AAMC: Michigan's 10 Financial Aid Answers

What do you want to know about paying for med school?

Michigan Med Responds to AAMC’s Top 10 Questions Pre-Meds Should Ask Medical School Financial Aid Advisors

 

When thinking about where to attend medical school, the topic of how to fund your education most likely comes up. There is a lot to consider! We strongly encourage students to start thinking about their financial planning strategy for medical school as early as possible. 

Here you’ll find our responses to AAMC’s top 10 financial aid questions. Our Financial Aid Office advisors are available to answer any additional questions you may have. 

How much does a medical education cost at your school?

Every year our Financial Aid Office updates and shares the latest expected budget for the following year. Like other public institutions, our tuition is broken down by in-state vs. out-of-state. The estimated cost of attendance for 2017-18 is $60,630 for residents/$80,194 for non-residents.

What was the average amount of debt for the most recent graduating class?

For the Class of 2016, the average amount of debt upon graduation was $126,633, about $40,000 below the national average.

Is a supplemental financial aid application required at this school?

Yes, if you would like to be considered for financial assistance you must complete the University of Michigan Institutional Application for Financial Aid no later than February 15. All admitted students are automatically considered for merit scholarships--no application required!  

Do you require parental information to determine a financial aid award package?

Yes. If you would like to be considered for need-based grants and scholarships, you and your parents will need to complete the Free Application For Federal Student Aid (FAFSA) by February 15

What scholarships and grants are available and when can I apply for them?

All admitted students are automatically considered for merit scholarships--no application required! To be considered for all other financial aid, students must complete the University of Michigan Institutional Application for Financial Aid and the FAFSA no later than February 15.

If I get a scholarship for one year, will it continue to be offered in subsequent years?

Yes. All scholarships offered to incoming students are automatically renewed for four years as long as you remain in good academic standing. 

Does your school offer institutional loans? If you do, what are the terms and conditions of the loan and how much of my yearly cost will they cover? Are they awarded each year?

Yes, we do offer institutional loans, however the amount and eligibility is determined on a case-by-case basis. Students do not apply for these loans, but rather the Financial Aid Office identifies students who may qualify. 

How can I cut down on my yearly expenses, costs, and borrowing?

Our best advice is to create and follow a budget. We update a Guideline Budget every year to help you anticipate and plan for expenses. Your Financial Aid Counselor can suggest a number of resources to help you get started in managing your money in med school.  

Do students who are awarded the AAMC’s Fee Assistance Program qualify for any additional financial aid benefits at your school?

No, not through the Financial Aid Office. 

Can medical students work part-time while attending your school?

Our medical school program will demand a significant amount of your time, which may make part-time work not possible. However, taking on a side job is not expressly forbidden.

Learn more about Financial Aid at the University of Michigan Medical School.