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Rank: 4

University of Michigan-Ann Arbor

Who wouldn't want to be part of an alumni association that has a chapter on the moon? The crew of Apollo 15, all U-M grads, actually established a club charter on the lunar surface. One of the country's most affordable elite schools, the University of Michigan is seriously selective: It accepted just under a quarter of its nearly 65,000 applicants in 2019. Michiganders who get in receive an especially good deal on tuition, which adds up to just over $15,000 per fall/winter term for freshmen and sophomores. The National Science Foundation ranks Michigan as the top public research university in terms of money spent on research and development, a position the school has held since 2010. Yet the faculty also prides itself on teaching. Chemistry lecturer Brian Coppola, for example, was named one of the country's top professors of the year in 2009, and one of the university's top annual awards -- the Arthur F. Thurnau Professorship -- recognizes faculty members committed to undergraduate teaching. Sports also permeate campus life. The school's Division I football and basketball teams draw national television audiences as well as hordes of student fanatics; overall, the Wolverines have notched more than 50 national championships. For non-athletes, U-M provides countless clubs and opportunities for civic engagement. And Ann Arbor, a quintessential college town, offers an impressive number of music venues, restaurants, museums, and theaters. The university maintains a high graduation rate of 92%, according to Money's findings, which is slightly higher than expected for students of similar economic and academic backgrounds. U-M grads also report average earnings of $63,700 in the first five years after college, according to PayScale data.
CORONAVIRUS UPDATE
FALL 2020 PLAN: The University of Michigan-Ann Arbor is offering in-person, remote, and hybrid classes.
costs
Est. Full Price 2020-2021
$31,000
% of students who get any grants
51%
Est. price for students who receive aid
$17,600
Average price for low-income students
$4,100
admissions
Acceptance rate
23%
Median SAT/ACT Score
1420/32
SAT/ACT Required for Fall 2021?
no
Enrollment
30,080
Financial Aid
% of students with need who get grants
81%
% of need met
93%
% of students who get merit* grants
11%
Average merit grant
$5,570
student success
Graduation rate
92%
Average time to a degree
4.2 years
Average student debt
$16,610
Average salary within 5 years
$63,700
% earning more than $28,000
85%
key deadlines
Early decision application
Nov 1
Regular application
Feb 1

* Share of full-time undergraduates who had no financial need and were awarded grants.

* Full price of attendance includes on-campus room & board fees, which may not be applicable to all colleges' reopening plans this year.

Sources: U.S. Department of Education, Peterson's, PayScale.com, Money/American Institutes for Research calculations, Opportunity Insights.

coronavirus update

FALL 2020 PLAN: The University of Michigan-Ann Arbor is offering in-person, remote, and hybrid classes.

* Share of full-time undergraduates who had no financial need and were awarded grants.

* Full price of attendance includes on-campus room & board fees, which may not be applicable to all colleges' reopening plans this year.

Sources: U.S. Department of Education, Peterson's, PayScale.com, Money/American Institutes for Research calculations, Opportunity Insights.

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