December 22, 2017
Topic: Campus News
The University of Michigan is ranked No. 4 on Kiplinger's list of 100 Best Values in Public Colleges, moving up one spot from last year.
The ranking highlights colleges and universities that combine outstanding education with economic value.
Since 2010, U-M has moved from No. 19 to No. 4 among public colleges.
Kiplinger assesses value by measurable standards of academic quality and affordability. Quality measures include student SAT or ACT scores, admissions rates, the percentage of students who return for sophomore year, the student-faculty ratios and four-year graduate rates.
Cost criteria include sticker price, financial aid and average debt at graduation.
The total tuition for an in-state student at U-M this year is $14,826, and 70 percent of in-state undergraduates get financial aid. Total tuition for an out-of-state student is $46,476, and 50 percent of out-of-state undergraduates get financial aid.
This fall, the university launched the Go Blue Guarantee, which offers free tuition for four years to in-state students from families with an annual income up to $65,000. The guarantee also will apply to all eligible enrolled students starting in January.
The university also offers generous support based on calculated need for in-state students from families with incomes up to $180,000. Students from very low-income families can receive up to the full cost of attendance.
The initiative builds on the HAIL scholarship program, now in its second year, which offers four years of free tuition to high-achieving, low-income students from throughout Michigan — a value of about $60,000.
In the second year of the scholarship, 221 low-income in-state freshmen and 41 transfer students enrolled at U-M this fall and received full tuition scholarships.
U-M increased the amount of financial aid provided to undergraduate students by 10.6 percent over fall 2016, to a total of $176.7 million. Over the past five years, the general fund budget for undergraduate financial aid of all types has grown at an annual rate of 12 percent, significantly outpacing the 2.7 percent annual growth rate for in-state tuition.