Michigan OOS Need-Based Aid?

Paying for College
1

<p>I've been doing a lot of research on the University of Michigan and after going to Campus Day 2012 I have officially fallen in love with the school. The only problem now is paying for it. Could anyone possibly supply me with some info on their OOS aid? Obviously it's not going to be a ton for most out of staters but with my family's financial situation I really don't see how I couldn't get a decent amount.</p>

<p>Financial Info:
Parents: Divorced (living with mom)
Mom's income for 2011: $15,000
Savings: ~$2k</p>

<p>My father does still help to pay the mortgage but that is pretty much it.
Fafsa has given me an EFC of 0 and has estimated that I will receive the most money from Stafford/Pell.</p>

2

<p>Have you done the NPC calculator on the UMich website?</p>

<p>did you fill out CSS Profile as well (I think UMich requires that, too).</p>

<p>Anyway…your EFC doesn’t mean much as an OOS student at an OOS public. UMich is committed to helping its instate students meet need. It’s not committed to OOS students pay the high cost to go there (that’s why they charge the high cost…why charge a high cost for OOS and then cover it with need-based aid???)</p>

<p>I hope you have another favorite school, because unless your dad is going to help pay for Umich, it’s likely not going to be affordable.</p>

<p>use the NPC here to find out what you might get…</p>

<p>BTW…I just checked…UMich does require CSS and does require the financial info of your dad. So, your mom’s income is NOT what will only be considered. Your dad’s income/assets will also get considered.</p>

<p>[Office</a> of Financial Aid: M-Calc](<a href=“http://www.finaid.umich.edu/TopNav/Resources/MCalc.aspx]Office”>http://www.finaid.umich.edu/TopNav/Resources/MCalc.aspx)</p>

<p>What are your stats? (GPA and test scores)??? Umich does give some merit scholarships for very high stats…but that still may not be enough.</p>

3

<p>You will in high probability be gapped. Best to have a conversation with both your parents and find out what they can contribute for your college costs. Michigan states on their website that they do not meet need for out of state students. Meanwhile you should have filled out the scholarship profile available on the website. Every little bit will help. I do agree, though that you should have a financial safety you are willing to attend.</p>

4

<p>I should have noted that I have also completed the CSS profile and sent them my father’s income/other info as well even though he also does not make very much (~$30k). According to Michigan’s net price calculator I will receive roughly 25k off although I’m not a big fan of net price calcs.</p>

<p>Stats-wise I’m pretty average for Michigan.
30 ACT
4.0 UW on a 4.0 scale</p>

5

<p>It’s a stretch but possible…total cost of $50,000 - minus your Federal Direct Loan would leave grants/scholarships of $20,000 and the $25,000 you and your parents could have to contribute. If your parents can subsidize the $25,000 a year difference in cost which you would need to confirm with them (and feels like it would be a huge stretch on their salaries). AND this is only what the net price calculator is giving you so you won’t know until it’s “official.” Remember Michigan tuition costs rise as you “rise” through the years. I think you are going to have to wait until you see your final aid package. I think you need to have a conversation with your parents to see what if anything each can contribute and I absolutely hope you have a financial safety in your quiver of applications/acceptances. I would get myself “out of love” until you see the financial aid and until you figure out where $25,000 (or more) is going to come from.</p>

6

<p>T, your first post tells us you unfortunately don’t understand how aid works:</p>

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<p>Unfortunately, this is probably the number 1 myth in college admissions. Kids seem to just get the message that if they work hard and get the grades and scores, money will come.</p>

<p>Most kids in the US have to go to a community or state school because that’s what they’re family can afford. The majority, and we all need to get that message out.</p>

<p>Michigan gives very little aid to those coming from OOS. If it turns out you didn’t apply to affordable backups, consider a gap year and try again. Good luck!</p>

7

<p>I forgot about Pell which might be another $5,000 but STILL you could easily have a huge gap so do…not…fall in love until you see the numbers and have some understanding if your parents can help at all.</p>