Deciding where to go for college can feel like an overwhelming task for many students. Figuring out how to pay for it can be confusing and intimidating for their families. Below we directly address some common misconceptions about U-M’s affordability and financial aid to help clarify what funding opportunities are available for Michigan residents.
Myth 1: U-M is one of the most expensive colleges in Michigan; I could never go there.
Fact: U-M is the only public university in the state that covers 100% of demonstrated financial need* of students from Michigan (if you apply by the deadline and accept all of the aid that we offer).
U-M often costs LESS than smaller, local colleges because it offers generous aid packages. In 2019-2020, more than $282.5 million in grants and scholarships was awarded to undergraduate students.
*The difference between U-M's total cost of attendance and your expected family contribution (EFC). The EFC is determined when you fill out the Free Application for Federal Student Aid (FAFSA) and the CSS Financial Aid Profile.
Myth 2: The net cost to attend U-M keeps rising.
Fact: Today's typical in-state students with family incomes up to $100,000 pay less to attend U-M than their counterparts did in 2009-10.
Myth 3: Hardly anyone gets financial aid at U-M; only wealthy families go there.
Fact: 70% of U-M undergraduate students from the state of Michigan receive some form of financial aid.
19% of in-state first-year students come from families that earn less than $65,000 a year.
Myth 4: Most middle-class families do not qualify for need-based aid.
Fact: 98% of students from an in-state family with a household income between $65,000-95,000 receive U-M grants and pay just $672 in tuition.
(And many of them also get additional scholarship aid.)
Myth 5: If I use financial aid, I will graduate with major debt.
Fact: U-M has increased grant contributions each year, helping reduce the need for students to borrow.
More than half of in-state undergraduate students in the 2020 graduating class completed their degrees without incurring student loan debt.