The University of Michigan is ranked No. 6 on Kiplinger’s list of Best Values in Public Colleges, again making U-M one of the nation’s best values in higher education for in-state students.
The ranking highlights colleges and universities that combine outstanding education with economic value.
Kiplinger assesses value by measurable indicators 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.
When measuring value for in-state students, U-M ranked No. 6, moving down two spots from last year’s listing. For out-of-state students, U-M moved up four spots to No. 11 overall in value.
Tuition and fees for an in-state student at U-M this year are $15,558, and 70 percent of in-state undergraduates get some form of financial aid. Tuition and fees for an out-of-state student are $51,200, and 40 percent of out-of-state undergraduates get some type of financial aid.
In June, the Board of Regents approved a budget for fiscal year 2020 that included $23 million in additional need-based financial aid.
An 11.2 percent overall increase in financial aid will mean that most in-state undergraduates receiving need-based grant aid will see no increase in tuition costs in the coming year.
About 42 percent of Michigan resident undergraduates receive need-based grants and nearly 26 percent paid no tuition at all last fall. That included nearly 1,700 students covered under the landmark Go Blue Guarantee, a promise of free tuition for in-state students whose families earn less than $65,000 and have assets totaling less than $50,000.