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

In-State Tuition

In-state tuition at University of Michigan for undergraduate students residing in Michigan is $15,850. Room and board charges total $12,592 per year. Students will also need to budget for books and supplies, which typically amount to $1,048 annually. Other administrative or academic fees are $328 for the year. Additionally, students should plan an estimated $2,454 for other miscellaneous expenses throughout the year. In sum, residents attending University of Michigan full time should expect a total annual cost of $32,272.

Out-of-State Tuition

Undergraduate tuition at University of Michigan is $52,904 for out-of-state students. Additionally, out-of-state students are charged $12,592 for room and board, $1,048 for textbooks and educational resources, plus fees of $328. Students are advised to budget $2,454 for other expenses. When these costs are combined, annual out-of-state charges total $69,326. This figure is 114.8% higher than what Michigan residents pay.

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

Net Price

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

The net price provides a more realistic estimate of the true cost of attending University of Michigan, once common grants and scholarships have been taken into account. It's important to note that this net price can fluctuate based on factors such as family income and individual 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

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 $597 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 4.99%.


Example Loan	$56,296
Stafford Loan Interest Rate	4.99%
Time to Pay Off Student Loan	10 years
Example Monthly Payment	$596.83
Total Interest Paid	$15,323.75
Sum of All Loan Payments	$71,619.75

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.