Oakland University Board of Trustees Finalizes Budget/Tuition for FY2023

The Board of Trustees of Oakland University in Rochester Hills has approved a $273.5-million general fund budget for the upcoming academic year.
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The FY2023 budget for Oakland University has been finalized by the board of trustees along with a 3.9 percent tuition increase. // Courtesy of OU
The FY2023 budget for Oakland University has been finalized by the board of trustees along with a 3.9 percent tuition increase. // Courtesy of OU

The Board of Trustees of Oakland University in Rochester Hills has approved a $273.5-million general fund budget for the upcoming academic year.

The 2022-23 budget includes a 3.9 percent tuition increase, which OU states is approximately 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 at $14,572, an increase of around $18 per credit hour.

“At Oakland, we empower individuals and strengthen communities by providing students from all economic backgrounds affordable access to outstanding educational experiences,” says 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 before the governor for her consideration.

OU’s budget is based on its appropriation, which calls for a 12.5 percent increase in state aid and translates to a base appropriation of $60.8 million.

Pescovitz notes: “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.”

Despite inflation, guidance from faculty mentors have helped more than 87 percent of OU graduates gain internship-like experiences that help develop their skills and knowledge while applying what they learn in the classrooms, making them workforce ready.

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 with the most recent graduates earning an average starting salary of around $58,000, claimed to be 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,” says Pescovitz. “With 99 percent of our graduates staying and working in Michigan, we also make a tremendous economic impact in our state.”

Oakland also provides financial aid to students — 75 percent of students receive scholarships and grants to help them cover some or all their tuition.

The university offers a wide range of scholarships and grants that reduce the average net cost of attendance by 30 percent for full-time resident undergraduate students. OU’s Golden Grizzlies Tuition Guarantee, for example, allows eligible incoming freshmen to attend OU free for four years and the university offers multiple need- and merit-based scholarships for students.

In addition, last fall the university announced the inaugural recipients of the Ora Hirsch Pescovitz Presidential Scholarship that help foster scholarly work and leadership skills of the next generation.

OU also offers 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.

Oakland states it 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 added more 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. The measures have saved the university nearly $82 million since 2003 and will continue to be a point of emphasis.

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