While it is true that Michigan has been historically stingy with aid (translation, has acted with minimal resources) several things should be noted:
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the university has raised $1,700,000,000 which is earmarked to generate income for aid;
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at present, something like 20% of the entire endowment is slanted toward aid;
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the current capital campaign seeks another $1,000,000,000 to endow aid;
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aid jumped last year from $160MM to $180MM and is likely to continue on that sort of trajectory.
None of this helps the sub-marginal aspirant today, but paltry aid has been a function of slim resources rather than some sort of institutional animus. Things will get better, but it takes time to pool the funds together.
25 years ago, Michigan’s endowment was a grand total of $250MM; today, the endowment is around $9.7Bln, and the annual income is around $280MM, or larger than the entirety of that original endowment. As the fastest growing endowment in the nation over the last 25 years (I’ve calculated the growth against the top 25 schools) Michigan’s endowment has done quite well. If they keep the management team intact, it will only be easier for kids to attend in the coming years.