by the governor, legislative leaders and passed by the House and Senate has been completed. SB845 is now being enrolled and will be transmitted to the governor for her expected signature. OU’s budget is based on their appropriation, which calls for a 12.5% increase in state aid for Oakland. This translates to a base appropriation of $60,760,000. Pescovitz noted that “Oakland University is appreciative that the governor and state legislature have included floor funding as an important component of the FY 2023 budget and we thank all of our partners who helped with our ‘Strive for 45’ initiative.”
In addition to facing high inflation, Oakland University students continue to demonstrate grit and determination. With helpful guidance from engaged faculty mentors, more than 87% of OU graduates have gained internship-like experiences that help develop their skills and knowledge and put into practice what they learn in the classrooms, making them workforce ready. OU students have access to a variety of industry sectors from non-profits to Fortune 500 companies. OU’s Career Services also helps students develop their resumes, navigate the internship/job application process, prepare for interviews and create a professional social media presence.
OU graduates are some of the most employable when they enter the workforce. The university’s most recent graduates earn an average starting salary of around $58,000, the highest recorded in OU’s history.
“Oakland University’s location within such a dynamic and diverse economic environment gives our students a unique advantage when it comes to finding employment,” Pescovitz added. “With 99% of our graduates staying and working in Michigan, we also make a tremendous economic impact in our state.”
Oakland also maintains a strong commitment to providing financial aid to students as 75% percent of OU students receive scholarships and grants to help them cover some or all of their tuition.
Oakland University offers a wide range of scholarships and grants that reduce the average net cost of attendance by 30% for full-time resident undergraduate students. OU’s Golden Grizzlies Tuition Guarantee allows eligible incoming freshmen to attend OU free for four years and the university offers a plethora of need- and merit-based scholarships for students.
Last fall, the university announced the inaugural recipients of the Ora Hirsch Pescovitz Presidential Scholarship, whose goal is to foster scholarly work and leadership skills of the next generation.
Among other scholarships OU offers are the Patrick and Christie Scoggin Foundation Scholarship, awarded annually to a student from a high school in Auburn Hills or Rochester Hills, and “Finish Line” scholarships, which provide support to students nearing the completion of their degree.
Through an array of campus development projects, Oakland continues to upgrade its infrastructure, adding classroom and tutoring space that will enhance campus living and learning opportunities for students. In addition, the university has been able to increase space for student services in the renovated Wilson Hall, including a new space for Disabilities Support Services. There will also be an expansion of mental health counseling services on campus. At the same time, budget-conscious measures include energy savings projects, renegotiation of vendor contracts and reduction of employee-related costs. These have saved the university nearly $82 million since 2003 and will continue to be a point of emphasis.
Source: https://oakland.edu/oumagazine/news/BOT/2022/oakland-university-board-of-trustees-sets-budget-to-continue-providing-economic-benefit-to-region
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