Many families are worried about the cost of college, and it is true that the “sticker price” for UM is more expensive than many public, state-schools. However UM is committed to offering financial aid, scholarships, and grants that help all students with need, especially those who are from the state of Michigan. U-M says that they cover 100% of demonstrated need for all in-state students.
The University of Michigan's Go Blue Guarantee provides full-tuition scholarships for in-state students from families with an income and total assets below a certain amount. In 2022-2023, the qualifying income amount was $65,000 with assets under $50,000, but many families earning much more will also be eligible to receive some tuition support.
The Go Blue Guarantee is renewable for up to four years or until completion of an undergraduate degree, as long as the student continues to meet the income eligibility criteria and maintains satisfactory academic progress. Admitted students who apply for financial aid by the deadline will be notified if they qualify for tuition support.
In 2021, tuition for full-time students at UMich Ann Arbor was $16,404 a year for in-state students and $55,326 a year for out-of-state students.
On average, colleges raise tuition about 3% each year.
Remember, the displayed price of tuition does not give you enough information to determine the actual cost of attending any given college. Many students pay far less than the total tuition after grants, scholarships, and tuition discounts are applied. Plus, student loans can make the amount you do have to pay for college feel more doable until you've finishing school and found a job.
Tuition for international students at University of Michigan is $55,326 per year.
University of Michigan meets 90% of the demonstrated financial need for undergraduates. First-year students that attend University of Michigan full-time are awarded $26,947 a year in financial aid, on average.
Graduates in the class of 2023 had an average of $28,487 in student loans per borrower.
University of Michigan is a public, state institution, which means it offers a reduced tuition rate of $16,404 for in-state students who attend full-time. For students who are not considered Michigan-residents, out-of-state tuition is $55,326 a year.
Public schools receive funds from the state to help them cover costs. Public insitutions often offer a lower cost of attendance for those who qualify as Michigan residents.
Choosing a college where you qualify for the reduced tuition offered to state residentscan drastically reduce the overall cost of college. Take the time to check your state's rules for in-state tuition. Every state has its own rules about what makes someone eligible for in-state tuition. Most states require students to have resided in the state for a certain period of time before qualifying. There may be additional requirements as well, depending on where you live.
University of Michigan has the same tuition for international students as for those from out of state.
International students at University of Michigan usually pay around $55,326 per year, before any scholarships or financial aid.
International students are not eligible for federal financial aid, but may be eligible for private or University of Michigan-specific aid and scholarships.
Tuition is not the only cost of attending college; room and board, books, transportation and fees are also costs it consider when estimating the cost of attendance for college. Let's take a look at what impacts these costs, and what to expect at University of Michigan.
Room and board at University of Michigan costs $14,460 a year. This number includes the cost of living in dorms or other on-campus housing, and a dining plan that allows you to eat in the University of Michigan's on-campus cafeterias and dining halls.
Board costs may vary depending on the number of meals you intend to eat on-campus
First-year students are sometimes surprised by how much books and supplies cost–and not in a good way. The actual cost of books and supplies depends on the courses you take and the textbooks, computer programs, or other materials are required.. To save money, many students choose to use books from the library or buy used textbooks and materials.
The majority of colleges also have fees to help cover the cost of facilties, like the computer labs and libraries, athletic facilities, and more.
Keep in mind, there could also be additional fees associated with participating in special activities, like joining a fraternity or sorority, or playing on an intramural sports team. Most colleges offer resources so that those who may struggle to participate because of cost can find ways to lower or eliminate these fees.
The cost of transportation in college can really vary. Will you take a subway, car or an airplane to get to school? Will you need to pay to park on-campus? Is the campus small enough that you can easily walk from class-to-class?? Do you own a car, or are you planning to use busses, subways, or other modes of transportation? All of these factors can make a big difference in your transportation budget. Keeping in mind, first-year students are allowed to park a car on campus.
Where are a college is located can impact the amount you'll have to spend just to get around. Small, rural schools may be easier to get around, but the cost of getting to campus may be higher. On the other hand getting around in a city may be pricey, but cities may offer more buses, trains or low-cost flight options to actually get to school. The University of Michigan campus is in a city in Michigan, near Detroit.
When you're planning for college, be sure to take into account the cost of things like movies, takeouts, furniture or appliances for your dorm or housing, and essentials like laundry detergent, toothpaste and toilet paper.
Now, let’s do a rundown of all of the costs associated with college, to get a better estimate of how much students can expect to shell out for University of Michigan.
What will the cost of attending University of Michigan be? Here is a breakdown of tuition and expenses.
|2023 Total Tuition and Expenses|
|Room and Board||$14,460|
The total estimated cost will vary depending on whether you are going to live on-campus or off-campus.
Tuition and fees may vary depending on program, course level, location, and more.
In 2023, 11,258 of the 32,759 undergrads enrolled received financial aid. University of Michigan meets 90% of the demonstrated financial need for undergraduates.
The average financial aid package for a full-time, first-year student is around $26,947 a year. Around 35% of University of Michigan undergrads take out student loans to cover any remaining costs. University of Michigan graduates who have student loans graduate with an average of $28,487 of student loan debt.
The average debt for each loan type varies.
|Average Debt By Loan Type|
|University of Michigan-Specific Loans||$6,284|
|Most Common Loans for University of Michigan Students|
Most students take out institutional or government loans, because they tend to have lower interest rates and more flexible repayment options than private loans. Loans from the federal government can be subsidized or unsubsidized. Subsidized loans do not accrue interest during school, while unsubsidized loans begin accruing interest at the time the loan is issued. If students do no qualify for enough federal loans to cover the cost of tuition, some take out private loans. Parents can also take out ParentPLUS loans, which are government loans for parents who are helping their children pay for college.
The Free Application for Federal Student Aid (FAFSA) helps colleges determine how much financial need students and their familes have, so they can offer a financial aid package that meets, or come close to meeting, their need. For more information on University of Michigan financial aid, keep reading, or visit their financial aid website.
Some students may receive grants and scholarships to help pay for college. Unlike loans, scholarships and grants do not have to be paid back.
In 2023, University of Michigan awarded 9,562 need-based scholarships to students, giving away total of $224.8 million to help students with financial need cover the cost of school. An additional $108.48 million in merit-based scholarship money was awarded to students without demonstrated financial need.
The net price of college is the actual cost of attending a school for one year. Net cost is calculated by subtracting any scholarships, grants or other aid that does not need to be paid back from the total cost. Student loans are not part of the calculation, because they need to be repaid.
Now that we have a sense of the total estimated costs for University of Michigan students, we can subtract the average financial aid package to find the estimated net cost. Net cost can vary depending on a students’ need and the financial aid award received.
When considering whether a school fits your budget, it is important to consider the estimated net cost, not just the sticker price of tuition. Often, schools with the highest tuition also offer the most generous aid packages, so estimate your net cost before eliminating a school because it does fit your budget.
The average amount of financial aid received by a full-time first year student with demonstrated need at University of Michigan was $26,947 in 2023. By substracting the average financial aid package from the estimated costs, we get a number that may make the cost of University of Michigan seem more manageable.
|Estimated Net Cost for Full-Time Students|
|Net In-state, Off-campus||$-6,562|
Note: a negative number can indicate that a refund will be given to use toward other expenses such as housing, fees, and books. In such cases, be sure to reach out to the school directly for any clarification or questions.
What will attending University of Michigan really cost you? The answer depends on several factors.
As of 2011, colleges are required to have a net price calculator on their website to help prospective students and their families get a better idea of the actual cost of attending that school, based on their financial situation. You can find the University of Michigan's net cost calculator on their website.
Some students choose to use payment plans to make the cost of tuition fit more comfortably in their budget.
University of Michigan does not have guaranteed tuition.
Students cannot pay tuition in installments. Contact the financial aid office to verify this and discuss options.
Schools sometimes waiver tuition for certain groups, to reduce the total cost of attendance. Some colleges offer tuition waivers for employees and their family members, underrepresented students, or military students. Even if you qualify for a waiver, students are usually responsible for housing, meal plans, and other expenses.
Check the financial aid website for more information on payment plans and tuition waivers.
An endowment is the total value of a school's investments, donations, and assets. Endowment is not necessarily an indicator of the quality of a school, but it can give you a sense of how much money a college can afford to invest in expanding programs, improving facilities, and supporting students.
As of 2021, the total market value of University of Michigan's endowment was $17.1 billion. The average college endowment was $905 million in 2021. For each full-time student, University of Michigan spends about $26,433 a year.
To learn more about University of Michigan, choose from the options below:
Visit the College Confidential forums to join the conversation about University of Michigan