University of Michigan raises in-state tuition by 2.9% in new budget
ANN ARBOR, Mich. (CBS DETROIT) - In its new budget, the University of Michigan is raising in-state undergraduate tuition by 2.9%, or $492, at the Ann Arbor campus.
As a result, undergraduate financial aid will increase by 7.8% to cover the tuition increase for most in-state students. Additionally, graduate and out-of-state undergraduate tuition will increase by 4.9%, or $2,738.
The increases come after the Board of Regents approved the 2023-2024 budget on Thursday. The $2.79 billion general fund budget is part of a universitywide budget plan that includes funding for Michigan Medicine, U of M Dearborn, U of M Flint, Athletics, Michigan Housing and student fees.
The budget also expands the Go Blue Guarantee program, which will allow hundreds of in-state students to attend U of M for free. The university says the program supports those with a family income and assets up to $75,000 -- an increase from the previous $65,000 family income requirement.