<p>Hello.
This is a general question, but a situation - I am currently waitlisted at UMich, and lets say I get admitted. The chances are that I will have to pay most of it (due to EFC being pretty high and coming off the waitlist). Does that mean I will have to pay 42k every year, or does it change every year? Also, if I do well the first year,is it possible to receive scholarships for the next year?
Thank you.</p>
<p>
</p>
<p>It depends. If your EFC gets lower due to a job loss or something for the NEXT year, your EFC might go down. However, the college costs will have to increase (tuition + room + board) every year almost as fast or even twice as fast as inflation. So even if you get the same amount of aid each year you might need to spend more on private loans to keep up with it.</p>
<p>However, you can always get scholarships. did you know that $4 billion of scholarships each year go unclaimed because applicants focus on college scholarships (from the college itself) and ignore a vital source of private scholarships? While a lot of private scholarhisps are just for minorities and poor people, there are other scholarships are that mostly merit based or based on community service, an essay, or just being in a weird niche like redheads or anything. The best bet is to try and use a site like Fastweb to get as many as of these scholarships as you possibly can. You won’t win any of them, but you might win enough to make your EFC payable with financial aid OR savings / private loans as the case may or may not be.</p>
<p>Bedouin, Welcome to CC…and to this forum. I have to ask…where are you getting your information? Are you a financial aid person? Are you a parent who has experience with all of the situations you are offering advice for? I’m sorry to point out that you are providing a bit of misinformation…and perhaps being overly optimistic in your ways of trying to make financial ends meet. Please tell me where you are getting this info?</p>
<p>Thank you for your warm welcome. No, I am not a paid consultant for college admissions however I volunteer my time at my son’s alma mater to aid kids in applying for financial aid. I try not to be too optimistic, bhowever I find that people give up too easily. They rely too heavily on institutional aid which often reserved for case sof high need except at the colleges with the biggenest endowment, so I recommend that private scholarships and loans be used to supplement it in cases where the parents’ family is affluent enough to pay it off quickly before the loan capitalizes interest to the point where it is almost virtually indefatigable.</p>
<p>What I got my information about scholarships was from several sources: [such</a> as Unclaimed Scholarships main page](<a href=“http://unclaimedscholarships.us/]such”>http://unclaimedscholarships.us/), [also</a> here](<a href=“http://ezinearticles.com/?Unclaimed-Scholarships-For-College---Do-They-Really-Exist?&id=3769653]also”>http://ezinearticles.com/?Unclaimed-Scholarships-For-College---Do-They-Really-Exist?&id=3769653), etc. which indicates that while there are a lot of scholarships out there they are not being claimed eithe rbecause people are not eligible enough or because people don’t know about them or ignore them because they seem small even though they could amortize and be incremented upon to the point of where they can helpr educe the loan burden and make college affordable.</p>
<p>I got to say, I know you mean well, but that’s some pretty shaky advice. That whole “billions of scholarships” thing is based entirely on a flawed logic, since most of those scholarships are [employer-backed</a> employee education benefits](<a href=“http://www.petersons.com/common/article.asp?id=1673&path=ug.pfs.advice&sponsor=1]employer-backed”>ASVAB Practice Tests | AFCT Practice Tests), which are hardly accessible to the average undergrad and generally aren’t used to supplement a Pell grant.</p>
<p>Hello.
This is a general question, but a situation - I am currently waitlisted at UMich, and lets say I get admitted. The chances are that I will have to pay most of it (due to EFC being pretty high and coming off the waitlist). Does that mean I will have to pay 42k every year, or does it change every year? Also, if I do well the first year,is it possible to receive scholarships for the next year?
Thank you.</p>
<p>UMich’s price goes up every year. It also has an additional jump for juniors and seniors. It sounds like you’re out of state for UMich. If so, the cost is actually about $50k per year (not $42k). </p>
<p>BTW…you won’t get much (if any) aid from UMich. The fact that you were waitlisted suggests that your stats aren’t high enough for the few merit scholarships that they give.</p>
<p>What are your other choices? And how much will they cost?</p>
<p>*
However, you can always get scholarships. did you know that $4 billion of scholarships each year go unclaimed because applicants focus on college scholarships (from the college itself) and ignore a vital source of private scholarships? *</p>
<p>Uh…applying for most private scholarships is like playing the lottery. Many applicants, few winners. And, most are for small amounts (like a few thousand dollars) and only for one year. They should never be expected to significantly cover 4 years of college or even cover a significant portion of one year. </p>
<p>The above posts are correct. Your advice is shaky. many, many of these “unclaimed” private scholarships require that the applicants have some kind of tie to it…child/grandchild of a member or employee or something like that. The average child couldn’t even be considered.</p>
<p>Both of my sons received a private scholarship (because of my H’s company). While we’re grateful for this money, it’s only a couple thousand a year. Enough to pay for books and incidentals, but certainly not enough to pay for tuition, room, board. The big scholarships are from schools.</p>
<p>Those are just 15% of applications. The other 85% of scholarships referenced in Gardna’s link have less stringent requirements. Which requires the applicant be able to take rejection, but hey dont you get used to that during the application race? I personally recommend also getting a job, but to meet the gap between that and the other things scholarships can help even briefly. While yo obviously won’t win all you might win a couple you can use to help cover books for a semester at the very least. You won’t qualify for all of them, especially the 15% reserve for the people who have a tie, but the other 85% are just being ignored due to lack of information and thats not fair to students who need them which is why I prpose Fastweb and Nexia for college financial aid scouring.</p>
<p>OhStudent…</p>
<p>Oh my!</p>
<p>I just saw that you’re pre-med. Please, please, please do NOT borrow much for undergrad. Pre-med students need to borrow as little as possible for undergrad since they need to save their borrowing power for med school. </p>
<p>There is a Stafford max limit for the combined undergrad and med school - $224k - which will all be needed for med school.<br>
**
FYI…the monthly payments on that amount is $2,577.80**</p>
<p>Loan Calculator</p>
<pre><code>Loan Balance: $224,000.00
Adjusted Loan Balance: $224,000.00
Loan Interest Rate: 6.80%
Loan Fees: 0.00%
Loan Term: 10 years
Minimum Payment: $50.00
Monthly Loan Payment: $2,577.80
Number of Payments: 120
Cumulative Payments: $309,335.90
Total Interest Paid: $85,335.90
</code></pre>
<p>Note: The monthly loan payment was calculated at 119 payments of $2,577.80 plus a final payment of $2,577.70.</p>
<p>It is estimated that you will need an annual salary of at least $309,336.00 to be able to afford to repay this loan.</p>
<p>thank you for the quick replies.
mom2collegekids, thank you for those frightening stats! I haven’t really given too much thought to that.
I am premed, and I live in NY.
My options are:
BU- 35k tuition
Bing- ~18k tuition
Fordham- havent received aid yet, because there was some problems with some forms they had me fill in.
UMich was one of my tops schools, so I really wanted to enroll there, but being on the waitlist, I know not to expect much (if any) aid. I asked my question in hopes that I may be able to receive aid in the other years if I do well. Is it possible to transfer into UMich later, so I can receive some merit scholarship? In your option, whats the best step to take?</p>
<p>Ummm…I think you mean COA for Binghamtom is around $18K (COA estimate is closer to $20K for next year). A NY resident pays $4970 in tuition. Binghamton does have additional scholarships for returning students, many of them give preference to NY residents but are competitive or need-based. It sounds as if your EFC is higher than their COA, but it’s a very good school for pre-med and other sciences and looks like your most affordable option.</p>
<p>I guess I was refering to the COA. Sorry about that!
My EFC is ~24k, so it is higher than the COA.</p>
<p>*Is it possible to transfer into UMich later, so I can receive some merit scholarship? In your option, whats the best step to take? *</p>
<p>I highly doubt it.</p>
<p>Scholarships are used as an incentive to get the best incoming freshmen class - because rankings are dependent on that. There’s no incentive to give transfer students scholarships. There aren’t any highly ranked schools that give big scholarships to transfer students. </p>
<p>Keep in mind that UMich’s costs are about currently about $53k for OOS juniors and seniors. By the time you got there, the cost would be well into the mid $50s. Even if you were to somehow get $10k in scholarships (VERY unlikely), you’d still have over $40k to pay for. </p>
<p>Schools give scholarships to make themselves look good for ranking purposes. </p>
<p>Your best option is to go to a good school for undergrad, get top grades, get a strong MCAT score, borrow little for undergrad, and then go to med school.</p>
<p>What are your stats? </p>
<p>how much will your parents contribute each year?</p>
<p>UM does give transfer student scholarships. They’re likely quite a bit lower than freshman awards though and will depend on your college gpa. Perhaps you could get more info on the U Mich or Transfer Students forums here.</p>
<p>mom2collegekids,
My parents are willing to contribute up to 50%. They wouldnt give me any specific number, but that should be about 25k.
As for my stats, I attend a top NYC public school.
Asian female
Average: 89.2
SATs: 2030 superscore
ACTs: 32
APs: World History (3), Spanish (2), English Literature (5), English Language (This year), Calculus AB (This Year)
Not much extras.
I volunteered for 2 years at a local hospital.
Principal’s Club - Freshman year
Tech Crew for Drama Club - Junior
Art Crew for School Newspaper - Current</p>
<p>So should I just forget about Umich?</p>
<p>Also, thank you, sk8ermom, that gave me a bit of hope!</p>
<p>Since the COA is so low instate, will your parents pay the full amount, or close to it, if you chose Binghamton? Even if they only covered the billables (tuition, fees, room and board), you could cover the rest by working during the summer. If you’re serious about going to med school, please consider how much easier it will be if you don’t have to worry about massive debt from undergrad! If you had to pay $15-30K per year, how would you come up with that? Your Stafford loan eligibility for undergrad will only be $5500-$7500 per year. It’s always a bad idea to take loans based on a future unknown salary/career…and many pre-meds do not end up going to med school for a variety of reasons.</p>
<p>Sounds like UMich may be your “dream school” (a term I personally detest), but please remember that your true dream should be to have a career you can enjoy and a life with as little financial stress as possible. Take your best offer for now, and apply for a transfer later if you wish…but resolve to it go if the scholarships and aid are not enough to make it affordable for you and your family.</p>
<p>*UM does give transfer student scholarships. They’re likely quite a bit lower than freshman awards though and will depend on your college gpa. Perhaps you could get more info on the U Mich or Transfer Students forums here. *</p>
<p>Yes, they do have some for transfers. And, some are for community college transfers from instate. I’m not saying that an OOS transfer from a university couldn’t get a scholarship, but the chances of getting one that would meet anywhere close to the $30k gap that her parents aren’t paying is so unlikely that it should not be a realistic expectation. </p>
<p>Since the OP is pre-med, undergrad debt is not a good idea. I think she can “try” to transfer later, but not get her hopes up. She should concentrate on getting the best deal for freshmen year in case that’s where she ends up.</p>
<p>Is your 89.2 GPA weighted and include all classes? What is that in a 4.0 scale? With a 32 ACT, you should have gotten some better scholarships.</p>
<p>Sk8trmom is right. Your “dream” is your career…not 4 years where you’d accumulate a lot of needless debt.</p>
<p>Did you only apply to 3 schools???</p>
<p>For bing, my parents will pay the full COA.
Im not sure what 89.2 converts to in a 4.0 scale, but it includes every class I have took, unweighted.
And I applied to 10 schools.
accepted - stony brook, bing, bu, fordham
waitlisted - urochester, umich
rejected- uchicago, boston college, NYU, CMU</p>
<p>Did you receive any scholarships from Bing and Stony?</p>
<p>Bing - 5500 loan
Stony- presidential scholarship of 3000 for 4 years and CEAS Deans scholarship of 500 for one year</p>
<p>A+ (97-100) = 4.0
A (93-96) = 4.0
A- (90-92) = 3.7</p>
<p>B+ (87-89) = 3.3
B (83-86) = 3.0
B- (80-82) = 2.7</p>
<p>C+ (77-79) = 2.3
C (73-76) = 2.0
C- (70-72) = 1.7</p>
<p>D+ (67-69) = 1.3
D (65-66) = 1.0
E/F (below 65) = 0.0</p>
<p>Do you know if your school puts a weighted GPA on the transcript or only an unweighted?</p>
<p>Hmmm…I’m wondering if you could quickly apply to another school or two that might give you big merit for your stats? That ACT 32 should have gotten you more money. When did you take that test? I know that your GPA probably hurt you a bit, unless the school puts a weighted GPA on the transcript.</p>