@3js3ks Under $90,000 in income AND under $50,000 in assets. If home equity and business equity are over $50,000 that guarantee does not apply.
Just got my financial aid package back. Depressed and disappointed. Need help understanding if true.
^ That is only the OOS need met limit, not the limit for receiving grant and financial aid. The FA office said many students with $150k family income still receive some grant. Having a business or self-employment would screw up the NPC estimation.
@3js3ks One OOS parent told me that they got ~$45k in grant right near the cutoff for OOS need met.
@billcsho Does self-employment affect aid for the better or worse? From the point of view of the student/family receiving aid.
You will go to UF (or another state school) with free tuition because of Bright Futures. Be grateful.
What makes you think that working hard as a high school student gets you a free education at Michigan? Working hard in high schools and getting top grades gets you MERIT aid at some schools. It may also get you accepted to other schools that offer FA to accepted students with need (as they determine it). Michigan isn’t one of those schools. If you want merit aid for your hard work, you have to apply to schools that give fuaranteed merit aid (Michigan doesn’t guarantee merit aid like Alabama does). If you want need based aid, you have to apply to schools that grant need based aid with your income and asset levels.
Go to school in Florida and take the generous offer.
If you did get accepted to GT it will most likely offer need-based grants. It hard to tell how much (they use the CSS) in your case, due to your family business.
However, keep in mind that OOS Tuition is $33,000 a year (and has been increasing every year) with a COA of $48,500 a year. That’s compared to UF’s in-state COA of $21,130 (and that’s before your Bright Futures Scholarship of around $6,800 a year). That’s about a $34,000 a year delta. The question will be, how much does the need-based aid reduce that delta?
Have you called financial aid? UMichigan promises to fund full need for OOS applicants whose parents’income is under 90k/assets 50k, and does offer FA for those above that. Check CSS profile and talk with the person in charge of your application (not a student worker who doesn’t have authorization to check what the issue is).
@MYOS1634 Yes, I will definitely be calling. My family does fall into that category however maybe not in terms of assets.
Sticky point is likely business worth but if it took losses probably highlight that.
@MYOS1634 Ok so here is the thing with the business.
My mother receives a yearly W2 just like any other worker. She made ~39k.
However, my father is self-employed and runs his a business in which he pays himself. My parents filled jointly and on the 1040 tax form their adjusted gross income was just under 60k. On the tax form, the income for my mother was listed as ~39k and my father ~ 15k.
Now separate from those two forms is the taxes for the business (form 1120). On the CSS profile and the taxes, the business made ~60k and had ~40k in losses. Only ~15k was reported as profit (my dads income for the year).
Also, the total asset value of the business if sold is ~8k and it only employs my father so it’s not a huge business.
So could this possibly be the reason why we weren’t under the 90k limit? Even though the reported gross family income was 59k?
Also many small business owners run expenses through their business like vehicles, etc. and some colleges that use profile will add those things back in. As many have said the university is a state school. It welcomes out of state students who pay for that privilege to obtain an education in the state. The op can call the financial aid office. For future students, yes UofM has a new initiative to give more aid to out of state students but this is a relatively new thing to even attempt to give more aid to other state’s students.
There are just many factors in self employed and home business that would offset the calculation. UMich does meet the need of OOS students with less than $90k income and $50k asset now. But as usual, it would be based on their calculation for your need and asset when CSS profile data is factored in.
I was recently admitted to the University of Michigan. My financial aid summary on Wolverine Access also said 0. I called the office and they told me that because I was recently admitted, they have not updated my financial aid and that it should be updated by next week.
I am not sure when you were admitted, but maybe you were admitted recently like I was.
^ that’s another possibility. Many offices need 1-2 weeks to process admitted srudentd’’ financial aid packages.
The question is whether there is an award notice already.
I called and it indeed was an error on their part.
Net cost is down to 14k a year. 3,000 available from work study and 2000 in unsubsidized loans. Also, 3,500 in subsidized loans.
This is really good. I’m so excited!
Opinions?
So there is a remaining 5k that is not covered by federal loans. Does this mean if I don’t want my parents to pay I would have to take out private loans? Which they have to cosign, right?
Great. Does it match more or less the NPC? Just want to see how accurate it with self employed.
If you only need to borrow a little more, go for your dream school. No regrets! Congratulations on the better offer!
Yes, it does. NPC said I would have to pay ~15 a year.
Thank you