Fianancial Aid Award

Colleges & Universities A-Z University of Michigan
1

<p>Hey guys, can someone please help me decipher this?</p>

<p>I logged into WA and saw this under "Financial Aid Award Summary"</p>

<p>Award Description Category Offered Accepted
* MICHIGAN GRANT Grant 12,267.00 12,267.00
* EST FED ACADEMIC COMP GRANT Grant 750.00 750.00
* FED PELL GRANT -ESTIMATE Grant 4,300.00 0.00
* FEDERAL WORK STUDY Work/Study 3,000.00 3,000.00
* FED PERKINS LOAN Loan 500.00 0.00
* FED SUBSIDIZED DIRECT LOAN Loan 3,500.00 0.00
* FED UNSUB DIRECT LOAN Loan 2,000.00 0.00
Fall-Winter Totals 26,317.00 16,017.00</p>

<p>Here are my questions:
Everything that says "LOAN" I have to pay back?
Is the school offering me the $12,267?
Some of the things say "Fed, or Federal" that means the government right?
If that's the case then is that including FAFSA?
How will I know how much FAFSA will give me?
What is a PELL GRANT and what does it say Estimate next to it?
So if It costs me 50,000 a year does this mean as of now 16,000 is covered?
Is this guaranteed money?</p>

<p>Thanks for your help, I really appreciate it!
I really hope this isn't including FAFSA or else I'm going to be in serious debt.</p>

2

<p>Point by point: </p>

<p>MICHIGAN GRANT - basically free money. It’s a grant so you don’t have to pay it back.
EST FED ACADEMIC COMP GRANT - another grant
FED PELL GRANT - another grant
FEDERAL WORK STUDY - money you can get for working through the work-study program
FED PERKINS LOAN - loan from the gov. will have to pay back
FED SUBSIDIZED DIRECT LOAN - loan from gov. will have to pay back, but since it’s subsidized you may not have to pay interest on it.
FED UNSUB DIRECT LOAN - loan from gov, will have to pay back </p>

<p>As far as I know, the ones that include FED are your awards from the government based on your FAFSA. You can accept or turn down any of these awards (I think), and this is all guaranteed, as in it is yours if you want it. Although the work study is a bit different because the amount of money you earn depends on how many hours you can and do work, so it’s not like instant cash the way the M Grant is.</p>

3

<p>Thanks for the reply!</p>

<p>So basically this is everything that I’m getting the 16,000.
Including FAFSA?
When do I get an official report?
Is it via email/WA/mail?</p>

4

<p>bump! bump!</p>