University of Michigan - Net Price, Tuition, Cost to Attend, Financial Aid and Student Loans

How much does it cost to attend?

In State Michigan Resident Sticker Price

$32,272

In State Costs for University of Michigan
Fee	Cost
Tuition	$15,850
Books and Supplies	$1,048
Other Fees	$328
Room and Board	$12,592
Other Expenses Budget	$2,454

Out of State Resident Sticker Price

$69,326

Out of State Costs for University of Michigan
Fee	Cost
Tuition	$52,904
Books and Supplies	$1,048
Other Fees	$328
Room and Board	$12,592
Other Expenses Budget	$2,454

Residents of Michigan pay an annual total price of $32,272 to attend University of Michigan on a full time basis. This fee is comprised of $15,850 for tuition, $12,592 room and board, $1,048 for books and supplies and $328 for other fees.

Out of state residents are charged a total cost of $69,326 which is 114.8% higher than Michigan residents. The tuition charge is $52,904 while room and board is $12,592, books and supplies are $1,048 and other fees come in at $328.

All price data is sourced from the 2021/2022 U.S. Department of Education National Center for Education Statistics survey.

Net Price

Net price is indicative of what it actually costs to attend University of Michigan when typical grants and scholarships are considered. The net price varies by family income and financial need.

Average Net Price 2019/2020

$17,832

Net Price by Income University of Michigan
Family Income	Net Price Paid
$0 to $30,000	$2,670
$30,001 to $48,000	$5,670
$48,001 to $75,000	$10,481
$75,001 to $110,000	$17,207
$110,000+	$26,491

The average reported annual net price for University of Michigan for students receiving grants or scholarship aid was $17,832 in 2019/2020. Net price includes tuition and required fees, books and supplies, and average cost for room and board and other expenses

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Financial Aid

61% of full-time undergrad University of Michigan received financial aid in the form of grants, scholarships, fellowships from the institution or from Federal, State or local government agencies. This aid averaged $21,444 per student during the 2019/2020 school year. Grant and scholarship aid does not need to be paid back. 28% of students received Federal Student Loans averaging $5,233 and 3% of undergrads took out private student loans averaging $20,402.

Finanical Aid University of Michigan
Type	Avg./Student	Students Receiving
Total Grant and Scholarship Aid	$21,444	61%
Institutional Grants and Scholarships	$19,736	54%
Pell Grants	$5,272	20%
Other Federal Grants	$1,450	13%
State and Local Grants	$1,063	12%
Federal Student Loans	$5,233	28%
Other Student Loans	$20,402	3%

Student Loans

To gauge a more realistic picture of what it may really cost you out of pocket to go to University of Michigan, we've modeled a ten year student loan with an original principal value of $56,296. The loan balance of $56,296 is a four year multiple of the $14,074 average net price. This is a estimate of what you could owe upon graduation if you were to qualify for average financial aid and what a degree really may cost. Should you not qualify for financial aid, you may owe significantly more when you graduate. Based on these assumptions, a monthly repayment of $537 could be required to satisfy your student loan.

Please note that financial aid is not guaranteed and is only available for qualifying students. Federal Student Loans are not grants and must be repaid with interest. The current Stafford loan interest rate is 2.75%.


Example Loan	$56,296
Stafford Loan Interest Rate	2.75%
Time to Pay Off Student Loan	10 years
Example Monthly Payment	$537.13
Total Interest Paid	$8,159.11
Sum of All Loan Payments	$64,455.11

Projected 4 Year Degree Price

4 Year Sticker Price

$129,088

Year	Michigan Residents	Non Residents
1	$32,272	$69,326
2	$33,086	$71,076
3	$33,922	$72,869
4	$34,778	$74,709

Based on published tuition prices, we estimate the current cost of a 4 year bachelor's degree and living expenses at University of Michigan to be $129,088 - assuming graduation in normal time. The estimation assumes a 2.5% annual increase over the next 4 years which has been the recent trend for this school.

Credit Hour Cost and Price per Class

Credit Hour and Class Costs at University of Michigan
	Price Per Credit	3 Credit Class	4 Credit Class
Michigan Residents	$671	$2,013	$2,684
Out of State Residents	$2,250	$6,750	$9,000

Estimated cost for a class at University of Michigan based on published credit hour prices. Note that not all schools allow single class enrollment. These prices should be used for comparison purposes as to how much it may cost to take a class at University of Michigan versus other colleges.