The Oakland University Board of Trustees has set a 3.8 percent tuition increase for resident undergraduates.
The increase is a part of a $275 million budget for the fiscal year 2019, approved by the board on Monday, June 4. The 3.8 percent increase is equivalent to $15.75 per credit hour, according to the university and is within the state’s likely tuition restraint for annual increases.
Oakland University expects a 3.1 percent increase in state funding support this year, proposed by Gov. Rick Snyder. Of Michigan’s 15 public universities, Oakland University receives the lowest state funding on a per-student basis. State appropriation for the 2017-2018 fiscal year was $49,920,700, about 18 percent of the university’s approximately $263.5 million budget.
Oakland University’s largest state appropriation came in 2009 at $5.2 million. If the new increase is approved by the legislature, it would bring state-aid back to roughly the same level.
“While we strive to be exemplary stewards of state funding support and student tuition dollars in every budget decision we make, our overriding concern is always to ensure that Oakland University students receive a college education that will empower them to find success in their careers and enrich their overall quality of life,” Ora Pescovitz, president of Oakland University said in a statement.
“With the adoption of this budget, we are confident that we will continue to empower students despite many challenges that higher education faces.”
About 93 percent of the university’s state funding goes to student financial aid. This year, $49 million will be set aside for financial assistance awards for students, a $3.6 million increase from last year.
“Oakland University is and will continue to be a tremendous contributor to the economic strength and overall quality of life in the state,” Ric DeVore, board chair said in a statement. “Among many other indicators, this is well illustrated by the fact that 97 percent of our recent graduates who have taken jobs are working right here in Michigan.”