||For Immediate Release
Monday, Aug. 6, 2012
Trustees approve 2012-13 budget with focus on quality, access
Rochester, Mich. – The Oakland University Board of Trustees has approved a 2012-13 budget that strives to enhance the already high quality of an Oakland education.
School officials are also working to broaden student access through a significant increase to financial aid resources, and to bolster the value of student and family investments in higher education by ensuring that more students complete their studies, earn a degree and move on to a career or a graduate education program.
Wary of rising education costs and the considerable debt many of the nation's college students face, the Board of Trustees has limited a 2012-13 academic year tuition increase for undergraduates to $10.25 per credit hour, or 2.96 percent. Graduate students will pay $17 more per credit hour, which represents an increase of 2.94 percent.
These adjustments to tuition rates, necessary to meet rising operating cost obligations, nonetheless keep Oakland among the most affordable universities in the state.
"The success of our students depends to a large degree on the strength of the academic foundation they lay while attending Oakland. Because we're committed to maintaining top quality programs supported by outstanding faculty and staff, students have a great opportunity to rise to their potential," said Gary Russi, OU president.
"This being said, it's also clear that we need to keep higher education within the financial reach of as many students as possible. I believe the budget the board approved today achieves a sound balance between each of these crucial concerns."
Anticipating the arrival of roughly 20,000 students this fall, the university is maintaining its no-added-fees tuition pricing policy – the only one of its kind among the state's 15 public universities.
In addition, officials have approved a measure to boost financial aid resources by $2 million, are continuing to guarantee all first-time freshmen full tuition aid, less an expected family contribution as determined by the U.S. Department of Education, and will maintain the university's Special Tuition Assistance Fund to help students with deteriorating financial circumstances.
To learn more about an Oakland University education, prospective students and their families are encouraged to visit oakland.edu/go. To learn more about how the university is working to keep an Oakland Education within reach, visit oakland.edu/affordable.
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Oakland University is a doctoral, research-intensive university located in Oakland County, Michigan. The university has 133 bachelor's degree programs and 128 graduate degree and certificate programs. Dedicated to delivering a distinctive undergraduate experience that is complemented by the strength of its graduate offerings and research accomplishments, Oakland University is organized into the College of Arts and Sciences and the Schools of Business Administration, Education and Human Services, Engineering and Computer Science, Health Sciences, Medicine, Nursing, and The Honors College. Visit Oakland University on the web at www.oakland.edu.