How much debt is Michigan worth?

This is magical thinking. If you applied for preadmission but get rejected, you can’t apply again. If you didn’t apply to Ross for preadmission, getting admitted during the freshman year application cycle is extremely difficult. You should not go to Michigan counting on it.

Second, to have a major in economics and a business major in the Ross school (if you got in), is not just a double major. It is a dual degree, meaning you’d have a BA in economics and a BBA from Ross. It means you’d have to fulfill all the requirements of LSA and all the requirements of Ross. It could take more than four years. That would cost more money.

Michigan is a GREAT school and its your dream school. If you take the 27K government loan the payment will be around $250 per month

People drive cars that they really love for $250 more a month than they would pay for a “perfectly good substitute”
(ex Lexus over a Honda)

Not only do you spent four years at the school, but you’ll be an alum of your dream school for the rest of your life.
That’s something to consider

Our rule is debt is reasonable for the cost of a nice car. Getting a UM degree for under 30K is worth the investment.

@tytbound - ASU is a solid option. I know they have a past reputation as a party school. Look into Barrett Honors college. I have a son there that is a Senior. ASU was not high on his list until we visited and saw the Honors College. It is a separate entity of roughly 7,000 students at a school of 70,000. So, you get small school vibe at a large school. He was able to graduate in 4 years with a BS in Chem and minor in Business. He changed his major 3 times. I would look into some factors not discussed much here - can you graduate in 4 years based on class availability? Housing availability? Campus politics fit? Weather (snow vs. sun)?

No university is worth getting into too much debt over. What’s too much debt? That depends on one’s risk appetite. Personally, I think anything over $25,000-$30,000 debt upon graduation is too much.

It depends upon the earning power of your degree. If you have a Ross,engineering or CS degree, you can carry more debt because of your higher earning power. If you have an english or communications degree, you want debt to be close to zero.

I really hope that Michigan is considered a school worth having some debt over. It is not realistic for many kids to graduate without debt, and only tapping the federal loans probably isn’t going to happen for my kids. People get student loans. Sometimes people get stupid huge student loans. Hoping to not have any of my kids hit the ridiculous mark, for sure. But I am not working myself to death to ensure they graduate with no debt. I have a life to enjoy too, and much less of it left to live.

Students can take 27k in loans over four years. Anything above that is shouldered by parents, either directly through Parent PLUS loans or indirectly by co-signing.

More logically, if you’re not direct admit for Ross, I believe you can’t transfer into it later on starting this Fall. So, your plan is off.

Further, you can’t seriously hope to have a loan that size that you must pay back till you’re 45. You can’t live at your parents’ and rely on their car to go to work (in fact, odds are they your job won’t be near your parents’home). At some point you’ll want to have a family - how will you get a mortgage for a house?

Can you list your admissions and their net cost?
(Tuition, fees, room, board) - (scholarships, grants)=

Wait, so a student like me who applied to LSA Economics cannot get into Ross at all? @MYOS1634

Net cost:

Oregon Clark Honors College: 23000 a year. 17k without honors tuition.

ASU- 29000

University of washington- 48000

Michigan- I have not received financial aid info

Clark Honors at Oregon is by far your best value. If you really want to go OOS, then ASU ONLY if you applied to Barrett and got in.
UWash isn’t worth double UO, especially since you’re not preadmit.
If you didn’t get LSA- Ross Preferred Freshman status, no you can’t AFAIK apply to Ross again. No dual majors are allowed - in fact ‘prefered freshmen’ must abandon their LSA major and aren’t allowed in live in the RC or in LSA Honors housings norbare they allowed to stay in LSA Honors. In short, your plan is impossible.
Check with UO Clark whether double majoring in Economics and business is allowed - it shouldn’t be a problem, especially for Clark students.

The key words are “you cannot apply again” to Ross if declined in preadmission. If you did not apply for preadmission as freshmen, you may still apply to transfer in sophomore year.

^ but that would mean abandoning LSA and Economics, and the odds are really not good.

@MYOS1634 It is not clear yet if the odds for sophomore transfer would be better or worse that previous year. The seats are a lot less, but the number of potential applicants may be lower too due to that restriction.