Colleges with the best Financial Aid the University of Michigan Ann Arbor

The University of Michigan, Ann Arbor, was awarded the national ranking of 29th in the 2011 U.S. news and world rankings of universities. It is a prestigious school, founded in 1817, which adheres to its tradition of being “proud to offer an uncommon education for the common man”. The university describes itself as a scholarly community where “all people are welcomed, respected and nurtured in their academic and social development.”

The costs of attending the University of Michigan vary as tuition costs differ between faculties. The tuition for instate residents is approximately two thirds less than for out of state residents, bringing the total average costs of attending the college to around $24,000 for instate residents and $48,000 for out of state residents.

U-M offers financial aid to students with demonstrated financial aid and encourages students to apply regardless of their financial background. Aid is determined as the difference between the cost of attending college and the expected family contribution which comprises both parental and student contributions.

Before university aid is offered the student should apply for both federal and state grants, outside scholarships and federal student loans. Work study will be awarded to students with demonstrated financial need. When all these forms of financial aid have been awarded and there is still a difference to fill then the university will award financial aid grants. Outside scholarships will be used to reduce the work study and loan portion of student aid first.

However, Michigan state resident students from low income families may participate in the M-Pact grant program. Typically those with an expected family contribution of $6000 or less will be eligible for the program which aims to replace student loans with grants, thus reducing the necessity of federal loans in the financial aid package.

U-M also participates in the Teach Grant program which awards eligible students up to $4000 each year if they plan to teach high need subjects in areas which service low income families. The program involves a four year teaching commitment in the eight years following qualifying as a teacher. Those who fail to complete their teaching commitment in full should be aware that the grant will be converted to an unsubsidized loan with back dated interest applied from the date of disbursement. U-M’s website provides full details of eligibility.

The State of Michigan, private donors and the U-M alumni offer many grants and scholarships to students, primarily based on demonstrated financial need but not always. There are also available scholarships for those who graduate from specific high schools. Out of state residents are eligible for some of these scholarships and are also encouraged to apply to their own states for any portable education grants. U-M provides an excellent listing of scholarships which all applicants should peruse.

Undoubtedly the most generous financial aid is awarded to instate resident freshman with demonstrated financial need, due to the M-Pact program. However all students with demonstrated financial need will not need to borrow to attend the University of Michigan beyond federal student loans.

Source: umich.edu