Just a FYI...Stanford Financial Aid can be both amazing and terrible. It really depends on your financial situation. Our graduating debt is low because we heavily subsidize students who don't have the means to pay for their medical education (i.e. the full Stanford grant is $33k-$44k/year with eligibility for no-interest loans, MedScholars, TAing, etc.). I think this is amazing and one of the enormous strengths of Stanford- i.e. poor students don't have to graduate with greater debt. However, most of the students who don't qualify for Stanford grants just have their parents pay for their education...which is why our graduating debt is so low. There is a small contingency of people here who still graduate with enormous amounts of debt (i.e. over 300k) because Stanford is a ridiculously expensive institution to attend.
If you don't qualify for Stanford financial aid....Stanford is ungodly expensive. The cost of living here is enormous...especially with all the recent tech developments which have skyrocketed housing prices here and cost of living. It is very difficult to find a decent place here for under $1000 and students pay up to $2000/month for housing. Even some on campus housing runs around $1700/month. Additionally, while the first year of tuition covers 3 quarters....subsequent years require 4 quarters of tuition payment (33% increase in tuition for 2nd and 3rd years). I wasn't completely aware of this when I applied....and most of the second year MedScholars/TAing just helps bring tuition more in line with what other schools charge. These programs can become enormously financially beneficial to students...but keep in mind it can be very difficult to juggle classes, boards studying, research, and TAing and not everyone can handle the distraction. Our 2nd year budget (includes living expenses, tuition, boards, etc.) was something around 94k. It's the same for 3rd year and goes down to 70k for 4th year. However, keep in mind annual 3-5% tuition increases and I will not be surprised if 2nd and 3rd year skyrocket to over 100k budgets in the next 2-3 years.
Personally, I really love Stanford. TAing and MedScholars are great, and there are very few schools that have built in funding to take a year off (which is especially important as some programs i.e. Doris Duke, no longer exist). But depending on your financial situation (and the fact that Michigan is a really great school that matches students incredibly well), the full-tuition scholarship might make your life a lot easier down the road. I'd say it's definitely something to think about seriously. No debt=bliss.