December 16, 2016
Topic: Campus News
The University of Michigan maintained its ranking at No. 5 on Kiplinger's list of 100 Best Values in Public Colleges.
The ranking highlights colleges and universities that combine outstanding education with economic value.
Kiplinger assesses value by measurable standards of academic quality and affordability. Quality measures include student SAT or ACT scores, admission rates, the percentage of students who return for sophomore year, the student-faculty ratio and four-year graduation rate.
Cost criteria include sticker price, financial aid and average debt at graduation.
U-M was the only Big Ten school in the top 10.
The total tuition for an in-state student at U-M this year is $14,402, and 70 percent of in-state undergraduates get financial aid. Total tuition for an out-of-state student is $45,410, and 50 percent of out-of-state undergraduates get financial aid.
In June, the Board of Regents approved a budget for fiscal year 2017 that includes an 10.8 percent increase in undergraduate financial aid.
U-M continues its long-standing commitment to provide aid packages that meet the full demonstrated financial need of all in-state students.
In nine of the last 10 years, the university has approved double-digit percentage increases in financial aid — twice the average rate of tuition increases — so the net cost of attendance has not grown in seven years for most students with financial need.
The budget also includes funding to provide a similar commitment for out-of-state students from families with incomes of up to about $90,000 a year — up from $68,000 a year ago.
This also was the first year for students admitted under the HAIL scholarship program, which offers four years of free tuition to high-achieving, low-income students from throughout Michigan — a value of about $60,000.
In the first year of the scholarship, 262 students from 52 Michigan counties enrolled at U-M and received full tuition scholarships.