The University of Michigan is located in Ann Arbor, Michigan and is a prestigious public university. It is a leading public university in the state and is known especially for its Engineering and Business School. If you want to study at this university, you definitely want to know how you will finance your education. In this article, we will be looking at the scholarships and financial aid that the University of Michigan offers.
Cost of Attendance
As a public university, University of Michigan costs different depending on the your residency. If you are a Michigan resident, you will pay significantly less than out-of-state students. For in-state students, the tuition is over $15,000, room and board is over $11,000, and if you include other expenses, the total cost of attendance is approximately $30,000 per year. If you are out-of-state student, your cost of attendance is approximately $66,000 a year.
Although the cost of attendance is high, many students pay significantly less than the cost of attendance through University of Michigan scholarships and financial aid. So, let’s look at what scholarships are available for you.
Types of Scholarships at University of Michigan
There are thousands of University of Michigan scholarships out there. However, these scholarships can be categorized into five main categories. This subdivision will make it easier for you to apply.
1. Scholarships that you are automatically considered when applying
When you apply for admissions, you are automatically considered to receive many entrance scholarships. These include Enrollment Scholarships, Invitational Scholarships, Partner Program Scholarships, and Stamps Scholars Program. Some scholarships, such as Stamps Scholars, are fully funded scholarships for all four years, which means it pays your tuition, room and board.
To apply for these scholarships, you just have to apply for admissions. Then, you will either be given scholarships that fit the data from your application or be invited to a selection round for different scholarships.
So, if you are ever invited to attend to be further interviewed for a scholarship, you should not decline because these are very high-value scholarships.
2. Scholarships that are awarded based on the scholarship profile
Once you are accepted, you will be asked to fill out a scholarship profile. Based on the responses, you will be matched to different scholarships available to University of Michigan students. There are hundreds of these scholarships, so make sure to complete the profile once you are accepted!
3. Scholarships that need supplements
There is a list of University of Michigan scholarships that require additional information such as essays, application, personal statements, eligibility criteria, etc. There’s a list of these scholarships here, so make sure to check them!
I highly recommend going over the list above and see if you are eligible for those scholarships. You should apply if you fit the scholarship criteria because there is less competition than automatically considered scholarships and also these scholarships tend to be high-value scholarships. So, take your time and read the description. If one or more scholarships interests you, apply!
4. Departmental Scholarships
Departments have money allotted to them so that they can award excellent students applying to their departments. Some scholarships are awarded automatically while some you have to apply for separately. Check the department website that you will be applying for a list of scholarships and see whether you want to apply for those that require a separate application
.
5. Scholarships from Alumni Clubs
There are many alumni clubs around the country, and these offer scholaraships to prospective University of Michigan students. Some are on the national level with high-value scholarships while the local ones tend to award less money. However, it’s definitely worth a look at their website because it might save you thousands of dollars on tuition.
How to Apply for University of Michigan Scholarships
As you can see, there are multiple types of scholarships available at the University of Michigan, and the application process differs for all of them. You are automatically considered for many scholarships when you apply for admissions, and you need to apply separately for others. I highly advise you to apply to those high-value scholarships. For more information, visit their scholarship website.
Grants
Now, let’s talk about grants. These are awards that are awarded primarily on need and don’t need to be repaid. There are three different types of grants, which we will talk about them below.
1. Federal Need-Based Grants
The first and the biggest type of grants is the Federal Need-Based Aid. These include the famous Pell Grants, which is awarded to low-income families. To be eligible for the biggest type of grants available at University of Michigan, you need to file the FAFSA.
2. University of Michigan Need-Based Aid
The next biggest grant is the University of Michigan Need-Based Aid. The university has what is called a Go-Blue Guarantee, which states that the University of Michigan will cover the tuition and fees for in-state students whose family income is $65,000 or less. If you are a Michigan resident and your family earns less than $65,000, you can be assured that your tuition and fees are covered by the University.
There are many types of grants available such as M-Pact, Perkins Replacement Grant, Provost’s Award, and University of Michigan Grant. Some are for out-of-state students! If you are interested in applying to these, check the applying for financial aid section below!
3. Non-Need-Based Aid
There are many Non-Need-Based Aid that gives grants to students who fit certain criteria. These awards include TEACH grant, Children of Veterans Tuition Grant, Michigan Indian Tuition Waiver, Michigan National Guard Grant, and Wolverine Access Grant. To apply for this, read the next section!
Applying for Financial Aid
Now, we have covered the three basic types of aid offered at the University of Michigan. You can see the complete list of these in this page. To apply for these, you need to file FAFSA. You are also required you to fill out the CSS Profile, so it is safe to just go ahead and fill out the CSS Profile at the same time that you are filing FAFSA. The best time to fill those out is October 1 when FAFSA becomes available. After filling out those forms, you can submit it to the University of Michigan using their number. You can also go to Financial Aid University of Michigan Page for more information.
Deadlines
The deadline to fill those financial forms out and submit to the University of Michigan is March 1. It is recommended, however, to fill FAFSA and CSS Profile earlier since some universities’ deadline is much earlier, and they require those forms as well.
Net Price Calculator
If you want to know what you will pay, you can use the net price calculator! University of Michigan offers a quick tool where you can enter your financial information. Based on that, they will give you a rough estimate of what you will pay at University of Michigan.
Please keep in mind that this is a rough estimate. Your actual award can be larger or less.
Family Profiles
Another interesting financial aid information that University of Michigan put out is the Family Profiles. This page has different family’s hypothetical financial situation and tells you the breakdown of the University of Michigan scholarships and grants that students from these family will receive. You should definitely take a look if you are interested in how financial aid will work. Also, it’s a good way to compare these families to yours and estimate your aid.
I hope that this information on University of Michigan scholarships and need-based aid was helpful. If you are interested, I highly suggest Michigan Scholarships Category if you are from Michigan, or go visit Authority Scholarships Website!
