Deciding between two universities

Colleges and Universities A-Z University of Michigan
21

<p>The government-set max of stafford loans is $5,500
What’s left is the Perkins loan and parent PLUS loans
Those will all have to be paid back. </p>

<p>How can Michigan meet financial needs without giving scholarships and not having loans?</p>

22

<p>

Tuition for in-state is 12.6K; total COA is 25K [Office</a> of Financial Aid: Cost of Attendance](<a href=“http://www.finaid.umich.edu/TopNav/AboutUMFinancialAid/CostofAttendance.aspx]Office”>http://www.finaid.umich.edu/TopNav/AboutUMFinancialAid/CostofAttendance.aspx)</p>

<p>

[Office</a> of Financial Aid: OFA Scholarship Listing](<a href=“http://www.finaid.umich.edu/Home/TypesofAid/ScholarshipsandGrants/OFAScholarshipListing.aspx]Office”>http://www.finaid.umich.edu/Home/TypesofAid/ScholarshipsandGrants/OFAScholarshipListing.aspx)
[Office</a> of Financial Aid: Types of Grants](<a href=“http://www.finaid.umich.edu/Home/TypesofAid/ScholarshipsGrants/TypesofGrants.aspx]Office”>http://www.finaid.umich.edu/Home/TypesofAid/ScholarshipsGrants/TypesofGrants.aspx)</p>

<p>Suggest you wait for your FA package; you may not have to make a decision.</p>

23

<p>I have received my FA package. Perkins loan, work-study, and stafford, that’s it. $9,000 total.
$6,500 must be repaid</p>

24

<p>That’s not bad at all. If its 9000x4yrs, its worth the money to attend michigan. You’ll make 60k coming out of college so you’ll be able to pay it back easily.</p>

25

<p>9,000 is the AID package. (doh!) with 6,500 OF THAT already in loans and the rest (13k-14k if IS) UMich expects/has to come from “thin air???”</p>

<p>That’s weak!</p>

26

<p>Alex, remember that they meet need how they determine it, with loans if I’m not mistaken (have they adopted a no-loan meets need policy yet?).</p>

<p>The problem is that many,many people can’t afford their EFC. So it doesn’t matter if they meet need and your parents can’t make up the difference. Many people take out loans to cover their EFC which is why people go that far into debt.</p>

<p>With that said, I’m surprised the OP got an aid package with Perkins loans and yet so little aid. Perkins are usually reserved for the neediest students.</p>

27

<p>

Stafford and Perkins are all federal money. I’m surprised there is no state or university grants awarded for an EA candidate with financial needs.</p>

28

<p>I think the point is that this student does not have high need – the family’s efc mist be about 14k.</p>