Michigan Education Dashboard
Governor Snyder introduced a Michigan Education Dashboard to track several indicators of success. Here's a look at how the University of Michigan stacks up.
Key:
Trend is positive
Trend is stable
Trend is negative
| Universities: |
All State Universities
|
University of Michigan
|
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| First-year retention rate | 81% | |
96% | |
| Six-year graduation rate | 60% | |
90% | |
| Degrees conferred | 61,581 | |
11,596 | |
| Resident tuition and fees, as a percent of median family income* | Not available | 10.8% | |
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| State: | ||||
| State funding to support higher education operations | $1.485 billion | |
$316.3 million | |
*After financial aid is included
The facts about administrative and faculty growth and salaries at the University of Michigan
The University of Michigan has increased salaries and headcount in a modest manner, in keeping with its commitment to affordability and accessibility, support of Michigan's economic transformation, and longstanding dedication to controlling costs.
Using the Higher Education Institutional Data Inventory data to compare the growth of administrative positions and salaries to that of faculty positions and salaries doesn't work. Read on to find out why.
What is the Michigan Model?
It’s diversifying revenue streams; dramatically reducing and reallocating costs; and carefully managing resources to protect a world-class student experience:
- More students than ever — nearly 40,000 — applied this year.
- State funding is falling.
- And still, the typical Michigan undergraduate resident student with a family income of less than $80,000 pays less to attend U-M today than she did in 2004.
How are we doing it?
- We’re saving $91 million annually with several changes to our employee benefits.
- We’ve reduced energy consumption to save $5.2 million annually.
- We’re making tough choices about retirement benefits to save $165 million by 2040.
- We have implemented a streamlined procurement process and negotiated rates that save thousands of dollars on everything from scientific equipment to software licenses.
- Through the consolidation of central IT units, we saved $7 million in FY 2011.
- All told, we’ve already reduced or reallocated more than $135 million in recurring costs. We’re on track to reduce spending by another $100 million by 2012. And we’re planning to find another $120 million in reductions and reallocations by 2017.
- Our benefits plan is highly efficient — more so than college peers or even the private sector. U-M’s average cost for active employees in 2010 was $6,775. Nationally, the average annual cost to insure a college employee is $10,300, while the national average among all businesses is $8,500.
- Fundraising plays an important part. Recently, donors generously committed $519 million for students, including more than 2,000 endowed scholarships valued at $281 million. About 20 percent of our endowment is now dedicated for financial aid.
U-M to save millions in health care costs on future retiree benefits
The University of Michigan has announced that it will accelerate changes to retiree health benefits that will save $9 million a year by 2020. Savings are projected to grow to $165 million a year by 2040.
U-M Prescription Drug Plan outpaces the nation; saves $57 million
The University of Michigan's prescription drug plan has consistently outperformed the national average, saving nearly $57 million over the eight years the university has operated the self-insured plan, according to the latest report.
Advance planning puts U-M on solid ground
President Mary Sue Coleman offers lessons for success in difficult economic times. Read more »
Video aids understanding of tuition
Resources:
- Additional Q&A about tuition
- Office of Financial Aid
- Cost of attendance calculator
- Current tuition and fees