<p>How much financial aid will I be offered at the University of Michigan Ann Arbor?</p>
<p>I am coming from a low income family making $60,000 a year.</p>
<p>I am a First Generation College student.</p>
<p>Also I am an Out-Of-State applicant coming from Florida.</p>
<p>The cost of attending U of Michigan as an out of state student is in the high $40Ks range…about $45,000 a year. U Michigan uses both the FAFSA and the Profile to determine financial aid awards. They do not meet the need of all enrolled students.</p>
<p>I believe your income of $60K per year for your family would not even qualify you for the full Pell grant. You would get $5500 Stafford loan for your freshman year. UMich might have institutional money to award but I don’t think it’s going to cover a significant amount of the out of state cost of attending. I could be wrong…someone else here will surely correct me if I am.</p>
<p>Are you a top student? If so, you might get some merit aid from UMich.</p>
<p>But then…if you are a top student in FL, are you eligible for Bright Futures?</p>
<p>UMich doesn’t give a lot need-based FA to OOS students. It has to reserve its funds for instate students with need, and OOS students would require too much since their costs are much higher ($50k per year).</p>
<p>If your stats are high, you may get some merit, but you will likely still get gapped.</p>
<p>I hope you have a good financial safety school.</p>
<p>My son was accepted at Michigan 2 years ago - also OOS. While our income was a bit higher - our EFC was $15,000 - I will just tell you for comparison purposes that he got next to nothing. A subsidized student loan and that was it. He was a very high stat applicant - but did not receive any merit award. Had I known just how pitiful it was going to be I would not have allowed him to apply.</p>
<p>Yes I do qualify for Bright Futures, but Bright Futures DOES NOT give money if you plan on going to a non-Florida school, you have to stay in-state.</p>
<p>I think Thumper was bringing up BF as a suggestion that you consider your FL schools. I think she knows that you can’t use BF out of state. </p>
<p>I think she was saying that UMich is not going to be affordable for you so she was suggesting that you look to using BF in your state. You could also apply to OOS schools that meet need.</p>
<p>UMich is not one of them.</p>
<p>You need to keep in mind that state schools largely can really only help their own instate students for need-based aid. UNC and UVA are exceptions, but UNC doesn’t have engineering. Some other publics give large merit scholarships…those can be your safeties.</p>
<p>I am sorry that you didn’t understand earlier that UM does not meet need for OOS students. It’s actually spelled out on their financial aid website. Please know that while UM is a good school, it’s not the ONLY school. You CAN get a great education at a school that is more affordable for you.</p>
<p>Its okay then I still have loans preferably, subsidized. My parents and I had a long discussion about our current financial situation, they said that they can pay 20K. I feel that I might get SOME money out of Michigan but not much. The rest will come from subsidized loans and the good thing is that Computer Science does pay very well so I could easily overcome a large deficit.</p>
<p>Your parents can pay $20,000. A Stafford loan for a freshman is $5500 max and I believe only $3500 of that can be subsidized. What other kind of “subsidized loan” do you think you will be getting? The cost of attendance approaches $50,000. YOU will not be able to secure loans for the balance without a cosigner. Are your parents able to cosign a $20,000 plus loan for EACH year you are at UMich? If their income is really in the $60,000 range, they will very quickly reach the end of their ability to borrow money.</p>
<p>Please understand, UMich is a great school…but you AND your parents would be in HUGE debt at the end of four years…personally I don’t think it’s THAT worth it.</p>
<p>We will see what I can do. I have a trick up my sleeve.</p>
<p>
</p>
<p>Hope it’s honest and up front. Otherwise…don’t bet the ranch on it.</p>
<p>Yea it is.</p>
<p>According to some other threads…this poster must be a HS Junior…and will take the March SAT and the June ACT. He hopes to get a near perfect ACT score (I hope he can do this…that would be great). He is possibly interested in applying ED to CMU and also UChi on his list as well as…apparently…UMich. </p>
<p>UChi…you need to run your family financial numbers through an EFC calculator using the institutional methodology. This will give you a guestimate of what your family will be expected to contribute annually…minimally. NONE of these schools guarantees to meet the full need of all accepted students. You need to consider that as well.</p>
<p>In addition, as much as it sounds like you don’t want to…please add more than one school to your list that is within your family financial range, just in case the financial aid (merit and/or need based) doesn’t come through for you at these schools (CMU, UChi, UMich). It would be good to have two financial safeties…schools your family can afford AND that you would be happy attending. It’s nice to have choices.</p>
<p>Good luck to you.</p>
<p>Thumper good job of tracing my threads. LOL, I do have “safety’s” which I have basically a Full-Ride guaranteed, I have University of Florida and University of Miami. I have Bright Futures basically in my back pocket all I need is a 28 ACT or higher and I can get that with my eyes closed. </p>
<p>Yes I am a HS Junior, and at University of Chicago they will without a doubt meet my financial aid requirements because at my current HS I know two kids that attend UofC and had lower stats than me and got full-rides and our family incomes are virtually identical.</p>
<p>I crossed CMU off so you dont need to worry about that.</p>
<p>“Full rides.” Tuition covered, or tuition plus room/board? Full ride is technically the latter. I can’t remember … does UChicago offer merit aid? There is a difference between need-based aid & merit aid. If they got merit aid, their family situation may have been irrelevant, so you can’t compare income … you’d have to compare stats & desirability (“hook”). If they just got need-based aid, you also do not know their true financial situation compared to yours. For example, my family income is higher than most family incomes in my neighborhood … because I don’t like debt, so I don’t live in as expensive a home as many in my income bracket. I would bet my EFC is much higher than my next door neighbor’s … but as far as she knows, our financial situation is similar (because she only knows surface information). The point is, you do NOT know enough to make an assumption. </p>
<p>I don’t want to discourage you from trying for your dreams. I just don’t want you to get too invested in wanting to attend a particular school or school(s). My D got some amazing scholarship offers when she was accepted to schools a few years back. However, when all was said & done, some of those schools were still too expensive even with the scholarships. Same with my S … he loved UColorado, but even with a very good merit scholarship it was way too expensive. Like UMich, UColorado does not meet need for OOS students. S took a chance, knowing it might be too expensive. He was a bit disappointed when he saw the bottom line, but at least he knew it would probably end up like that.</p>
<p>Thanks for the advice and UChicago gives both merit and need based money.</p>
<p>UChicago does indeed give both merit and need based aid. Their merit awards are quite competitive. We know a student who had almost a perfect SAT score…did not receive a penny of merit aid. His need package was good but he did not choose UChi…went instead to a great school that offered him a full free ride (total cost of attendance) for all four year.</p>
<p>UChi…as long as you have some safety schools on your list, you can and should apply to other schools. Almost all students apply to at least one reach school. If it works out, fine…if not, it sounds like you have some affordable and good options in your home state.</p>
<p>UMich should not be on your list as a financial sure thing…it absolutely isn’t.</p>
<p>*I am coming from a low income family making $60,000 a year.</p>
<p>Its okay then I still have loans preferably, subsidized.</p>
<p>My parents and I had a long discussion about our current financial situation, they said that they can pay 20K.</p>
<p>I feel that I might get SOME money out of Michigan but not much. The rest will come from subsidized loans </p>
<p>and the good thing is that Computer Science does pay very well so I could easily overcome a large deficit.
*</p>
<p>I find it hard to believe that a family that only earns $60k per year can contribute $20k per year unless your parents have a lot in assets. </p>
<p>Anyway…federal student loans are for very low amounts. Not nearly enough to cover any UMich shortfall. Thumper gave you the amounts.</p>
<p>I think you’re being very, very short-sighted. Yes, some Comp Sci majors can make some good money (not high salaries) shortly after graduating. THAT is NOT enough to pay back BIG loans and cover your living expenses…taxes, rent, car, food, cell phone, utilities, etc. </p>
<p>There’s no guarantee that you’ll get a job in an area that doesn’t have a high cost of living.</p>
<p>It is SILLY to take on unnecessary debt for a Comp Sci degree. Absolutely unnecessary. I come from a high-tech family…most all are comp sci or engineers. YOU WILL NOT start at a high salary if you graduate from UMICH. YOU WILL NOT. Employers will pay you the same whether you graduate from UMich, UChicago, or UFlorida or many other schools. Therefore, there is NO REASON to go into any such debt.</p>
<p>Let me give you a look into the future…If you go the route of debt and you begin working your first job, you will soon become VERY annoyed that your peers (your colleagues) are getting paid the same amount as you, yet they’re not having to make these huge loan payments every month for TEN VERY LONG YEARS. THEY will be “moving on” with their lives…buying homes, buying nice cars, getting married, taking nice vacations, saving money, etc…while you will be drowning in debt. Oh yes, you will quickly resent the route you chose when you realize that you could have gone to school and emerged nearly debt-free if you had gone elsewhere. </p>
<p>If you want, keep UMich on your list “just to see,” but protect yourself and apply to schools that will either meet need or will be affordable because of Bright Futures and other aid.</p>
<p>Wow, what an eye opener. Our son just received his UM financial aid award notice for next year. He is OOS and decent stats (4.0 30 ACT great EC’s) and our EFC is $18,000. He received $3000 in work study and $5500 in loans bringing cost down to $40,000 per year. No scholarships unless they are awarded on a rolling basis (i’m not hopeful). We thought we might get something more than that…looks like he will be staying in-state at Miami of Ohio. What a bummer:(</p>