University of Michigan Cost: Tuition, Fees, Financial Aid, and More

The University of Michigan, also known as U of M or U-M, is a public university in Ann Arbor, Michigan. Prospective students should look at the University of Michigan cost of tuition before they apply. No matter your financial situation, looking at direct and indirect costs can help you plan your journey. Seeing the net price of a degree provides a more accurate estimate of college expenses.

With additional federal, state, or local financial aid from the University of Michigan, as well as merit-based scholarships, you can calculate your net price and predict what you’ll spend. Net price is a more accurate measure of a university’s costs because the amount a student pays is affected by a variety of factors.

Any student who wants to maximize their education savings should read this guide on the University of Michigan cost and tuition. Read below to learn more about the University of Michigan tuition, living expenses, financial aid, and the net price of the undergraduate and graduate programs.

University of Michigan Rankings and Profile

  • Accreditation: Higher Learning Commission
  • Acceptance Rate: 20%
  • Graduation Rate: 94%
  • US News & World Report Ranking: #23
  • Times Higher Education Ranking: #24

The University of Michigan in Ann Arbor, Michigan, is a public university, founded by a legislation of the ancient Michigan Territory in 1817. The university is comprised of nineteen colleges and offers undergraduate, graduate, and postdoctoral degree programs in around 250 subjects.

The University of Michigan is affiliated with two regional colleges in Flint and Dearborn, each of which is individually accredited. This school has a commitment to diversity and academic achievement, which explains the low acceptance rate. Admission to the university’s undergraduate program is competitive, and nearly half of the students are out-of-state residents.

Since 1871, Michigan has been a coeducational institution. There are roughly 31,329 undergraduates and 16,578 graduate students enrolled at the university. Many students, permanent residents or otherwise, have funding packages to help them save money on current tuition.

How Much Does University of Michigan Cost?

According to the National Center for Education Statistics (NCES), the University of Michigan cost of tuition and fees is $16,178 for in-state undergraduate students. The tuition and fees for out-of-state undergraduate students go up to $53,232 per year.

Similarly, the tuition rates for in-state graduate students are $24,902, and tuition for out-of-state graduate students is $50,136. The NCES also estimates that books and supplies cost an average of $1,048 annually, according to numbers from the 2021-2022 academic year.

University of Michigan Tuition, Fees, and Other Expenses

Expense University Of Michigan Cost
University of Michigan Undergraduate In-State Tuition and Fees $16,178
University of Michigan Undergraduate Out-of-State Tuition and Fees $53,232
University of Michigan Graduate In-State Tuition and Fees $25,230
University of Michigan Graduate Out-of-State Tuition and Fees $50,464
University of Michigan Books and Supplies $1,048

The tuition costs at U-M are more expensive than the national average of $11,331 for in-state students, according to the National Center for Education Statistics. Average tuition for out-of-state students at this school is also higher than the national average. A financial aid package is a good way for students to save money, but sometimes current tuition is still very high.

These numbers include both tuition and fees, which is generally known as the sticker price. Institution-specific fees may include library services, student gyms, student centers, technology resources, and health insurance. These fees are expensive, but they are worth it if you want to have a good college experience.

University of Michigan Living Expenses

Expense University Of Michigan Cost
University of Michigan On-Campus Room and Board $12,592
University of Michigan Off-Campus Room and Board $12,592

University of Michigan living expenses are the same for on-campus and off-campus students. Room and board is estimated to cost $12,592 per year, and other student expenses amount to $2,454 per year. Make sure you incorporate these expenses into your college budget so you can make better funding decisions.

Cost of Living in Ann Arbor

According to PayScale, the average cost of living in Ann Arbor, Michigan is five percent higher than the national average. Housing costs in Ann Arbor are 16 higher than the average, and the cost of utilities is seven percent lower. The costs of transportation, such as bus fares and the cost of gas, are six percent cheaper.

Your own cost of living in any given location can change based on a variety of factors, including your career, the average salary for that career, and the local real estate market. As a student, it can depend on your tuition, residence type, employment opportunities, and whether you’re a Michigan resident already.

University of Michigan Financial Aid Statistics

Financial aid is money that students can use to pay for education, and it is typically granted based on need or merit. Your or your family’s ability to pay for college, as assessed by the FAFSA and your school, determines your eligibility for need-based aid. According to College Scorecard, 29 percent of students at University of Michigan received federal financial aid.

The National Center of Education Statistics reports that the average amount of grant or scholarship aid for students at U of M was $16,326. In addition, 70 percent of students received financial aid. Current tuition is high, but the average cost will be lower if you get a fee waiver or calculate tuition after scholarship.

Does University of Michigan Accept FAFSA?

Yes, the University of Michigan accepts FAFSA. The Free Application for Federal Student Aid, or FAFSA, is used to quantify your or your family’s capacity to pay for college. You can get need-based financial aid for your full-time tuition through the FAFSA. You can also use resources to create an alternative tuition plan.

Does University of Michigan Accept GI Bill Benefits?

Yes, the University of Michigan accepts GI Bill funding packages. However, you will be responsible for checking with the institution to determine whether or not the GI Bill will pay for your selected degree program. Make sure you indicate on your application for admission if you are interested in using the GI Bill to pay for school.

Is University of Michigan a Yellow Ribbon School?

Yes, the University of Michigan is a Yellow Ribbon institution. Up to 100 percent of tuition is covered for eligible students from families of the military, with no out-of-pocket costs. You must verify with the University of Michigan that your preferred degree program is fully covered by the Yellow Ribbon.

University of Michigan Scholarships and Grants

  • Truman Scholarship. With this scholarship, future leaders who are devoted to public service professions are eligible to receive up to $30,000 towards graduate education and professional development.
  • Beinecke Scholarship. Graduate students who are eligible for financial aid and who are in the arts, humanities, or social sciences can get this grant. The first installment is $4,000, and an additional $30,000 is available throughout their studies.
  • The Paul & Daisy Soros Fellowship. New Americans, immigrants, and children of immigrants who are attending graduate school in the United States are eligible to receive fellowship assistance. It covers up to $90,000 over two years of learning.
  • Udall Scholarship. Students in their sophomore and junior years who are contemplating careers in fields connected to environmental and healthcare issues. Each student will receive $7,000.
  • Alumnae Council Memorial Fund. This scholarship from the alumni council is available to female students who express financial need. If you want access to this fund, you have to communicate with the financial aid and scholarships office.

University of Michigan Average Net Price by Income

Family Income University Of Michigan Net Price
$0 to $30,000 $4,692
$30,001 to $48,000 $6,904
$48,001 to $75,000 $12,432
$75,001to $110,000 $18,938
$110,001 and up $27,199

A very small fraction of students at the University of Michigan will pay the amount that is stated on the sticker price. The net price is an estimate of the actual amount that a typical college student will pay over the course of one academic year. Depending on current tuition rates and other costs for students, a U of M student could pay less than $5,000 per year.

The numbers above have been sourced from the National Center of Education Statistics. They reflect all of the potential costs of University of Michigan, such as the cost of tuition and fees, the cost of housing, and the cost of food. It also reflects the typical financial aid from merit-based scholarships, federal grants, and fellowships to students.

How to Calculate University of Michigan Cost

University students throwing their graduation caps in the air
Once you calculate your University of Michigan cost, you can start full-time study and graduate with minimal student debt.

To calculate the University of Michigan cost, the university’s website has offered a net price calculator for students of all types. Subtracting your estimated family contribution from the overall cost of attendance will help you see what need-based financial help you can get.

Expenses such as tuition, fees, and room and board are included in the cost of attendance figures if the student is living on campus or in the University Village. Book costs, living expenses, and transportation should also be included in your cost of attendance.

Is the Cost of College Too High?

No, the cost of college is not too high if you get a scholarship and make an effort to save money.

However, college is generally regarded to be an expensive investment. Statista reports that the average annual charge per student in college was $32,411 in 2021. This figure refers to private institutions.

University of Michigan Student Debt

  • Students Receiving Federal Loans: 29%
  • Median Debt After Graduation: $18,526
  • Average Monthly Loan Payment: $185

The College Scorecard estimates above reflect the average student debt situations for U of M students. The average federal student loan debt for undergraduates at the University of Michigan is $18,526. The average monthly federal loan payment for recent graduates is $185, if repaid over 10 years at a 5.05 percent interest rate.

Around 29 percent of University of Michigan graduates used federal student loans, which is relatively high. Current tuition is high, but it can become more manageable if you plan ahead and save money before you go to college. You should apply for residence classification and as many scholarships as possible.

University of Michigan Tuition Payment Plans

The University of Michigan payment plan divides each term’s costs into five equal payments. There is a non-refundable enrollment fee of $30 each term if you want to use the plan. Keep in mind that it is only available in fall and winter terms. Contact the U-M office if you want to learn more about these optional student financial services.

University of Michigan Graduate Salaries and Outcomes

According to College Scorecard, University of Michigan alumni earn an average annual salary of $75,842. This is higher than the midpoint for all four-year schools, which is $47,891. Even if you pay a high tuition rate per credit hour, this salary is worth it in the long run. Look at U-M outcomes for your preferred subject to see more specific salaries.

For example, graduates of the School of Information get jobs at a rate of 95 percent, which means only five percent of grads are left unemployed. Students who graduate from these programs also earn higher salaries than average, according to the University of Michigan.

How to Save Money in College

  1. Work in college. Many first-year students work part-time jobs to help pay the bills. Along with a little cash, it teaches you essential life lessons like problem-solving and effective communication in the workplace. There are lots of side hustles for college students to help you earn extra money.
  2. Apply for scholarships. Every year of your academic career, you should apply for grants and scholarships. You may be able to earn a large sum of money for education if you apply for a lot of scholarships. Check the U-M website and look for scholarships that are specific to your subject of choice.
  3. Use your meal plan wisely. A meal plan is either an excellent resource or a complete waste of money, and it depends on how you use it. Make the most of the opportunity by taking snacks to bring home and saving your leftovers.
  4. Use free transportation. You should make use of free college transportation if you need to get somewhere. Free shuttles and buses are available on most college campuses, so get familiar with the ones that are close to you.
  5. Use credit card rewards. Using credit card rewards is a great way to save money as a student. There are lots of credit cards for students out there that can help you earn points and get discounts. In addition, many credit cards provide a sign-up bonus.

Is University of Michigan Affordable?

Yes, the University of Michigan is affordable if you consider tuition after scholarships and grants. If you plan ahead, save money, and apply for financial aid, you will be able to reduce the overall cost of your education at U-M. If university is too expensive for you, you can wait a few years, plan an estimated budget, and save up. Getting an online bootcamp certificate or taking online courses can be just as valuable in the meantime.

University Of Michigan Cost FAQ

What GPA do you need to get into the University of Michigan?

According to U-M Ann Arbor’s admissions details, students with a GPA of 3.87 were accepted and enrolled. You should study hard if you want to pass the rigorous application process and obtain a degree that will impress any potential employer.

What type of student does U-M want?

U-M wants students who contribute to their academic environment, have good grades in rigorous courses, high ACT/SAT scores, extracurricular activities, and other accomplishments. In high school, you should focus on choosing extracurriculars that will look good on your college application.

Is Greek life big at the University Of Michigan?

Yes, Greek life is relatively big at U-M compared to other national universities, and is a big part of campus life. One of the nation’s oldest fraternity and sorority communities can be found on the campus of the university, with a wide range of activities you can enjoy while you move through your program of study.

Is the University of Michigan a prestigious university?

Yes, the University of Michigan is quite a prestigious college. The most recent Times Higher Education World Reputation Rankings rank the University of Michigan among the top in the world. University of Michigan ranking was regarded as the third-best in public institutions in the United States and 16th-best in the world.

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