Cost of Attendance


Program Costs

Funding your graduate education is a significant undertaking, but it is one that will yield significant benefits for your professional and personal development. The Office of Financial Aid maintains current estimates for the cost for graduate students to attend the University of Michigan. 

For the 2020-2021 academic year, tuition for graduate students who are established Michigan residents is $12,172 per semester. For non-residents, tuition is $24,560 per semester. Students should plan to enroll for at least 3 semesters to complete the master’s program.

More details about additional fees and how tuition is calculated can be found on the Registrar’s website.

Funding for New Students

As is typical for terminal master’s degrees in the United States, the Quant Program’s ability to provide financial aid for our students is limited. While the vast majority of our students are entirely self-funded, there are some opportunities available through the Quant Program, the University of Michigan, and elsewhere to help defray the cost of your graduate education.


Quant Program Fellowships

All applicants are automatically considered for fellowship funding at the time of application. Funding decisions are made on the basis of academic achievement, leadership qualities, and potential to contribute to the overall strength of our program. We will notify inform admitted students about funding awards in their offers of admission. 


Rackham Master’s Awards

U.S. citizens and permanent residents from backgrounds underrepresented in graduate school or in quantitative finance are eligible for nomination to the Rackham Master’s Award (RMA) competition at the time of admission. Though students cannot nominate themselves for this award, we encourage you to review the eligibility criteria and to be sure to highlight your eligibility in your personal statement. As an RMA recipient, your funding offer will include two semesters full support (tuition, health and dental benefits, and a generous stipend) provided in a collaboration between the Quant Program and Rackham Graduate School. 


External Funding

Many of our students receive funding through their governments or employers. The Quant Program is happy to provide the necessary documentation to verify their enrollment and progress toward degree.


Funding for Continuing Students

Quant Program Merit Awards

In recent years we have been pleased to be able to award merit scholarships in the amount of $2,000 to top-performing students after the completion of their first year in the Quant Program. 


Travel Support

Students participating in relevant competitions and conferences are encourage to contact the program for information about reimbursement for associated travel costs. While funding for travel is not guaranteed, we are happy to consider providing support to students who are representing the Quant Program at certain types of events.

Rackham Graduate School also offers opportunities for travel support, which we encourage our students to pursue.