Hi all, I'm a high school junior and one of the schools I'm considering is University of Michigan, Ann Arbor. My family and I are in the early stages of planning for college expenses, and we're trying to get an idea of how much it'd potentially cost for me to attend U of M. Can anyone share the typical cost of attendance, including things like tuition, fees, room & board, and textbooks? Any financial aid opportunities I should consider?
The cost of attending the University of Michigan, Ann Arbor varies depending on whether you're an in-state or out-of-state student. For the 2024-2025 academic year, the estimated cost for an in-state student is roughly $36,932, including tuition, fees, room and board. An out-of-state student can expect to pay approximately $80,142 annually. Keep in mind these are estimated figures and the exact amounts might vary.
Textbooks and personal expenses are not included in this figure. These costs vary greatly depending on your major and personal spending habits, but a rough estimate might be an additional $1,000-$2,000 per year.
Financial aid is widely available and a considerable proportion of UMich students receive some form of aid. The university offers a variety of scholarships and grants based on need and merit. Additionally, working on-campus part-time or work-study programs can also offset the cost of attendance.
The university's Office of Financial Aid is a great resource to explore in-depth information about the types of aid available. As you plan for your expenses, I highly recommend reaching out to them for additional guidance.
Lastly, don't forget to fill out the FAFSA (Free Application for Federal Student Aid) as soon as it opens on October 1 before your senior year. This will determine your eligibility for federal aid, such as Pell Grants and Direct Loans, as well as aid from the state and the university itself.
Remember, the sticker price of a college is often not what the average student pays after financial aid is applied. The net price calculator on the University of Michigan's website (https://npc.collegeboard.org/app/umich) provides a more personalized estimate of what you might expect to pay. This tool can offer a more accurate portrayal of your potential financial commitment.
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