What Amount of Financial Aid is Available?
University of Michigan - Ann Arbor's average financial aid package for new freshmen is $23,815. About 50.0% of new students receive some kind of financial aid, most of which is scholarships and grants.
Student loans are a part of financial aid offers, even so the only true discount from the expense of college is a scholarship or grant that you don't need to repay.
A student loan is not a legitimate college discount, but rather an additional cost consideration. Discover how much student loan debt from U of Michigan you could end up taking on.
How Much U of Michigan Aid Will I Get That Won't Put Me in Debt?
The stats following pertain to assistance that is provided by University of Michigan - Ann Arbor.
49.0% of first year students (2,984 total) were awarded scholarships at University of Michigan - Ann Arbor, averaging $15,411 per student. This puts it in the top 40th percentile of all schools in the country.
As well as scholarships, 15.0% of freshmen (935 total) received federal grant aid, averaging $5,104 a person.
Check out the usual amount of grants and scholarships first years receive by looking at the chart below.
Scholarships are awarded based on merit or special ability, while grants are need based.
Financial Aid per Family Income
The below chart demonstrates scholarship and grant allocations by income for freshmen receiving any form of federal Title IV assistance, including Federal PLUS loans.
| Income Level | Percent of Freshman | Average Assistance |
|---|---|---|
| Income 0-30k | 4.3% | $25,065 |
| Income 30k-48k | 2.7% | $21,847 |
| Income 48k-75k | 3.9% | $17,619 |
| Income 75k-110k | 5.2% | $11,048 |
| Income 110k + | 9.4% | $3,596 |
Title IV aid includes loans, grants, or work-study given by the federal government generally according to financial need. Learn more here.
The Standard Undergraduate Who Gets a Grant or Scholarship Obtains $16,842
Of the 28,312 undergrads at University of Michigan - Ann Arbor around 51.0% (14,345 total) obtain some type of grant aid. The average quantity given was $16,842.
Check out the Tuition and Fees page or the Cost Per Credit Hour page for more info.
Financial Aid Links from University of Michigan - Ann Arbor
| Financial Aid Department Website | www.finaid.umich.edu |
| Net Price Calculator | https://npc.collegeboard.org/student/app/umich |
