Confusing financial package.

Colleges and Universities A-Z University of Michigan
1

<p>Okay, so I sent in my financial information yesterday and I was lucky to receive a response today.</p>

<p>I don't understand... what does the total under the 'offered' column mean? what does the total under the 'accepted' column mean?</p>

<p>I have 25k under offered, and 14k under accepted.</p>

<p>Here's a link of what it looks like. I don't really care if people see it, can someone please interpret? BTW, I'm out of state and... and EFC is 0. Family income is around 30k.
<a href="http://img120.imageshack.us/my.php?image=picture1hgd.png%5B/url%5D"&gt;http://img120.imageshack.us/my.php?image=picture1hgd.png&lt;/a&gt;&lt;/p>

2

<p>The Pell and Stafford loans will need to be “accepted” by you. There may also be some admin requirements you would need to complete. So your aid is essentailly the 25k (grants, loans, etc.). Cost of attending is $44k. Gap is $19k. </p>

<p>Welcome to the U of M Out of State Financial Aid Package. Only the rich need apply.</p>

3

<p>I’m still kind of confused… so what does the gap mean? So my current total is 44k-19k?</p>

<p>Is U of M not generous with their financial aid packages to out of state students? Sorry… I’m totally out of it…</p>

4

<p>NVM I get it now. Heh, I’m pretty stupid.</p>

<p>That sucks… I can’t pay 19k+ a year. Looks like UMich is off my list.</p>

5

<p>There have been a number of threads over the past few weeks about this same issue, and many of us were in the same boat as you. Michigan gives a trivial amount in real scholarship, so after you take the maximum Federal loans, you are left with a very large gap that you obviously can’t meet.</p>

6

<p>The financial aid office explained to me that we can’t “accept” the Pell Grant yet because the federal budget that determines the amount of funds to that program has not been finalized. Once it has been, you will be able to accept those funds.</p>

7

<p>PS I think you can assume that you will end up with the Pell Grant they’re offering you. Here’s the email they sent me:</p>

<p>Hi,</p>

<p>Thank you for your message. The Pell Grant is an estimate right now, and that is why your daughter cannot accept it. There may be changes to the Pell Grant funding for the 2009-10 year, and we are still waiting for the federal government to establish what the Pell Grant guidelines will be.</p>

<p>You will receive a notice once of any changes to the Pell Grant estimate.</p>

<p>Kind Regards,
OFA-MRO</p>

<hr>

<p>Office of Financial Aid
2500 SAB
515 E. Jefferson St.
Ann Arbor, MI 48109
Phone: 734-763-6600</p>

8

<p>I’m OOS, and all I got was $5,500 in loans. So ridiculous.</p>

9

<p>wow, that is a really bad package… I had a similar efc, and I got a lot more than that in grants, not to mention that it used to be like more than 10k cheaper.</p>

10

<p>I got same as Taxi, out of state, and Michigan was near the top of my list…</p>

11

<p>I’m out of state and got the same $5,500 in loans.</p>

12

<p>I’m a Michigan resident but am considered out-of-state because a parent lives in Texas. I sent in my residency form, but it will not be processed until May. Does that mean I will be stuck with OOS aid, or is there any way they can revise it if and when my status gets changed?</p>

13

<p>I got 35K, 6K of it is loans for out of state. But then again my dad only got 12,000 income last year (the business he owns is not doint too well).</p>

14

<p>mgs13 – I suspect they’ll revise it but be sure to request revision as soon as your status changes. We went through the same thing except in Oct. You must have applied late??? OR they’re taking longer (it took them 10 weeks in the fall.)
Depending on your EFC, etc., you may find the in-state package more desirable. You COULD ask them (phone them, not just email) to PLEASE show you what your package would look like as an IN-STATE so you could make your decision – because you need to decide BEFORE the residency office makes a determination. That’s what I’d do in your shoes. Good luck!
K</p>

15

<p>yep. 5500 in loans. OOS. Kinda of a joke IMO. Obviously its better than nothing, but it’s really not a “financial aid” package in any real way.</p>

16

<p>Michigan is really not generous with out-of-staters. I was so thrilled when I got the “Your aid package is ready” email, but it was just a $5,500 loan. Was hoping for some sort of alumni scholarship considering my parents graduated there, but nothing. This is really not encouraging geographic diversity… though I’m sure no in-staters are complaining.</p>