First off, family income is just an indicator for aid at Michigan. People making under $65K do get a free ride for tuition - but only if the family has assets in an average range for families of that income level. Your parent’s (and your) retirement assets don’t count. Stocks, home equity, and other monetary assets do. Don’t assume you’ll get any FA without running the calculator even if the guidelines say you will.
Given that your parents will contribute $60K and the rest is up to you …
You can take $30K in loans (roughly)
and make >30K over 3 summers of working and a part time student job.
A lot of it depends on what you are planning to study for undergrad. Is it a major that has good market value like a STEM field? If so paying back debt is easier. Is it a major where it does not matter that much where you go to school? There are also other options to pay for Michigan, like ROTC.
Then you will have to pay for med school if you get in. That’s around $300K if you don’t get a scholarship, or trade your med degree for a few years of service in the military. Law school is expensive too but with fewer finance options besides loans.
You will have to weigh whether Michigan is worth $120K for the slightly better med school admission chances and much better research environment.