<p>The biggest difference by far, dwarfing all differences so far related except size is the wealth of the respective student bodies. </p>
<p>At Emory, according to their Common Data Set, only 37% of the student body receives any need-based aid; 63% do not. With a cost of roughly $190k over four years, the minimum an average family would have to earn to afford Emory without need-based aid would be approximately $175k; the median family income would be well into the the mid-$200k range. It would be much, much, much lower at UMichigan. This by itself would account for the differences in retention (at which Michigan "overperforms") and in SAT scores, and in alumni giving. </p>
<p>They are both great, great schools. But I think it would be a mistake to ignore the elephant in the room.</p>