Just got my financial aid package back. Depressed and disappointed. Need help understanding if true.

Florida has Bright Futures and possibly state grants to help you pay for school instate.

Also Florida tuition at public universities is pretty low I believe.

That’s great. It matches, actually even beats, the NPC estimation.

@mommdc Yeah Florida tuition and instate is very cheap indeed

Happy for you that you get more aid than you thought. You are blessed!

Well that worked out great!! Just goes to show that simply calling can really make a difference. Whew!

Congratulations!! Keep in mind depending on what you are going into that there are some paid summer internships. You can work and save this summer also. There are also more scholarships once you are in your department etc to help offset what you would owe. You have the work study. That could be used to pay off a smaller loan yearly if you have to take one out.

Congratulations!
In my opinion, if your parents can afford to give you 3K and you can earn 2K between now and Fall 2018, you should go for it. And I’m sure your parents will be thrilled to contribute to your education. Better than a private loan.

Don’t forget you can set up a payment plan for each semester to spread over 6 months - making it more manageable if your parents are willing to contribute.

Here is the math:
'$14k less the $5.5k in loans is $8.5k out of pocket over 2 semesters.
$4.25k per semester spread across 6 payments is $710/month for the first semester beginning this summer.

Then, if you saved up your $1.5k you earned in work-study from fall semester and apply to winter, the $4.25k for next semester reduces to $2.75k. Spread across 6 payments, your second semester is $460/month.

But I have to ask, this sounds like only the tuition side. Where is the other half regarding housing, meals, and expenses? Or did you receive a grant in here somewhere?

You won’t have the work study up front to pay the bill. You find a WS job and earn the money in a regular weekly or biweekly paycheck, depending on hours worked.

So if your net price is $14,000 and you can borrow $5,500, your remaining cost is $8,500.

@Monkey288195 I don’t know the full details of your situation, but I suspect you have other assets. Otherwise, Michigan now meets the full demonstrated need of OOS students with family incomes below about $80K. Indeed, I’ve known several OOS students with family incomes around $80K who got near full rides. They had to take some subsidized student loans and were awarded work-study, but the remainder was grant aid. They had zero “unmet need”. I suggest you speak with Financial Aid.

@TomSrOfBoston The University of Michigan has re-affirmed its commitment to providing financial aid to OOS students. Their formal policy statement is on the web. While they cannot meet the full need of all OOS students, they have committed to meeting it in the case of OOS applicants with family incomes below $80k. They do so primarily with grant funds (including the Provosts Award) and do not expect these families to take parental loans. The university has launched a major funding raising campaign so that it can eventually meet the full demonstrated financial need of all OOS students. It’s one of the few publicly assisted universities to make this commitment.

@exlibris97

" full demonstrated need of OOS students with family incomes below about $80K."

It’s 90k. But I thought I got that because I did indeed get the Provosts award and grants?

@098123Student

“But I have to ask, this sounds like only the tuition side. Where is the other half regarding housing, meals, and expenses? Or did you receive a grant in here somewhere?”

What makes you say this?

There are a lot of inaccurate information in the responses. First. The need is calculate from the EFC (by UMich’s formula) and CoA, which included the R&B already. It is not even half for in-state but around 1/5 of OOS CoA.
Second, the net met cut off for OOS is $90k, not $80k. Third, meeting need is not full ride. OP still has the family contribution to pay in addition to loan and work study amount. Last, Provost is one of the way they use to meet the financial needs.

@Monkey288195

I based it on this information:

Your Post #94: 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.

Looking at these costs and knowing you are OOS:

Cost of Attendance In-state: $29,526 Out-of-state: $62,176
Tuition and Fees In-state: $14,826 Out-of-state: $47,476
Room and Board $11,198
Books and Supplies $1,048
Other Expenses $2,454

TUITION: It would appear that your OOS tuition of $47k is maybe being offered at in-state rate of $14k…THEN the work-study and loans would apply? Was this perhaps a grant that brought you down to $14k from $47k?

ROOM AND BOARD: There is still another $15k for everything else. Perhaps you received a grant for this portion too?


Your Post #110: I did indeed get the Provosts award and grants

Your award notice should reflect around $48k in awards/grants if your true NP is $14k for everything.

@098123Student It depends on the $14k net cost is before or after self help aids in loan and work study. With near $90k in income, it would be likely the amount after loan and WS already as it is near the EFC.
They do not use the in state tuition in the aid calculation for OOS students. Also, the financial package already includes ALL CoA in the calculation. There is no separated aids for R&B, etc.

So then OP has to come up with 14k? After loans and work study?

Just read through the thread again. OP has around $60k family income and EFC around $5k. So the $14k should be before loan and WS.

First, congrats. Second, if I had seen this thread last week I could have told you right away that they just did not post it yet. It says ZERO until they post the FA. Wish I had seen this thread so you didn’t have to worry.

Now for the finances. This is the estimated cost for 2018-2019 academic year.

$47,476 TUITION & FEES
$11,198 HOUSING & MEALS
$1,048 BOOKS & SUPPLIES
$2,454 PERSONAL & MISC.

Your immediate attention needs to be focused on the fees that are BILLED to you from the university. That’s tuition & fees and housing & meals. (Books & supplies and personal & misc are variable and are not directly billed to you. They are just estimated expenses you will have in college.)

So, the number that will be billed to you is the total of tuition, fees, housing, and meals:
58,674

Now, tell us the exact amount you were awarded in grants and loans. Do not include work study because you do not get that money up front. What we are going to do is subtract the total amount of grants and loans from 58,674. The resulting number will be the amount that the university will bill you.

If “net cost” of 14k (I assume that’s a round number) that you cite is before you account for loans, then the amount of your bill from the university will be about $8,500. (subtracted 5500 in loans from the 14k)

If indeed that’s the case, then $8,500 is the magic number you have to worry about. If you select the payment plan, you will have to pay about $850 per month.

Then you will need money for books and expenses. You can use your summer earnings and your work-study earnings for that. Make sure you have at least $1,000 available to spend when you arrive for books and supplies.

Can you apply to some local scholarships? You may be able to get a couple thousands that way. However, that would likely offset your loan and/or work study amount. You may still find other non work study job though, just not as flexible.