OAKLAND, Calif. (AP) _ Mills College students kept control of the campus Monday in their protest against the trustees' decision to admit male undergraduates for the first time in the school's 138-year history.

Students, who blockaded administration buildings and boycotted classes to halt activities at the liberal arts college, said they will demonstrate through graduation, May 20, or until the decision is reversed.

''Right now we do not want to compromise,'' said sophomore Deborah Egbert, spokeswoman for the Associated Students of Mills College. She estimated 300 students are continuing the demonstration that began Thursday.

Administrators met with students during the weekend in an unsuccessful attempt to end the demonstration, according to Mills spokeswoman Vickie Bates.

Finals are scheduled to begin Friday. Bates said teachers are considering whether to let students make up assignments, take final grades based on previous school work or proceed with end-of-term tests.

Most of Mills' 777 female undergraduates oppose the decision to admit male undergraduates in the fall of 1991. The trustees want to boost enrollment to 1,000 students, which would help balance the school's $24 million annual budget.