How do I determine whether Stanford or the University of Michigan would be more affordable for me?

Neither school is automatically more affordable: use each college’s Net Price Calculator with the same current family income, assets, household size, and number of children in college, then compare the estimated yearly net price and any required borrowing. Stanford can be unusually affordable for families with demonstrated need, while Michigan’s value often depends heavily on whether you qualify for in-state tuition.

Stanford’s need-based aid policy is especially important to model. Its aid is need-based rather than merit-based.

At Michigan, first determine your residency classification. Michigan residents pay substantially less than nonresidents. That program does not necessarily cover housing, meals, books, travel, or personal expenses, so include those costs in the comparison.

Once you receive both financial-aid offers, subtract grants and scholarships, not loans, from each school’s full cost of attendance. Compare annual parent payment, federal work-study expectations, student loans, health insurance if needed, travel between home and campus, and likely yearly cost increases. Multiply the remaining out-of-pocket cost by four, since a lower first-year estimate is not necessarily the lower degree cost.