The University of Michigan is ranked No. 3 by Money Magazine’s “Best Colleges for Your Money.”
The ranking looked at 711 colleges and evaluated them on 27 factors within three broad categories: educational quality, affordability and alumni success.
New to this year’s “outcomes” category, Money included exclusive data from LinkedIn and Burning Glass Technologies on the market value of the most commonly listed skills for alumni.
Data also was compiled for the ranking from the U.S. Department of Education, Peterson’s Guide to Colleges, PayScale.com and Money/College Measure calculations.
In June, the university launched a new financial aid program for in-state students on the Ann Arbor campus that offers a “Go Blue Guarantee” of free tuition for up to four years for students with a family income of up to $65,000.
The $65,000 benchmark is roughly equal to the state’s 2015 median family income of $63,893. These students also may be eligible for additional aid to cover non-tuition costs.
U-M has long made financial aid a priority, and again this year financial aid was increased by 9.5 percent ($15.3 million) in the general fund budget, bringing the total budget for need-based undergraduate financial aid to $176.7 million in the coming year.