Funding for students in the Program guarantees five years of support, as well as grants for research, attending conferences, and summer study projects. The five years of funding includes two years of fellowships and three years of graduate student instructorships. Funding for students includes a salary/stipend, health and dental benefits for themselves and their dependents, and a full tuition grant. Funding is nearly equivalent during periods of fellowship or while a graduate student instructor. 

Students with Rackham Merit Fellowships receive three years of fellowships and two years of graduate student instructorships. All students are on fellowships in the first year. All students are expected to teach, normally beginning in the second year. As graduate student instructors students normally teach in the survey courses in Greek and Roman history offered by the History Department or in various courses offered by the Classical Studies Department, such as classical civilization courses or language courses or possibly archaeology courses.  

Each year of funding is conditional upon satisfactory progress toward the degree and satisfactory fulfillment of teaching obligations.  Students are expected to complete preliminary exams and all other requirements in order to achieve candidacy no later than the end of the third year.

The Program encourages applicants to apply for all available outside fellowships when they apply for admission.

Compared to other cities where major research institutions are located, Ann Arbor remains one of the most affordable cities in which to live. In addition to affordable housing, Ann Arbor offers cheap and easy public transportation, a wide range of restaurants and shops, and numerous cultural and entertainment events. The University also offers reasonably priced graduate student housing and an extensive busing system. The cost of living in Ann Arbor is significantly less than most major cities and is comparable to other medium-sized cities.  Applicants are advised to do a cost-of-living comparison with other cities when considering their funding offers.

For more on living in Ann Arbor, see the following sites:

Ann Arbor Area Convention & Visitors Bureau

City of Ann Arbor

University of Michigan Housing

University of Michigan Parking & Transportation Services

Ann Arbor Transportation Authority

Cost-of-living calculators can be found on numerous job and financial websites.