There are definitely multiple stereotypes when it comes to U of M.
Greek life is huge here and of course, with Greek life comes stereotypes. I would say that main frat stereotype here is: only caring about partying, not the smartest people in the world, and some are viewed as being jocks. The stereotype does vary by individual frat, though. I would say the partying aspect of the stereotype is true; however, most of the frat guys I know are extremely intelligent (i.e. many of the frat guys I know are in the Ross School of Business, Ford School of Public Policy, etc.). It's as if they're so smart that they're able to get away with partying all the time while still doing well in school. As far the jock aspect goes, I would say there are many frat guys who are athletic and act like jocks, but at the same time there are quite a few who aren't athletic at all.
Sorority stereotypes, like frats, vary by sorority. I would say the general stereotype is similar to that of frats - if you replace the word jock with slut. Before I say whether this stereotype is true or not, know that I'm a sorority girl who's trying to be unbiased. The intelligence aspect is the same as I said for frat guys - most of the sorority girls I know are very smart (i.e. some have 4.0s, some are in the Business School, etc.) The girls in some sororities go out 4 nights a week, while other sororities barely party. The slutty stereotype varies just as the partying one does. There are some sororities than are more known for being slutty than others; however, there are girls in every sorority that do sleep around and girls in every sorority that don't.
In addition to Greek life stereotypes, there are also athletic team stereotypes. It is a known fact here that athletes only hang out with other athletes. There's even a joke that athletes call us non-athletes "muggles." There is sort of a stereotype that athletes think they're better than everyone else, and I would say that's accurate, but only with a mob mentality. When you meet individual athletes (in class, for example), they are nice to you. However, if there was a group of hockey guys (or any other sport) somewhere, they would likely be in a group of only them, wearing their clothes to make sure everyone knew they were athletes.
There are two more main stereotypes here - international Asians and reallllllly Jewish people. The stereotype that international Asian students that can't speak English well set the curve in science and math classes is true 99{4a082faed443b016e84c6ea63012b481c58f64867aa2dc62fff66e22ad7dff6c} of the time. In addition to the Asian stereotype, there is the jappy stereotype (jap stands for Jewish American princess, but we use the term for boys too). A jap is someone who is not even necessarily a practicing Jew, but just a cultural Jew. Some characteristics of a jappy girl are: only associating with other Jewish people, long, brown hair, having a Blackberry, always wearing boots with leggings and a Northface coat, and expecting everyone to wait on her. A guy jap would be someone who wears a black v-neck shirt with a Star of David necklace and just makes it very known that he's Jewish. Going back to Greek life, there are certain frats and sororities with the jappy stereotype and it's, for the most part, true. Although the word jap has a negative connotation, I've heard people admit before that they knew they were jappy.