Hey, I’m curious as to whether choosing to enroll now can have a negative impact on the financial aid award letter since the University knows you’re committed to them right? In my case, yesterday i was admitted to the University of Michigan. Since I’m OOS, the tuition is 55-60k. Thankfully, since I’am an independent 0 EFC Student, their net price calculator only estimated that I would have to take 5.5k loans + 3k work study with the rest being covered by grants and scholarships. I want to enroll now, since its my dream school, but do you think its best I wait until I receive my award letter to see if its comparable?
There is no reason to enroll before the deadline and enrolling before an aid package, when you need aid is foolish, imo.
Are you sure when you did the NPC that you indicated you were OOS? UMich says it meets need for in-state students but I’d be skeptical if the NPC indicated that would be your net price being OOS. Are you sure you interpreted the results correctly?
Wait until you get the actual financial aid award. There is no need to make a decision now. That way, you will be sure of your actual award.
Yes it was for OOS, it said I got like 47k in UM Gift aid @annoyingdad . And alright, thanks for your opinion guys! I’ll hold off making the enrollment deposit.
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Thankfully, since I’am an independent 0 EFC Student, their net price calculator only estimated that I would have to take 5.5k loans + 3k work study with the rest being covered by grants and scholarships.
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that still doesn’t sound right since an independent student would likely get more in loans.
Anyway…you need to wait. NPCs are not perfect and your actual aid pkg could be much worse.
In terms of packaging…it is at the discretion of the school to award grants or loans. It is very possible for a student, even an independent student, to have only $5500 in loans, and for the school to provide grant assistance to cover the rest.
The school does not have to award the maximum Direct Loan amount to any student.
^^^
I agree! But, I wouldn’t trust the NPC to be accurate in this case. It may just be set up to put $5500 loan by default.
And, this student can’t depend on getting that great aid either. If it works out, then super.
If full need is met mostly by the grants, and WS…it might be that only $5500 is left. Schools cannot award need based aid in excess of the cost of attendance.
But really…until I had a firm financial aid offer in hand, I would not commit to this school.
Here is a link to sample OOS award packages. I’ am very similar to the 2nd one, although I’ am an independent student, not a dependent student. The aid package for him is the same as my NPC estimate. http://www.finaid.umich.edu/TopNav/AboutUMFinancialAid/SampleAidPackages.aspx
Cool - hope it works out for you!
For students from OOS very low income family, UMich does provide generous financial aid. The cutoff is around $30k AGI. However, the independent student status may or may not be accepted by the school. You should wait for the financial aid package before your decision. Any yet, the financial aid package may be changed afterward as they may request documents for verification.
Already sent them my verification documents(legal guardianship court document) and IRS Tax Return Transcript( < 5k made this year) before even requested as to speed up my notification process hopefully.
You should wait for rhe instruction. The required documents would be listed in WolverineAccess.
Why take a risk for no benefit?
And… GO BLUE!