<p>I heard that they were stingy when it comes to giving money, and I would like to know if that is true or not. Thanks!</p>
<p>Which UofM?</p>
<p>Usually this kind of information is right on the website. Run the Net Price Calculator and see what the results look like in your case.</p>
<p>Are you talking about University of Michigan? If so, I do not believe they meet full need for out of state students, and I’m not sure they give aid to international students. From what I understand, their need based aid to instate students is good.</p>
<p>Are you a Michigan resident?</p>
<p>Yes I’m talking about the one in Ann Arbor. Sorry for not stating that and I’m also a Michigan resident.</p>
<p>If it is University of Minnesota, then the answer is no.</p>
<p>Yes, but need determined by them using the PROFILE. </p>
<p>Whoever told you they were stingy was likely an OOS resident. They’re very generous.</p>
<p>University of Michigan meets full need for those students who are in state. Need is as they define it using PROFILE.</p>
<p>Whether they are generous or not, depends on how they define need and how what they put in the aid packages to meet that need.</p>
<p>Have your parents fill out the Net Price Calculator on UMich’s website so they can get an estimate as to how much they’d be expected to pay. Having your parents do this will allow you all to figure out whether the school may be affordable…or not. </p>
<p>Keep in mind it doesn’t matter how much YOU think you need in aid. The SCHOOL will decide how much your family should pay…and that may be a lot more than you think. </p>
<p>Depending on need, the aid that you’d get will be a mix of grants, loans, and maybe work study. It won’t be all grants. If you don’t have a lot of need, you might only get loans…no grants at all.</p>
<p>Loans are a big component in Michigan meeting need. My daughter attends (we are instate) and our EFC is less than $5K. She will have maxed out her Stafford loans by the time she graduates and we have over $11K in PLUS loans. She also has had work study every year so the loans are not because she is not working. Maybe for $0 EFC students or high stat (above 30 ACT) you could use the term “generous” but my experience is different.</p>
<p>Kdog, I believe I’ve had this conversation with you before. U does not met need with mostly loans. They are very generous to instate students. They may have determined your need to be lower than the FAFSA EFC, hence the gap, but they met what they considered to be your need with mostly grants.</p>
<p>If you are the person I’m thinking of, did you ever ask for a review of your aid?</p>
<p>Michigan guarantees to meet need for all Michigan students, but in addition to the FAFSA Michigan uses the CSS Profile so the “need” may be different than the FAFSA EFC calculation. The best thing for the OP to do is to use the net price calculator on the Michigan web to get a rough idea of what the cost might be if the OP is in-state.</p>
<p>Michigan does not guarantee to meet need for out of state students.</p>
<p>I’m confused by people using the term PROFILE. what is that?</p>
<p>The CSS Profile is a form that is more complex(asks for more financial info) than the FAFSA and is used by many schools, especially privates, for the purpose of determining a student’s need. Some schools have their own forms instead of the profile in addition to the FAFSA. The additional forms are used for determining need regarding the school’s own money. The FAFSA is for determining government aid, although some FAFSA only schools, mostly publics, use it for institutional aid also. The FAFSA only schools generally have less money to give out.</p>
<p>@romanigypsyeyes, Well your definition of generous and mine are two different things. My definition is the school does not require you to take out loans or work study totaling more than your EFC. If your EFC is $5K and you have to take out almost 8K in loans in addition to another 2-3K in work study per year (i.e. double the EFC) then IMHO it is not generous. I do not care to debate the topic with you and I do love the school but that is MY experience. Unless you know everyone’s fin aid package who attends there you cannot make a blanket statement in regards to aid. Are you a $0 EFC student? If not, doe you pay MORE than your EFC?</p>
<p>I don’t go to U of M so it really doesn’t matter. </p>
<p>As I said, your EFC has very little to do with what the school determines your need is due to the PROFILE.</p>
<p>I should say while I don’t go there, I know plenty of people that do and that I’ve helped with fa stuff. </p>
<p>In my experience, Michigan is very generous.</p>
<p>
Which is just a way of saying the school can determine your need by whatever it wants. We have no extra property or fortune in stocks. We drive a 14 year old and 8 year old car. We owe 15 years on a mortgage. There is nothing on the CSS Profile that would change our contribution. Last year our EFC was at the lowest (around $2.8K) and the loans and work study comprised 38% of the total package.</p>
<p>
You told me all I needed to hear. Perhaps your “friends” are not as truthful as you might like to believe. I have first hand knowledge of their financial aid.</p>
<p>NOTE: I am not saying they are the worst in terms of offering aid as I see many schools that gap BEYOND the Stafford/Perkins/Work Study. However, unless you are ZERO EFC you can expect loans to comprise at least around 40% or more of the package.</p>
<p>Kdog…</p>
<p>did you ever investigate why your FAFSA EFC and your UMich CSS determined “family contribution” are very different? </p>
<p>Does UMich consider home equity? Are you self-employed? </p>
<p>It would seem (to me) that if a family has a modest income from a job (not self-employed), and doesn’t have much assets/equity, then there shouldn’t be much/any difference in EFC.</p>
<p>As for the matter of including student loans as aid, that’s another issue. Most schools include student loans…only a few of the richest schools don’t include loans. </p>
<p>The Parent Plus loans in your FA pkg is troubling unless that was just offered to cover a reasonable EFC. However, it sounds like you were offered Plus loans for an amount that was either gapped, or an amount that was large because of a high CSS-determined family contribution.</p>
<p>BTW…does UMich include a “student contribution” as well as a parent contribution?</p>
<p>Kdog, I’ve tried helping you in the past so I won’t waste my breath. I did get a fa package from U of M. I have PERSONALLY seen many aid packages. </p>
<p>Whatever.</p>
<p>I’m wondering if the issue is that Kdog’s other child is attending a school with super good aid, and therefore UMich isn’t using the standard 60/60 split in determining “Family Contribution”???</p>
<p>There must be some reason why the school is expecting a much higher “family contribution” for her daughter.</p>