<p>Hi There!
My son just received notice that he was accepted to U of Michigan LSA on Friday 4/15/2010. When he signed onto his Wolverine acct. the Financial Aid report was up but it had no financial aid reported. Did anyone else with a recent acceptance check their account and find that they had a report that said $0.00? The report did show our EFC but showed absolutely no Financial Aid. We are out of state and the tuition is 46,000! We're hoping that it is still too soon to report the Financial Aid. Any feedback?</p>
<p>It takes a good couple of weeks for the official financial aid report to come out. It shouldn’t be $0.00. That will change but I will tell you right now that don’t expect too much from them. They usually don’t cover $10,000 with loans/scholarships/grants. You’re expected to pay that out of your own pocket. And this applies to most out-of-state students.</p>
<p>Well, I got accepted on the 29th of March and did not receive my financial aid until April 15. It takes about two weeks, for most people outside of state. I suggest your son think about another school in the mean time, but don’t lose hope. :)</p>
<p>He’s got his heart set on Michigan!!! Does the EFC determine how much/little Financial Aid he will get? He also got into Penn State (who give very little Financial Aid also) and he did get some money.</p>
<p>Ty, just for your planning purposes you should know that Michigan is not a 100% meet-need school for Out of State the way some privates (eg. Northwestern) are. What that means is that SOMETIMES Michigan will give some low EFC students substantial grants but SOMETIMES it really doesn’t give anything more than the $5500 in federal loans that are available to every student through FAFSA, and up to $5500 apx. in federal PELL grants if the EFC is zero (and less, eg. approx. $2000 if an EFC is $3500 etc.) In general, the “EFC” forumula tells you the expected family contribution, but doesn’t actually mean that anyone MEETS the need. We see a lot of people “expect” that schools will meet their full need – which DOES happen at the Ivies, for example, or other generous private institutions. But in the case of UMich, a state school, it is possible to see a very wide range of packages. </p>
<p>When UMich has calculated your aid package, you will get an email telling you to go to wolverine and download the pdf. DO NOT worry if you see new things added and changes when you go in there, because until they send you the link, the package is “in process” and will change each time they add something. I will keep my fingers crossed for you that you get what you need – which sometimes happens, and sometimes doesn’t. I just wanted you to feel armed with a plan since time is tight.
Good luck!</p>
<p>@ty4collegehelp, just to inform you that every student who resides Out of state will always have a 10-15% deficit that they need to cover. Also, the average unmet need aid for OOS students is around $14,000 presently. These statistics are valid and if you need more insight into this matter than just call the Financial Aid office. However every financial holistic review is relative to each person’s financial situation and this figure could be more or less depending on what your current EFC(Expected Family Contribution) is at the moment. Subsequently, when I required additional funds I applied for a Parent Plus Loan which was advantageous in that I obtained the missing funds I needed. What’s good about this Loan too is you can reapply for it every given semester when enrolled, and if you’re denied they still will supplement you with some money depending on the class year and goes up each time the student advances. Furthermore, I am an OOS student as well and have dealt with this ongoing agony before, and honestly, I would suggest that your son consider a private school as well. This is because as kmccrindle aforementioned above, that privates are usually more generous when distributing financial aid among students because they cater to a wider audience, meaning everyone is viewed as the same in a sense(no in state or out of state). Finally, once your son reaches upper-class standing(junior/senior) then his tuition will increase by another $3,000. This had happened to me but I was prepared by the time the sudden increase had struck and my advice to you is make sure you are also ready when this transition occurs/figure switches over.</p>
<p>WMTRIBE08, how might I go about applying for a Parent Plus Loan? I got about $36,000 in financial aid but I’m missing $11,000 which I know my parents need to pay as I already have $6000 in loans for University of Michigan. Any advices?</p>
<p>@azarap, if you want to apply for a parent plus loan then visit the designated financial aid website for Parent Plus loans at [University</a> of Michigan Office of Financial Aid: Direct PLUS Loan Application Materials](<a href=“http://www.finaid.umich.edu/Types_of_Financial_Aid/Loans/Federal_Loans/plusmpn.asp]University”>http://www.finaid.umich.edu/Types_of_Financial_Aid/Loans/Federal_Loans/plusmpn.asp) and download the application, follow the required directions and then send it back into the financial aid office. Furthermore, this specific site, entails everything that you need to know in regards to this matter at hand and also provides a comprehensive description of each monetary fund the University possesses by clicking on the links to the left.</p>