uate ▁students ▁pay ▁between ▁$ 1 1 , 8 3 7 . 3 8 ▁and ▁$ 1 6 , 3 6 3 . 3 8 ▁ann ually . ▁U - M ▁provides ▁financial ▁aid ▁in ▁the ▁form ▁of ▁need - based ▁lo ans , ▁gr ants , ▁scholar ships , ▁work ▁study , ▁and ▁non - need ▁based ▁scholar ships , ▁with ▁ 7 7 % ▁of ▁under grad u ates ▁in ▁ 2 0 0 7 ▁receiving ▁financial ▁aid . ▁For ▁under grad u ates ▁in ▁ 2 0 0 8 , ▁ 4 6 % ▁graduated ▁aver aging ▁approximately ▁$ 2 5 , 5 8 6 ▁of ▁deb t . ▁The ▁university ▁is ▁attempting ▁to ▁increase ▁financial ▁aid ▁avail ability ▁to ▁students ▁by ▁dev oting ▁over ▁$ 1 . 5 3 ▁billion ▁in ▁end ow ment ▁funds ▁to ▁support ▁financial ▁aid . ▁ ▁Research ▁ ▁Michigan ▁is ▁one ▁of ▁the ▁found ing ▁members ▁( 1 9 0 0 ) ▁of ▁the ▁Association ▁of ▁American ▁Univers ities . ▁With ▁over ▁ 6 , 2 0 0 ▁fac ulty ▁members , ▁ 7 3 ▁of ▁whom ▁are ▁members ▁of ▁the ▁National ▁Academy ▁and ▁ 4 7 1 ▁of ▁whom ▁hold ▁an ▁end owed ▁chair ▁in ▁their ▁discipline , ▁the ▁university ▁man ages ▁one ▁of ▁the ▁largest ▁annual ▁colleg iate ▁research ▁bud gets ▁of ▁any ▁university ▁in ▁the ▁United ▁States , ▁total ing ▁over ▁$ 1 ▁billion ▁in ▁ 2 0 0 9 . ▁The ▁Medical ▁School ▁spent ▁the ▁most ▁at ▁over ▁$ 4