In the award letter I received from the University of Michigan, I was given some direct subsidized and unsubsidized loans. However the amounts are not at the max amount you can take out. Is there anyway to ask for more money on these loans? Do I contact the Office of Financial Aid? I appreciate any help as both of my parents did not attend college and are unable to answer my questions. Thank You!
What were the exact amounts?
3,500 for subsidized
958 for unsubsidized
I was looking online and saw that the max total for both for first year students is 5,500
Yes, you should call the FA office and ask about the unsubsidized amount.
Depends on if the total amount of aid awarded. How much were you awarded? What was your EFC?
Would additional need based loan money make your aid MORE than the cost of attendance?
You are getting the max subsidized loan amount, which is need based.
As far as I know you can borrow another $2000 in unsubsidized loans to cover some of your EFC.
Are all costs covered with the aid package they gave you? What do you need to take the unsub loan out for?
Getting the full amount in unsubsidized loans still wouldn’t cover the full cost of tuition. I’ll have to take out about 6 thousand in private loans also
What is your EFC? How much are your parents contributing?
What is your major and career goal?
Do you know that UMich’s tuition goes up once you have about 55 credits (I think including AP)?
You can’t borrow the add’l $6k per year. Your parents would have to either borrow or co-sign?
You’re going to have about $30k in fed loans by the time you graduate. If you end up having to borrow another $30k in private loans (taking into acct the increased tuition), you’ll have $60k in debt…that’s too much.