Financial Aid Help

Colleges and Universities A-Z University of Michigan
1

<p>This is my package... * MICHIGAN GRANT
Grant
21,573.00
* FED PELL GRANT
Grant
5,550.00
* FED SUPP EDUC OPPORT GRANT
Grant
1,500.00
* FEDERAL WORK STUDY
Work/Study
3,000.00
* FED PERKINS LOAN
Loan
500.00
* FED SUBSIDIZED DIRECT LOAN
Loan
3,500.00
* FED UNSUB DIRECT LOAN
Loan
2,000.00
TOTAL
37,623.00</p>

<p>My EFC is 0 and I am out of state. The tuition is about 48k. Does that mean I have to pay the other 10k... Or are they missing part of my aid.. because they would at least say "UNSUB LOAN" 12k. Right?</p>

2

<p>As a freshman your Stafford loans are capped at $5500 and they increase by $1000 every year except your senior year is the same as your junior year. The maximum over four years is $31,000 of which $23,000 can be subsidized. You would need to come up with the difference through a private loan or parent PLUS loan. The link below may help you with more info.</p>

<p>[University</a> of Michigan Office of Financial Aid: Overview of Programs](<a href=“http://www.finaid.umich.edu/Types_of_Financial_Aid/Loans/Federal_Loans/fedloans.asp]University”>http://www.finaid.umich.edu/Types_of_Financial_Aid/Loans/Federal_Loans/fedloans.asp)</p>

<p>P.S. I wouldn’t figure your work study in your calculations. That money is paid out as you earn it and I would figure using that for personal expenses. That means you may need another 3K or abut $13,000.</p>

3

<p>how in the world did you get so much michigan grant?! i only got $6,341…</p>

4

<p>Bottom line is you would need to save/borrow/pay about $16,000 a year to attend UMich. On one hand, it is a generous package considering you’re out of state and Michigan is a state-funded school. On the other hand, you’ve been what’s called “gapped” which means there is a gap between your EFC (which is just a rough guideline at a CSS school) and your COA.</p>

<p>So your decision now is to consider ways you can bridge that gap through summer employment, parental assistance via any available assets or a plus loan if parents feel they can repay it, etc. OR choosing a school in your own state that would be more affordable (or choosing a private school that met your full need…)
Best wishes.</p>

5

<p>

I think your answer is in this sentence

</p>

6

<p>I have the same problem…except I’m in a worse situation…my EFC is $25,000…Michigan offered only $1,600 in grant and $5,500 in loans…so I have to find $43,000!!! This figure is almost double my EFC</p>

7

<p>No college is worth 160K of debt, even if it was Harvard or Yale. Go where you can get the best education for the lowest cost.</p>

8

<p>My EFC was about 4k, and got about 2k in grants and over 7k in loans. But I am in-state, so the difference isnt nearly as bad. </p>

<p>Back to the OP’s inquiry, although I agree that that is an extremely generous offer from Umich, going over 16k in debt in the first year isnt worth it.</p>

9

<p>We are OOS and our EFC was around 3,000 and we only got 3k in grants . So, you guys did much better then us.</p>

10

<p>

I guess I am not following your math. For IS the COA is around 23K so if you only got 2K in grants and 7K in loans I figure that still leaves around 14K to come up with. What am I missing as it sounds like you have the same amount to come up with?</p>

11

<p>@Kdog</p>

<p>On top of those two, I also got nearly 3k in work-study, so total aid was 12k. Im not staying in a dorm and getting no meal plan, so the only the thing to cover will hopefully be my apartment’s rent which is about 450/month. That’s kinda what I meant by that.</p>

12

<p>Don’t count work study as that money is earned throughout the year and paid bi-monthly and tuition is payable at the beginning of each term. I would think of work study as money used for personal expenses or possibly books for future terms (i.e. winter or fall 2012). You definitely can save money by not staying in the dorm as the meal plans are a very costly.</p>