For current UofM students or alumni, how do/did you pay for college expenses and how much debt does the average student graduate with?
Is it possible to pay for the cost by yourself by working/internship/co-op?
(I’m like middle-class, in-state, accepted to college of engineering)
Thanks
University of Michigan meets full need for all instate students. Does your family have financial need? What was your FAFSA EFC? What did the Michigan net price calculator give you?
If you have to pay $2000 out of pocket, then yes, you probably can earn that amount with a job. If you have to pay $20,000 it will be very hard to earn that amount and attend college full time…and get decent grades in a challenging major like engineering.
So…how much do you need to pay on your own.
Did you get your michigan financial aid package?
EFC was around 8,600. No, I didn’t get the aid packet yet (I know, I will be waiting for it). I just wanted to get an idea of how difficult it would be IF I didn’t receive much aid. It looks like I’d have to pay about 15,000-20,000 on my own (out of the total estimated cost of attendance).
Please explain what is on your Profile that would make you have to pay $15,000 when your FAFSA EFC is $8600.
Are your parents divorced? Own a business? Have a lot of assets…what?
I will be curious to see what aid you will get from MI. We are covering my daughter’s attendance there with a scholarship from the school, the federal loans, and the rest out of our pocket on the payment plan.
I don’t think you can pay for school by yourself. I know my freshman daughter would have a hard time trying to work and keep up with her classes. Are you planning to live on campus or can you commute? Are your parents able to help you at all?
Really hard to answer this without knowing your situation financially
How much will your parents pay? If your mom will only contribute your freshman year how does she think you’re going to cover the costs in years 2-4?
It sounds like your parents are not married. Is that correct? I believe Michigan uses the Profile and requires the non-custodial parent Profile…which would explain why your FAFSA EFC is lower. The FAFSA would only include your custodial parent…and any spousal or child support received.
At this point…all you can do is wait and see what your net cost is from Michigan…see what your aid package actually IS.
Is your father undecided because he can’t afford to help…or is he undecided for other reasons?
You will also need to look at the net costs for you at your other acceptances.