University of Michigan Increases Grant Money for Low-Income Students

The University of Michigan announced this past week an expansion of its M-PACT financial aid program. Under the new plan, students from low-income families will have their student loans replaced by outright scholarship grants. The new program is expected to save about 400 low-income students about $5,000 per year.

The university has launched a $60 million campaign to establish an endowment which will fund the M-PACT program. The M-PACT grants, which supplement traditional financial aid packages at the university, total about $3 million annually.

There are about 2,000 black undergraduate students at the University of Michigan. They make up close to 8 percent of the student body.