According to reporting from The OU Daily, the board approved a 3% increase in tuition for most students and a 5% increase for OU College of Law students.
The board also voted to raise President Joseph Harroz's salary from $500,000 to $575,000 and give him a $200,000 bonus.
In comparison, new Oklahoma State University President Jim Hess was approved for a $650,000 salary in March.
A joint statement to StateImpact from OU Board of Regents Chair Anita Holloway and Vice Chair Rick Nagel point to a "time of significant turnover in higher education leadership," saying it was critical to "[ensure] continuity in one of the top-performing university presidents."
"This past year, President Harroz's performance was exceptional," Holloway and Nagel said. "The university has seen its fastest enrollment growth in 50 years and is on track for a fifth record-breaking freshmen class… The university's research is growing at a rate fourth fastest in the country, its academic health system is growing in remarkable ways to serve our entire state, and we are successfully navigating the new era of college athletics. We judged this worthy of a bonus."
According to the statement, Harroz has not received a salary increase since becoming president in 2020.
The moves come after the university's recent decision to lay off 5% of its full-time athletics staff. The Daily reported OU Athletics Director Joe Castiglione told athletics staff in May he would decrease his own compensation in light of the cuts.
The university has seen four consecutive years of record enrollment, bucking national trends. This year's tuition increase, if approved by the Oklahoma State Regents for Higher Education at its June 26 meeting, would be the fifth straight year of hikes for OU.
According to the university, due to a boost in scholarships, the actual amount the average resident freshman pays is down 27% from six years ago. OU said it has grown need-based aid by 48% and increased undergraduate scholarships by more than 40% since 2018.
As noted in the board's agenda, OU implemented a flat rate tuition schedule for undergraduate students in 2013. Full-time undergraduate students may enroll in more than 15 hours per semester and still pay for 15 hours.
With the tuition increase, the flat rate for resident undergraduate students will change by $150 for the 2026 academic year and $417 for nonresidents.
In a news release, Harroz said the increases were necessary to fulfill OU's "Lead On, University" Strategic Plan, contributing to a merit-based raise program for faculty and staff, new faculty positions, increased study abroad opportunities, undergraduate research, "high-impact learning experiences" and addressing deferred maintenance projects.
Friday, the OSU Board of Regents voted to keep tuition and fees flat for the fourth consecutive year.
"We are called to widen the doors of opportunity, and by holding the line on tuition, we ensure that a world-class education remains within reach for every Oklahoman willing to work for it," Hess said in a news release. "This decision supports our mission to educate the next generation of leaders, from the classroom to the community."
Earlier this month, Gov. Kevin Stitt said in a press briefing the state's universities should avoid more tuition increases.
"I don't think we've gotten all the efficiency out of our universities," Stitt said. "I would encourage the boards to look for efficiencies, look for the tenured professors that maybe aren't teaching as many classes as they should. Those are the things that I would continue to push before they do a tuition increase."
The governor's office did not respond to a request for comment on OU's increase before publication.
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