How much should an out of state student who comes from a family that has an income of $120k to $160k expect to receive in grant aid from UMich? Considering that there are no significant assets and the home equity is $200k.
Why don’t you just enter the numbers in their NPC and see how it comes out? Other people’s experience does not matter to you as each family is different.
I would also really like to know this as well… i’ve heard that the NPC isn’t always accurate and hearing it from someone else would really help
Probably 0, maybe up to $5,000 maximum not including loans. Michigan uses the CSS Profile in addition to the FAFSA so home equity is considered and Michigan will expect your family to tap into that (as well as income and loans) to help pay for cost of attendance. If you have another sibling in college at the same time, this may help get you a bit more aid, based on a lower expected family contribution. But even then based on the income you describe and home equity I don’t see you receiving more than $8,000-10,000 maximum in grant money if even that much. I’ve been through this twice with both my OOS kids so I am fairly confidant in these ballpark estimates. And if your stats do not put you in the mid to top quarter of the incoming class this will negatively impact the amount of grant money, if any, you would receive.
You don’t get it.
Upper middle class OOS students are financial aid for Michigan.
In a meeting with the UM financial office representative at my D’s school, they said some OOS with $150k family income still received a significant amount of grant. If your NPC is not reliable, other people’s experience would be even less reliable as there are a lot more variables. So the range is really big, even bigger than the $0-$5000 mentioned above. It would be likely in the $0-$25k range. Remember, a need met for OOS with less than $90k income would mean over $40k in grant and that has been proven to be the case from a PM I received.
The answer is: It depends. You’ll have to wait and see. Other factors that can come into play are age of your parents (how close they are to retirement), sibs in college, essential expenses like health insurance (does employer cover it 100% or does your family pay $2,500 a month out of pocket?), vacation property, etc. $200k is not a lot of home equity. I believe some of it is protected. Anyway, you’ll have to wait. Or do the NPC.
Can you explain this? Are you saying Michigan practices preferential packaging?
FWIW, that family income for a family of four would not be “upper middle class” where I live. Besides, that qualitative description doesn’t mean anything in a financial aid determination. Only the numbers matter.
@brantly I’m saying that the admissions office and financial aid office don’t work in a vacuum. They do confer with each other, especially when there is an appeal of amount of aid received. If there are two applicants accepted with similar financial profile and same URM/non-URM/first gen status (so we are comparing apples to apples) and one has stats in the top quarter of the incoming class or a special talent that the admissons office wants more, while the other has stats that are in the bottom 25%, or lesser coveted talent, the higher stat applicant is going to receive more grant money from financial aid office. A lot of deliberative thought goes into who receives OOS grant money.
@trackmbe3 Really? I didn’t know. I thought it was possible, but didn’t think it was so explicit. Is this documented anywhere? Or you have inside info? Thanks.
Totally BS. UMich is need blind.
@billcscho You can believe what you want to believe. I am a Michigan OOS alum and I see anecdotally what goes on in the admissions realm. It’s not BS. @Brantley They are not going to document this anywhere just like they don’t document the huge advantage in favor of those OOS applicants that are qualified Stat-wise and have a connection with the school --like legacy kids and kids from OOS feeder high schools which supply a bevy of talented students who are full payers or stidents who are from affluent areas in the prime recruiting areas of NY, NJ, Ct, Illinois, California, Florida, etc… And why shouldn’t Michigan do this? It’s a win-win for the University who attract bright talented kids with vested interests in the school and who will stay the full four years and graduate on time.
Look at the Almanac. The data is there. You can easily find the 10-year comparison of the socioeconomic profile of the student body. It is well documented.
Also, not until last year, most applicants did not even submit FAFSA before the rolling admission announcement started. It is not like Stanford that has an earlier CSS profile deadline for SCEA applicants.