University of Michigan Financial Aid and Scholarships
Students Receiving Aid
51%
Total Aid Amount
$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.
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