$5,315

Avg. Federal Grant

$5,342

Avg. Federal Loan

$300,444,294

Total Aid Awarded

University of Michigan Financial Aid and Scholarships

Students Receiving Aid Percent of Students Receiving Financial Aid.

51%

Total Aid Amount Average Total Aid Awarded per year.

$300.444M

Financial Aid Official Website

www.finaid.umich.edu

Among them are scholarship programs such as Alan and Janette Blackburn Scholarship, Arenac County Scholarship, Art and Helen Nickless Scholarship, and Auburn Jaycees Education Scholarship. As many as 65% of the students at UMAA get some sort of financial aid, and the total amount of assistance/loans provided is more than $52,900,475 in a year. For additional information about financial assistance schemes, one can head over to UMAA’s financial aid page at http://www.finaid.umich.edu. At UMAA, the total percentage of applicants who receive the Federal Grant stands at 17%. In comparison, 52% of the students are awarded the Student Grant, 52% get the Institution Grant, and 17% of the applicants receive the Pell Grant. Furthermore, the average aid for the Federal Grant receivers is $5,521, and the same stands at $1,008 for State Grant awardees and $17,962 for Institution Grant recipients. As far as the Pell Grant beneficiaries are concerned, the average aid received stands at $4,903. Among other things, the annual family income of the applicant plays a major role in determining the total financial aid they are actually eligible to receive. Alternatively, the candidates can also avail of monetary benefits like student loans, apart from financial grants and scholarship schemes to pay for their studies. In contrast to grants and scholarships, student loans are taken by the candidates at a certain rate of interest. Candidates are also required to repay these loans within a given period. Every year, around 30% of the applicants to University of Michigan-Ann Arbor opt for student loans.

Financial Aid Breakdown

Student Receiving Aid

Federal Grant Aid

15%

State Grant Aid

12%

Institution Grant Aid

49%

Pell Grant

15%

Average Aid Awarded

Federal Grant Aid

$5,315

State Grant Aid

$1,068

Institution Grant Aid

$17,856

Pell Grant

$4,860

Federal Aid based on Family Income

Family Income

Average Federal Aid Per Year

Under $30,000

$25,445

$30,001 - $48,000

$23,150

$48,001 - $75,000

$18,451

$75,001 - $110,000

$12,524

Over $110,000

$4,367

Student Loans for University of Michigan

Average Loan Amount Average Loan Amount received per year.

$7,099/Year

Students Taking Out Loans

32%

Loan Default Rate

1.1%

Other Colleges In Michigan

Ferris State University
Ferris State University

Big Rapids, Michigan

Michigan State University (MSU)
Michigan State University (MSU)

East Lansing, Michigan

Other Colleges In Ann Arbor

Washtenaw Community College
Washtenaw Community College

Ann Arbor, Michigan