<p>Hi everyone, I'm wondering how the financial aid packages are at U of M. I'm really interested in this school but I'm out of state so I'd need generous financial aid and I've heard their FA isn't that good :/ does anybody know firsthand how good their FA packages are? Thanks!</p>
<p>Someone I know from NY got like 3,000 in loans. Her parents are pretty rich though, I think they make something like $150,000 a year combined.</p>
<p>I got an amazing package this year. But I was in state.</p>
<p>Are you talking about merit aid or need-based aid? My son did receive a nice engineering scholarship, but we’re in-state and he scored very high on the ACT. Word on the street is that UM is quite stingy with merit aid.</p>
<p>I was mostly talking about need based because I know how competitive merit based can be. Does most of their need based aid come in the form of loans? I’d really like to avoid loans as much as I can. I read on the College Board site that their average package is around $10,000, but since I’d be paying out of state tuition that wouldn’t be nearly enough :/</p>
<p>from strictly my own personal experience, I made out very well with need based aid (in state though). my first year is paid for along with 1/4 of the last three. our combined household income is somewhere under 40k.</p>
<p>UMich is good at meeting need for its instate students because that is their mission and instate costs are lower. </p>
<p>OOS students do not typically get much in need-based aid. publics charge high OOS costs for a reason. It doesn’t make a lot of sense to then cover those high costs with need based aid.</p>
<p>Notice all the examples of aid and scholarships are in state.</p>
<p>Don’t expect much OOS</p>
<p>If you are interested in need-based aid, apply extra-early and get all your financial aid paperwork stuff (FAFSA, CSS/Profile, tax returns, etc.) in EARLY.</p>
<p>Freshespresso</p>
<p>I think most universities/colleges in a way fudge their reporting of their level of financial aid that they provide to incoming students, either IS or OSS. Although the UMich College Board may report their average package is around $10,000, I think, and I may be wrong, that this includes $5500 per year in the form of a Stafford Loan, which is provided to all students regardless of merit or need.</p>
<p>They are stingy with out of state need-based aid. Their primary goal is to educate in-state students, not out of state. This is normal for most public schools.</p>