by our College Data Analytics TeamMost college students will not be charged the full price tag of a school. Instead, they will be offered a financial aid package that includes a combination of loans, grants, scholarships and possibly work-study opportunities.
What amount of U-M financial assistance will actually be available to you?Get answers to your questions here.
University of Michigan - Ann Arbor average financial aid offer for freshmen students is $13,113.00. Financial aid is provided to about 66% of first-year students, with the bulk of support coming in the form of grants and scholarships.
Financial aid helps decrease the expense, or the “sticker” price of the school. But keep in mind that the only real discounts off the cost of college are in the form of grants and scholarships.
Concerned about the student loans that might be part of your financing deal? Look at the average amount of debt per student at University of Michigan - Ann Arbor.
Institutional scholarships and grants are financial aid awards given by colleges and universities to help students manage tuition costs and other education-related expenses. These awards, which do not need to be repaid, can be classified as merit-based or need-based. Students who excel academically, possess unique talents, or have specific skills can be eligible for merit-based institutional scholarships. Factors such as high school performance, standardized test scores, or participation in extracurricular activities often contribute to eligibility for these scholarships. Need-based institutional grants, on the other hand, are awarded to students who demonstrate financial need. The amount given is generally based on the student’s family’s financial situation, aiming to cover the gap between the cost of attendance and the family’s capacity to pay. To assess a student’s eligibility for need-based grants, colleges and universities may rely on information from the Free Application for Federal Student Aid (FAFSA) or other financial aid forms. Institutional scholarships and grants are essential for students, as they can substantially lower college expenses and make higher education more affordable.
The stats below refer to aid that is provided by University of Michigan - Ann Arbor.
54% of incoming freshmen (3661 total) were awarded scholarships at University of Michigan - Ann Arbor, averaging $19,736.00 a piece. This puts it the top 25th percentile among colleges and universities nationwide.
As well as scholarships, 24% of freshmen (1643 total) received a federal grant, for about $5,122.00 a person.
The table below shows grant and scholarship distributions by income for first-year students getting any sort of federally-funded Title IV aid, including Federal PLUS loans.
| Income Level | Percent of Freshman | Average Assistance |
|---|---|---|
| Income 0-30k | 5.05% | $28,256.00 |
| Income 30k-48k | 2.98% | $25,256.00 |
| Income 48k-75k | 3.58% | $20,445.00 |
| Income 75k-110k | 3.76% | $13,719.00 |
| Income 110k + | 5.56% | $4,435.00 |
The table above shows students who are obtaining Title IV aid, which is federal assistance from the government in the form of grants, loans, and work-study. Learn more here.
66% of the 6814 undergraduates at University of Michigan - Ann Arbor receive some sort of grant aid. This is a total of about 3803 students getting an average of $13,113.00 per person.
Check out the Tuition and Fees page or the Cost Per Credit Hour page to find out more.
References
More about our data sources and methodologies.