Wednesday, June 26, 2013
OU's 2013-14 budget focused on academics, student access
The Oakland University Board of Trustees on Wednesday approved a 2013-14 budget designed to improve academic program quality and ensure continuation of the distinctive learning opportunities Oakland offers at a great value to a broad spectrum of students.
Supportive of state incentives to limit tuition increases, boost college completion rates and better prepare students to thrive in a 21st century marketplace, the Board of Trustees approved a 3.75 percent increase in undergraduate tuition rates and a 3.74 percent increase in graduate tuition rates for the coming year. This represents a $13.38 per credit hour increase for undergraduates and a $22.25 per credit hour increase for graduates.
"We realize that in today's marketplace, young adults and career changers need a rigorous and relevant education from a respected institution to open doors and find success in their chosen professions," said John Beaghan, vice president for finance and administration. "Despite the economic challenges we face, Oakland will remain such an institution."
The 2013-14 budget includes a $7.9 million or 28 percent increase in financial aid resources, which in recent years have become a critical component of the university's strategy to keep higher education affordable. On average, full-time, in-state undergraduates at Oakland receive almost $3,900 in grants and scholarships each year, which amounts to a 36 percent discount on the cost of their education.
Other components of the financial aid strategy include guaranteeing all first-time freshmen full tuition aid, less an expected family contribution as determined by the U.S. Department of Education, and maintaining the Special Tuition Assistance Fund to help students with deteriorating financial circumstances.
In all, approximately 65 percent of Oakland students benefit from financial aid allocations. Additionally, all students enjoy the benefit of Oakland's tuition only pricing policy, which excludes fees of any kind. This no-fees policy is unique among Michigan's 15 public universities.
Oakland University is a vibrant academic community with nearly 20,000 students and more than 260 degree and certificate programs. To learn more about academics, achievements, and events at OU, visit the news site at oakland.edu/newsatou and follow the news team on Twitter at @OaklandU_News.