https://smartasset.com/student-loans/student-loan-calculator#us/value
Not to be sassy, but no way. The lack of OOS aid here is one of the most discussed topics on any college board.
Ossuerpusser, 60% of Michigan undergrads are residents of Michigan. In their case, Michigan is obviously an excellent value. Of the remaining 40%, most students tend to come from wealthy families, and Michigan is quite possibly the cheapest of the top 20 universities in the nation (UVa is the only one that is cheaper).
I agree that Michigan may not necessarily be the best value, but when 60% of the students attending are paying under $14k in tuition annually to attend a university of Michigan’s caliber, you have a pretty good value.
Perhaps what you are referring to is Michigan’s FA offerings for OOS students. There is no doubt that for lower and middle income OOS kids, there are colleges out there that offer better value. But for Michigan residents and upper middle income and upper income families, Michigan is good value.
Fair point, @Alexandre. However, the title should then be changed then to Best Value for Michigan Residents. It is by far not the cheapest net of the top 20 universities as many of these meet need. We are upper middle class as far as tax returns go (sure doesn’t feel like it!) and we struggle to pay UM’s fees.
Also, re: Kiplinger, all top 30 PUBLIC colleges are cheaper than UM other than Cal and UVA.
Also, UM is 79th in ROI on the 2015 Payscale ROI, well behind the aforementioned top 20 schools including Cal and Virginia.
UM is a fabulous school that is serving my son extremely well. But in no way can I call any aspect of it a value for OOS.
I agree Osserpusser. I think Michigan is exceptional in many ways, but not when it comes to value for OOS students. Hopefully, the current $4 billion fundraising campaign will rectify this.
Without aid, UMich is probably the most expensive public school for OOS students. However, it is one of the few schools that meet the need of in state students. Also, they pledged to reduce college debt by offering more grant to replace loan. In addition, it does offer generous aids to low income OOS students. There are probably not many schools would lower the cost with all these approaches. I guess if you look at the average out of pocket cost of all students and what the school offer, it could be the best value. If you look at the full price only, for in state or OOS, it is definitely not.
@billcsho - did you mean one of the few PUBLIC schools . . .? Because, as I’m sure you know, there are many other selective schools that meet the full demonstrated needs of all their students.
“Because, as I’m sure you know, there are many other selective schools that meet the full demonstrated needs of all their students.”
But tell me CHD, do those “selective schools” charge $14,000 or less in tuition to 60% of their undergrads?
According to official sources, here are how Michigan’s private peers charge undergraduate students:
35% of Michigan undergrads pay $41,000 in tuition, 60% pay less than $15,000
57% of Boston College undergrads pay $45,000 in tuition
54% of Brown undergrads play $45,000 in tuition
50% of Carnegie Mellon undergrads pay $45,000 in tuition
52% of Chicago undergrads pay $45,000 in tuition
50% of Columbia undergrads pay $45,000 in tuition
50% of Cornell undergrads pay $45,000 in tuition
52% of Emory undergrads pay $45,000 in tuition
63% of Georgetown undergrads pay $45,000 in tuition
54% of Johns Hopkins undergrads pay $45,000 in tuition
48% of NYU undergrads pay $45,000 in tuition
53% of Northwestern undergrads pay $45,000 in tuition
53% of Penn undergrads pay $45,000 in tuition
59% of Rice undergrads pay $41,000 in tuition
59% of USC undergrads pay $45,000 in tuition
51% of Vanderbilt undergrads pay $45,000 in tuition
60% of WUSTL undergrads pay $45,000 in tuition
I think we can forgive Michigan for not being able to meet the financial needs of OOS students when a whopping 60% of its students pay only $14k/year (or less) in tuition to attend. The notion that private universities are more generous with aid is a total fabrication.
@Alexandre - I was simply trying to get a clarification on the quoted post; I’m really not following the relevance of your comments or data. They certainly didn’t answer the question that I posted. For the record, I agree that Michigan is an amazing value for in-state students.
“50% of Cornell undergrads pay $45,000 in tuition”
Not that it matters to me, but does this account for the 20% of Cornell students who are in-state residents attending one of the statutory colleges, hence their tuition is lower by about $16,000 ?
No it does not monyday. That’s a good point.
CHD, my point is, private universities are not as good value as Michigan since students pay far more to attend them. The claim that they meet 100% of financial aid need is truly laughable. As if 50% of the US population could afford spending $250,000 on their children’s education. Clearly, admissions is not “need blind” as they claim. And even then, on average, students pay far more to attend those “selective” universities than students pay to attend Michigan.
@CHD2013 As I am referring to in state and OOS, it is about public universities. There is no difference in cost for private schools disregarding state residence.
@billcsho - Understood. Thanks.
For OOS, OP’s link does not hold water. My D attends GTech (no. 3 in the list), wherein she is paying full fare. Had she attended, UMich or UCB (2 schools in her original shortlist), each would have been 11k more per year.
OTOH, if she were in-state at GTech, she would be paying about the same as a MI resident at Michigan, and slightly less as a CA at UCB.