When I was looking into MFE programs back in 2006, I remember UMich was mentioned quite often as one of the popular picks. But lately, it feels as if they have lost their edge in the course of public opinion.
The location isn't helping either.
The location is a big disadvantage. Although it is closer then many other programs with MFE programs. It is a 5 hour train ride from Ann-arbor to Chicago. It is the same for a car ride basically. It's a great university. I live near it. Amazing campus.