"The financial aid office was also very helpful with getting me grants and scholarships over the spring! I never had to take out any loans." — A 2011 summer term student
Tuition during the spring/summer terms is always lower for students than standard fall/spring tuition, though depending on your class year and in-state/out-of-state status, the difference in costs can vary. So check out the University information regarding tuition and fees for half terms.
Students who need financial aid can apply for any number of funding options, but students already enrolled at Michigan can apply directly for a Spring/Summer Request for Funds through the Office of Financial Aid.