M
#15 Best Value Colleges in America

Michigan Tuition & Cost

Ann Arbor, Michigan

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How much does it cost to attend?

In State Michigan Resident Sticker Price
$31,484
In State Costs for University of Michigan
Fee Cost
Tuition$15,520
Books and Supplies$1,048
Other Fees$428
Room and Board $12,034
Other Expenses Budget$2,454
Out of State Resident Sticker Price
$67,802
Out of State Costs for University of Michigan
Fee Cost
Tuition$51,838
Books and Supplies$1,048
Other Fees$428
Room and Board $12,034
Other Expenses Budget$2,454

Residents of Michigan pay an annual total price of $31,484 to attend University of Michigan on a full time basis. This fee is comprised of $15,520 for tuition, $12,034 room and board, $1,048 for books and supplies and $428 for other fees.

Out of state residents are charged a total cost of $67,802 which is 115.4% higher than Michigan residents. The tuition charge is $51,838 while room and board is $12,034, books and supplies are $1,048 and other fees come in at $428.

All price data is sourced from the 2020/2021 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
$125,936
Year Michigan Residents Non Residents
1 $31,484 $67,802
2 $32,411 $69,799
3 $33,366 $71,854
4 $34,348 $73,970

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 $125,936 - assuming graduation in normal time. The estimation assumes a 2.9% 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 $656 $1,968 $2,624
Out of State Residents $2,204 $6,612 $8,816

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.

Tuition Payment Plans Available

University of Michigan Payment Plans
Tuition Payment Plan Yes
Prepaid Tuition Plan No
Alternative Tuition Plan Yes
Guaranteed Tuition Plan No

Primary data source, U.S. Department of Education https://nces.ed.gov/collegenavigator/?id=170976 IPEDS survey data for University of Michigan.