<p>I got my fin aid package today, oh boy was it a shock. I'm out-of state, which is probably why the package only covered about 30% of my EFC. Is there anything I can do to make it better? It's ridiculous... I can't pay for that much!</p>
<p>You may not be understanding it. It should cover 0% of your EFC. EFC is what the standard formula indicates YOU are to contribute exclusive of any aid package. You can seek loans to cover it, but those won't be provided by any college.</p>
<p>Financial Aid is designed to help with your need, which is the cost of attendance minus your EFC. It is true that for nonresidents, U-M generally gaps need (that means they won't provide aid that covers all of it). For residents, they meet 100% of need. They didn't meet your full need. Is that what you meant?</p>
<p>oh just kidding. I said it wrong, it's supposed to be, "The financial aid package covers 30% of what's left after you subtract my EFC from the total cost per year." (yeah, that makes more sense)</p>
<p>How about you just say "The financial aid package covered 30% of my need". hehe</p>
<p>Only 30% of your EFC? Heh, it's okay. I got a token (~2.5k) federal subsidized loan. It's not nothing, but Annual Expenses - EFC = ~15k for me. So, I have it a little worse at the moment.</p>
<p>Guess we'll just have to see how everything else turns out.</p>
<p>At least you guys got into the school...</p>
<p>You took the words out of my mouth, Wolves...LOL!!!!!</p>
<p>I haven't seen you on in forever GBAMom. Did your S get accepted to Wisconsin?</p>
<p>I've been around CC, posting here and there when I have the time. Son never did apply to U-Wisc. Got burned out on doing apps, I guess. Plus, after Michigan's deferral, he focused more on IU as his Big 10 option.</p>
<p>So is your S going to K-Zoo even if he gets into UM?</p>
<p>I got my financial aid package from UMich today.</p>
<p>$25k without any loans...is this any good for OOS?</p>
<p>i got $2625 in loans. that is all. but my EFC exceeded the cost of attendance for U of M.</p>
<p>no loans? that's really sweet. ~50% of my package is loans.</p>
<p>should I call on monday to see what's up, or should I wait until I get some more finaid packages from the other schools i've applied to (and hopefully gotten accepted in <em>crosses fingers</em>)? I really really liked Michigan, too...</p>
<p>Wolves...we're off topic here so I'll keep it brief...I don't think he's expecting to be admitted so it's been on the back burner in his mind. Things sound pretty bleak this year with dorm closings, oversized freshman classes the last few years, etc. Figures it's a remote possibility so he's concentrating on other opportunities.</p>
<p>im sorry i am still trying to understand finaid packages. How would a loan be aid when i have to take out student loans to pay for the difference? In my package I got the Michigan merit thing, federal work-study, and two loans. i dont get how a loan is aid when you have to pay it back.</p>
<p>i didn't even get work-study! i think mine is the worst aid package.</p>
<p>Because these loans are, unless I'm mistaken, interest free until you graduate. Do they list work-study? I mean, why would they deny people work-study? I didn't have it marked on mine.</p>
<p>But yes. We should be at least glad that we were offered admission by UM. :)</p>
<p>Loans are called "self-help" aid--work study is also self-help.</p>
<p>Obviously loans are not as sweet as grants and scholarships, but they are a help. They allow families (or students) to pay for college costs when due and pay them off over time. The reason they are different from the loans you may take out for a new car, or home improvements, or a big vacation are that payments are deferred until the student graduates. Some subsidized loans also defer interest.</p>
<p>There are also loans available to cover the part of your college costs that you need package doesn't cover. That would include the EFC for instaters, or EFC and the gap for out-of-staters. These are completely discretionary, not a part of the aid package. These loans, however, do not have deferred payments--parents start paying on these right away.</p>