Posted this on the Scholarships/FinAid Forum, but decided to get some insight on the Michigan thread.
Hey guys!
I am currently between two universities - UMich and Ohio State. I’ve dreamed of going to Michigan forever but was very interested in Ohio State as well and did not talk about Michigan much as I was aware of the competitiveness and price tag. However, I was awarded my financial aid for my freshman year and Michigan is about $10,000 cheaper (I am OOS for both schools, btw). BUT, my parents called the financial aid office to ensure that this amount would be the same for all for years, and they told us that the main reason it was so cheap was because of having a second student in college (my sister is going to be a senior next year), so they said the aid which was about $45,000 for Fall/winter 2018 would be around $20,000 - leaving me with about $62,000 in loans. Ohio State, however, I would be left with $23,000 in loans. The issue is that my parents do not have the money to spend on Michigan, and I was OK with taking out the loans, but they both refuse to take out PLUS loans or co-sign on any loans.
So basically my question is 1. which school do I go to because I know i will not be as happy as I will be if I attend Ohio state over michigan? and 2. Is there any way I could ask financial aid to give me more grants in subsequent years if the package is not enough and I am already enrolled at the university? and 3. How do I get loans in my name w/o my parents?
I know Michigan is the school for me, and I’ve always wanted the prestige and pride that goes along with the Michigan diploma, but I really just need to know if it is worth it. Thanks
“The issue is that my parents do not have the money to spend on Michigan, and I was OK with taking out the loans, but they both refuse to take out PLUS loans or co-sign on any loans.”
OSU is a very good school.
You can only take out $5500 your first year, $6500 your second year, and $7500 your third and fourth year. Anything more than that requires a cosigner.
Once your sister graduates, your aid at Michigan will significantly drop. Michigan is not affordable. Yes you can ask for more aid, but the likelihood of getting any (enough) is slim to none and you will have to pay your EFC. Use the net price calculator for one student in college and ask your parents if they can afford the cost without cosigning loans ( they won’t do that anyway). If they can’t, do not attend Michigan because you will not be able to pay after your first year.
When you say that your loans are $23,000 for Ohio, I assume that this is over all four years? Did you get merit to Ohio?
You CANNOT attend a school that is more money than you can afford. Your parents have made it clear no borrowing. No one will lend you the money for UM. OSU is great and you can go to UM for grad school.
You cannot get loans without your parents’signature.
Go do an overnight at tOSY, it’s a great school in its own rights.
Stop here: “The issue is that my parents do not have the money to spend on Michigan, and I was OK with taking out the loans, but they both refuse to take out PLUS loans or co-sign on any loans.”
You, as a 17 year old kid, can’t borrow $62,000. And it’s way, way, way more debt that I would be comfortable with as an adult.
If your parents aren’t comfortable taking out or cosigning for those loans, the answer is simple: You cannot afford Michigan.What you’ve “always dreamed of” doesn’t matter, any more than my dream of becoming young, tall and thin.
This is about finances, not wishes your heart makes when you’re fast asleep.
You cannot afford Michigan. So it’s off the table.
Your only choice if it’s that important to you is to spend a few years working full time, saving that $62,000. I have to warn you… you’ll have to flip an awful lot of burgers to make your dream come true.
I just answered on the other thread on the same topic.
It’s a no-brainer, you can’t afford Michigan.
You can’t borrow $62,000 on your own. With interest, the total would end up being ~$90,000, and that’s way too much for a new graduate.
I know it’s disappointing, but you should work to get over the idea that Michigan “is the school for (you)” and that you won’t be as happy at Ohio State. You’re in charge of your own happiness, and if you go to Ohio State determined to be unhappy you probably will be. Find things to love about the school.
@thumper1, Aren’t you familiar with Ohio? What do you know about Ohio State?
Congratulations on your Ohio State acceptance… Don’t root to loudly against Michigan… Haha…
This discussion should of never happened and a note to other parents /students. Review each school and the possibility of each one as they apply. Using the financial calculators you can get a clue to the finances. Call the schools financial aid department to get help and questions answered early. We had several schools that we told our kids, you can apply but unless you get “this much” we can’t afford to send you. They saw our spreadsheets very early on. This way there is no or not as much disappointment. Both kids are happy where they are at also.
It’s a good thing your parents were proactive in finding out how aid would change at Michigan because it’s need based.
Once your sister graduates the EFC will be much higher, and your need lower.
It’s better to know U Michigan is not affordable now, than to start there, then it becoming unaffordable and you having to leave.
You would not get the same scholarship you get at Ohio State as a freshman, if you are a transfer.
Ohio State is a great school. There are many happy students there.
You can’t afford Michigan after this year…it seems.
You got need based aid there which was predicated on there being TWO inncollege at the same time.
Presumably you applied to tOSU for a reason. What has changed your mind about that?
No university is worth that much debt, including the best ones like Michigan. OSU is a great school (I can’t believe I just said that), go for it and don’t look back.
I’m here. I replied on this posters OTHER thread.
tOSU is a terrific research flagship university…just like Michigan. For many years…back even to the Stone Age when I was a college student…kids applied to both. And maybe Wisconsin and Purdue too.
I can’t think of any opportunity available at Michigan that wouldn’t also be available at tOSU.
This student can’t afford Michigan. Presumably there was a reason he or she applied to tOSU.
Sounds like the price is more favorable at Ohio State…by a lot.
@hugebig10girl is your award at Ohio State a merit award? Would the Direct Loans cover the costs of attending there? Are those direct loans already included in your financial aid package and loan totals? If not…Ohio State isn’t affordable either.
Think of it this way…your parents are on the home stretch of paying for the first sibling to finish college. It’s a huge financial drain to pay these bills. They will have the benefit of having two in college for just one year (we were the same) meaning they will have SEVEN years of paying college bills.
As a reference…we also flatly refused to co-sign or take Plus loans for our kids for undergrad school.
Your screenname is @hugebig10girl and Ohio State is in the big ten also.
Do you have any other acceptances to consider that are affordable?
I’m very glad your parents aren’t fools, Only a fool would signup for that much undergrad debt. You will be as happy as you want to be at OSU. When you graduate, older and wiser, you will be really happy you didn’t cause your aging parents to have that kind of debt shortening their lives and ruining their basic enjoyment of life.
Order your OSU t-shirts and get ready to make it big in Ohio! Congrats!
How much are your parents paying out of pocket for your sibling to attend college? Anything?
In addition to the loans for Ohio State, will your parents be paying any additional amount? Same with Michigan.
Your parents are wise not to take a PLUS loan or cosign a private loan for you. You cannot afford Michigan. Move on to whatever your choices really are.
On another thread you clearly state you did not apply to or get accepted to Ross at Michigan…but you DID get accepted to Fisher at tOSU.
It is very hard to transfer to Ross…not impossible, but very hard.
And this reply on your other thread says a lot which you need to think about too.
I’m going to turn this into a “Mad Lib” 
Hopefully it should give a different perspective. I took the emotion out by replacing the school name with the debt amount. Enjoy!
I am currently between two universities -(63k plus interest) and (23k plus interest). I’ve dreamed of paying (63k plus interest) forever but was very interested in (23k plus interest) as well and did not talk about (63k plus interest) much as I was aware of the competitiveness and price tag. However, I was awarded my financial aid for my freshman year and (63k plus interest) is about $10,000 cheaper (I am OOS for both schools, btw). BUT, my parents called the financial aid office to ensure that this amount would be the same for all for years, and they told us that the main reason it was so cheap was because of having a second student in college (my sister is going to be a senior next year), so they said the aid which was about $45,000 for Fall/winter 2018 would be around $20,000 - leaving me with about (63k plus interest) in loans. The issue is that my parents do not have the money to spend on (63k plus interest), and I was OK with taking out (63k plus interest), but they both refuse to take out PLUS loans or co-sign on any loans.
So basically my question is 1. which school do I go to because I know i will not be as happy as I will be if I attend (23k plus interest) over (63k plus interest)? and 2. Is there any way I could ask financial aid to give me more grants in subsequent years if the package is not enough and I am already enrolled at the university? and 3. How do I get -(63k plus interest) w/o my parents?