Scalping tickets for Obama's University of Michigan speech? Don't even think about it, U-M says

President Barack Obama plans to speak May 1 at the University of Michigan's commencement ceremony. Ticket scalpers are already trying to profit of his speech. AP Photo | Charles Charapak

AP Photo | Charles Charapak

But with the university limiting tickets to eight per undergraduate and four per grad student, some students are already seeking to capitalize on demand for tickets among the general public.

Several unidentified sellers have posted advertisements on craigslist with hopes of making a quick buck.

One person is offering to sell four tickets at $80 apiece - or all four for $300. Another is offering to sell four tickets for $50 each. Still another posted a price of $65 but is willing to consider offers.

"HEAR PRESIDENT OBAMA SPEAK!!" one craigslist seller writes. "He's coming to the University of Michigan's 2010 Commencement Ceremony and speaking at Michigan Stadium! Don't miss this opportunity-I have 4 EXTRA TICKETS! They are $50 a piece!!"

The university is not amused.

Tickets are free, and under state law, selling them for a profit is illegal.

"It is expected that students only will take the tickets needed for family and friends, and that they will not sell them. These tickets are considered the property of U-M, and therefore, are not to be sold. University policy states: 'Any attempt to sell, resell, donate or otherwise exchange commencement tickets for anything of value will result in your ticket(s) being revoked,'" the university said in its press release.

An informal market for commencement tickets is hardly unusual. Students with large families often find themselves pleading with their friends for additional tickets.

This is a bad year to have a big family.

But that isn't stopping some people from trying to land tickets on craigslist.

One craigslist poster writes: "Former UM student looking for 2 tickets to the commencement speech at the Big House, May 1 Obama speaking. My cousin and another friend are graduating from Rackham this year -- they only get 4 tickets each, but my wife and I would still really like to go.

"Let me know if you have a couple extra and we can work out fair compensation for your troubles."