Yes, I’m perfectly well aware of Michigan’s recently completed $5 billion capital campaign, a major priority of which was to raise money to increase FA.—in fact, I’ve mentioned it several times in this thread. But that wasn’t the only priority, and donors had to be given a choice as to how their donations will be used. The final tally included $1.22 billion for student support. That’s a nice chunk of money, but at their standard 4.5% annual payout from endowment it will produce an income stream of around $50 million per year.
They were already spending over $150 million a year in institutional funds on FA (need-based + merit) in 2014, before the capital campaign was seriously underway. And not all of that $1.22 billion is cash in hand. It also includes pledges, some of which will be paid in installments, sometimes over an extended period. Some won’t come in until the donor dies.
By 2018 the University was kicking in about $225 million in FA, a hefty 50% increase from the 2014 level, and more than the capital campaign could account for even if it was already cash in hand. So to me, it looks like they’re really trying to make good on their commitment to meet full need for all students, but they’re not quite there yet with OOS students.