Oakland University offers no-payback financial aid

By: The Associated Press
By: The Associated Press

Oakland University students on the verge of dropping out because of the economic downturn will be getting some financial relief at the right price: free.

The university this month freed up $250,000 in financial aid and will offer it to students, who would not have to repay it.

University officials say about 200 students have inquired about the free assistance, and about 15 percent of those are eligible. The university is asking for written verification indicating a financial situation that's significantly changed.

Oakland President Gary Russi tells The Detroit News that for any "student who is in financial straits ... there will be money available to help them finish their school."

Tuition is $8,324 a year for full-time freshmen and sophomores and $9,091 for juniors and seniors.

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