<p>I don't recommend the yellow pages to a kid with no experience. Get some recommendations from either a friend, teacher, minister,coach,scout master....start that way. An introductory phone call will help ease the way. Perhaps your doctor, dentist....someone professional who knows you or knew your grandparent. Start from a place of comfort....also familiarize yourself with professional credentials.....CPA from a CFA from a you know like knowing what you are working with.</p>
<p>
[quote]
But the majority of money is going to be going into the colleges pockets, just not in four huge lump sums that are going to leave me broke and rather screwed.
[/quote]
</p>
<p>The money is going to educate you so therefore you are investing in yourself. In the world of financial aid the first stop is you and your parents regarding the financing of your education. </p>
<p>One of the biggest misconceptions that I have seen on CC is the beleif that because someone has a zero EFC that they are pretty much assured a free ride. Nothing could be further from the truth. </p>
<p>A zero EFC may let you close to a free ride at princeton (because they don't beleive in debt) however you will still have a student contribution from summer earnings and a work study job once you get there. Other schools may have reduced or no loans depending on your family's finanical situation but as NSM stated they are amongst the most competitive admissions in the country.</p>
<p>If you are apply for a public university, especially as an out of state, a zero EFC does nothing for your cause. Unless you are admitted into the honors college or similar program with merit $$, the only money you will recieve is a pell grant (which maxes out at about $4000). The balance of your aid package will be all loans.</p>
<p>The overwhelming majority of schools in this country are not need blind but rather need-aware or need sensitive where between 3 similiary qualified candidates, the one with the least amount of financial need may have the tip factor.</p>
<p>Additionally there are only a hand full of schools out of the over 3000 colleges in the U.S. that meet 100% of your demonstrated need with most of this need coming in the form of grant aid (which does not have to be repaid). Again, these schools are amongs the most competitive in the admissions process.</p>
<p>Regarding U-mich, Are you applying as in-state or out of state?
You should really get your application in ASAP and indicate on it that you are applying to the Honors college.</p>
<p>Invitations to the Honors Program</p>
<p>Students are invited to the Honors Program after being admitted to the College of Literature, Science, and the Arts. The Honors Program searches for students whose admission files strongly indicate that they are well suited to an especially challenging academic program. We are looking for students who want to engage in active inquiry and who are eager for a vigorous intellectual community.</p>
<p>There is no typical Honors student, because Honors students academic interests and extra-curricular activities vary widely. And we dont have hard-and-fast cut-off numbers for invitations to the Honors Program. Honors students are characterized by their focus and engagement as well as by their achievements. For the class entering in the Fall 0f 2004, the median SAT range was 1390-1480; the median ACT range was 32-35; the median range for unweighted academic GPA was 3.8-4.0. Students who want to ensure they are considered for an invitation to the Honors Program may write directly to request consideration.</p>
<p>U Mich In-state scholarships</p>
<p>U-mich Out of state scholarships</p>
<p>Other scholarships</p>
<p>There are also school specific scholarships at UM that are not need-based. We had two kids apply and didn't know this, as it doesn't show up on their FA pages. But lo and behold, S, though he did not apply for aid, was offered 15,000/yr for four years by LSA. I believe it was called a Deans scholarship.</p>
<p>Hazmat: What ever the method-its a start.</p>
<p>The worst medical information I got was from a referral from my longtime family doctor. That referral costs me annually $750, because that doctor diagnosed a precancerous condition (actually a developing type ll diabetes) Problem is that the condition is now recorded, & insurance co. requires me do annual checkups, and I have a large deductible. What makes me madder, is that I specifically asked this doctor about diabetes and he said that he knows nothing about diabetes and my symptoms was classical diabetes. I should have walked out or pressed for another opinion. </p>
<p>The worst insurance plan and insurance advice was from a classmate with a CLP-CFP. Costing me several thousand of $$ and putting my family in greater risk. </p>
<p>The worst tax advice was from a certified tax preparer, who didn't know squat. </p>
<p>The list goes on.</p>
<p>Matt and anyother person should do enough self research to recognize good advice and poor advice. He needs to seek opposing views to discover WHY.</p>
<p>I agree with starting as the big move. Gee....you sure have had some bad luck or I should say bad referrals.</p>
<p>Im so frustrated. From what you guys are saying it seems like I should not even bother trying to keep the money because I am going to receive so little financial aid that I will have to spend it anyways.</p>
<p>Yes, I am instate for UofM. When should I apply, when is early enough? If I apply to the honors college, does it apply me to the regular college by default, or if I am rejected from the honors college am I rejected completely. Anyone know how difficult it is to get in.</p>
<p>northstarmom, What is a National Merit Scholar? Am I applied automatically, or is it something I have to do myself?</p>
<p>Your other question, what I have against a school for low income students.. Well. I guess its because I don't want that label, I want to be on a level same playing field with the 'rich kids'. I don't want to limit myself or isolate myself.. I don't know if I am coming off right here, I hate to give you the wrong idea. I just don't think I would be nearly as motivated or excited. Maybe I have an inferiority complex in this regard or a chip on my shoulder but I just dont think it is for me.</p>
<p>As far as careers go, im undecided. I have always had the dream of going to law school, and becoming a lawyer. I interned at a law firm for a few months this summer to see what it is like. I like it, but I want to keep an open mind. I like business and economics as well. I would like to go to either grad school or law school, so I would need to keep this in mind when selecting an undergrad. Wouldn't a 'poor kid' school or a lower ranked state school/lac hurt me here? Im not against the idea of going to a LAC, infact the idea sounds good intellectually and 'personally', but as far as career prospects not so much. Maybe I have the wrong idea here?</p>
<p>I just get angry when I know I could very well get into a top school, say OofM, but as soon as I tell someone that I have financial difficulties or am somewhat poor they tell me to go to a lesser school. It just doesn't strike me as fair, that I am not getting a chance at lots of opportunities just because of money. Not ability.</p>
<p>Perhaps your right, it would be best for me to go to a LAC for undergrad then UofM for grad. I just can't help but get defensive when someone suggests this only because of financial need.</p>
<p>I just looked at Goucher, it looks okay. I don't really like the smallness or isolated aspect of it. As well as the fact that it only takes a 3.0 to get in. I really like the idea of a college town like Ann Arbor. </p>
<p>You mentioned lesser ranked publics that would give me excellent aid, which ones in particular?</p>
<p>I really am not going to be able to visit any of these places, I dont get the inheritance till Dec 4, that doesn't leave me much time to go visit any colleges does it? and still apply? Plus don't I have to save the money for college now? I dont know.</p>
<p>Everyone, you have no idea how much I appreciate all this help and advice.</p>
<p>Matt:</p>
<p>U Mich's application is now available on line if you need a hard copy you can also download one. I would suggest trying to get you application in in september because they start making decisions on Nov.1. If you can you can begin sending in your scores, and start working on your essays. If you need recommendations, start getting them together the minute you get back to school.</p>
<p>Here is their calendar:</p>
<p>Freshman Admissions Timeline for Fall Term</p>
<p>Freshman applicants are encouraged to apply as early as possible in the fall of their senior year. Depending on the size and quality of the applicant pool, applicants who apply later may be at a competitive disadvantage in our admissions process. We will communicate admissions decisions on a periodic basis beginning in late fall through early spring. We will make final decisions on all complete files by the first week of April. The decision may be to admit, deny, or to defer a final decision. Deferred applicants are qualified for admission but it is to soon in the season to know whether or not there will be space available to admit them. All deferred students are notified by mid-April as to whether or not they will be admitted or offered a place on the extended waitlist. We strongly encourage postponed applicants to have other educational options available to them. </p>
<p>They state Early fall - Applications, test scores, and transcripts received; recommended timing for freshman applicants </p>
<p>November 1 -Recommended date for receipt of all application materials to be considered for competitive scholarship review. Your application for admission serves as your application for merit scholarships. </p>
<p>late fall -Decision letters sent to applicants Admit, Deny, or deferred for April Review</p>
<p>U-MICH FAQs</p>
<p>When will I hear back from U-M?</p>
<p>If you are a freshman applicant to either the College of Literature, Science, and the Arts or the College of Engineering, anticipate an 10 to 12 week processing and review period once your application is submitted and complete. Decisions are made on a rolling basis, beginning November 1. Freshmen applicants to the other academic units can expect approximately an 8 week processing and review period. </p>
<p>
[quote]
If I apply to the honors college, does it apply me to the regular college by default, or if I am rejected from the honors college am I rejected completely. Anyone know how difficult it is to get in.[/quote}</p>
<p>Invitations to the Honors Program</p>
<p>Students are invited to the Honors Program after being admitted to the College of Literature, Science, and the Arts. The Honors Program searches for students whose admission files strongly indicate that they are well suited to an especially challenging academic program. We are looking for students who want to engage in active inquiry and who are eager for a vigorous intellectual community.</p>
<p>There is no typical Honors student, because Honors students academic interests and extra-curricular activities vary widely. And we dont have hard-and-fast cut-off numbers for invitations to the Honors Program. Honors students are characterized by their focus and engagement as well as by their achievements. For the class entering in the Fall 0f 2004, the median SAT range was 1390-1480; the median ACT range was 32-35; the median range for unweighted academic GPA was 3.8-4.0. Students who want to ensure they are considered for an invitation to the Honors Program may write directly to request consideration. You may send your request either via email or snail mail (no need to do both; one will suffice).</p>
<p>Matt,
I don't want to offend you or anything, but you should know that most people who go to college do not have the luxery of a 50,000 inheritance, and they have to struggle for their education. Just consider what situation you would be in without that money. From what i understand you would most likely not have recieved a full ride and therefor you would have had some loans to repay. Now instead you can proberbly get your undergrad degree without incuring any debt. You should look at that money as a positive thing and not as a negative. I for one would love for someone to leave me 50,000.</p>
<p>Matt, you sound like a good kid that has worked hard. I tend to agree with northstarmom in just about everything. What I take from your posts is that you are thinking about the $50k the wrong way. You are not going to give it the university and get screwed. Think of it as investing in yourself, and paying the fair share of the priviledge of attending a university.</p>
<p>Also, my only slight deviation from NSM's advice is that I believe you should go to the school that you want to go to. Whether it be an unaccredited school in South America, a community college, an Ivy League, etc., financial expenses should be kept in check by how much you want to attend that university. If spending $5k a year extra to attend UofM is worth the world to you, go ahead. You don't have to pick, or at least I woudn't recommend going to, a university based on how much money your parents make. This doesn't mean, however, that you just simply disregard the costs of attending the university. Just see if the benefit is greater than the costs.</p>
<p>Also, the most meritorious comment of yours is that you want to help your mother with some of the inheritance. Maybe The Shawshank Redemption is a bit outdated, but maybe you can give your mother a tax-free gift of about $10k to help her out. She can save that money and use it in emergencies only.</p>
<p>Either way, it doesn't seem that there is any way to fight off a) declaring this money in your income tax and b) paying your fair and equitable share of education costs.</p>
<p>In reading this thread I was compelled to actually register!</p>
<p>Matt - you have been given a wonderful gift by your grandma, please remember to look at it that way. My advice to follow through with the plans you were making - apply to U of M and keep your grades up in high school. </p>
<p>You said you interned for a law firm - that is the first place you should ask for a financial referral. Call someone you know and trust from there to tell them you will be receiving an inheritance (you don't need to tell them the amount) and that you want a couple of names. Call the referrals and tell them you won't be able to pay until you receive the money but you are looking for information now. Ask at least of couple of them for their plan of how you should invest/protect your money (get it in writing because you might not understand all of it at first and need to check online for explanations). You will have a lot of money to invest as soon as you get the inheritance, even if you end up paying for your entire first year of school out of your inheritance. After that you will still have money invested that can be earning interest too. </p>
<p>As far as helping your mom out, I wouldn't give her a lump sum. For someone who is not used to having money and making decisions it can be a burden for them. If she is willing, have you considered paying for her to go to a community college or take some sort of classes to get a better job? At the very least you can pay her utilities, buy grocery gift cards or pay for her car insurance. I am guessing you are worried that your dad will try to take or talk her out of whatever money you give her.</p>
<p>Matt,
What are your stats? Perhaps there are some schools that you'd like to go to where you'd qualify for merit aid. This might include schools like Michigan State, Ferris State or Central Michigan U, which are cheaper, too, than is U Mich.</p>
<p>"I just get angry when I know I could very well get into a top school, say OofM, but as soon as I tell someone that I have financial difficulties or am somewhat poor they tell me to go to a lesser school. It just doesn't strike me as fair, that I am not getting a chance at lots of opportunities just because of money. Not ability."</p>
<p>It is a very rare student for whom finances plays no role in terms of their college decisions. Most students, even ones who may seem well off to you, can not go whereever they want. For instance, University of Michigan gets many students who would prefer to go to Northwestern, but had to turn down that school in order to get the in-state tuition at Michigan.</p>
<p>Many students, too, would prefer to go away to college (even as "away" as a two-hour drive away), but end up living home and commuting to whatever school is in town. Others have to start at community college and then transfer because that's cheaper than spending 4 years at a 4-year college. One doesn't have to be destitute to have these kind of restrictions. I know, for example, lawyers' kids who have restrictions like this.</p>
<p>In my opinion, going to the college of your first choice is very overrated. For most students, there are many colleges where they could go, get a good education, and feel happy and fulfilled. They don't have to pick the most expensive college.</p>
<p>A friend of mine's father won the Irish sweepstakes back in the 1960s, and divided the $ among each of his kids. My friend used the $ to attend George Washington U, which for some reason was his first choice school even though it was expensive and (due to his windfall), gave him no financial aid.</p>
<p>Years later, when he was struggling to buy his first house, he was kicking himself for not going to a cheaper school. Sure, he had a nice experience at GWU, but with the wisdom of being a few years older, he realized that he probably could have been equally happy and just as well educated at a cheaper college. And it sure would have been nice to have been able to access that windfall when he was ready to buy a house. Given the housing market, which soared in his area since then, if he had bought a house then, he'd be sitting on a goldmine.</p>
<p>Re: Your question about honors at Michigan: You can be accepted at U Mich., but not accepted into the honors program. That's what my older son (who had a high SAT, relatively low gpa) was offered.</p>
<p>You might also want to check out the state schools in Ohio, Indiana and Illinois, where you might qualify for merit aid or other perks.</p>
<p>Get your applications in to state schools as soon as you can -- by mid Oct. because particularly with rolling admissions schools (which most state universities are), admissions becomes tougher as the number of spaces left decreases. Some of the schools also may have merit scholarships that have early deadlines. When S applied to Mich. a few years ago, he got his application in by mid Oct. and got his acceptance around Thanksgiving.</p>