<p>So, I was wondering what kind of financial aid is available to me as an OOS student. My family's gross adjusted income is somewhere under $36,000. I have a 3.63 GPA (which will be going up next year) and a 31 on my ACT. </p>
<p>There are reasons for the low GPA and this is NOT a "chance me" thread, so don't tell me how I will never get in. My only question is what kind of financial aid I will get, as my family doesn't have much money and cannot help me pay.</p>
<p>The sample aid package (from the office of financial aid) for OOS students with a income between 20,000 - 40,000 is as follows:</p>
<p>Grants: $32,888
Federal Work-Study: $3,000
Loans: $4,500
Add’l. loan eligibility + Estimated family contribution: $11,588</p>
<p>Again, this is only a sample aid package, and it could [and will] deviate from what you would actually get.</p>
<p>You might want to look at this site for more info: You might want to look at [Office</a> of Financial Aid: Sample Aid Packages](<a href=“http://www.finaid.umich.edu/TopNav/AboutUMFinancialAid/SampleAidPackages.aspx]Office”>http://www.finaid.umich.edu/TopNav/AboutUMFinancialAid/SampleAidPackages.aspx).</p>
<p>assuming you were to get into UofM, chances are you will be getting a generous financial aid package.</p>
<p>I wouldn’t hold your breath. You’ll probably get something, but being OOS doesn’t help. Also, how much money your parents have already saved up matters a lot too.</p>
<p>Well, I’m instate, and I just looked at that link that KronOmega posted, and my package actually looks a lot like the one for my family’s income bracket. I think my grant may have been a few hundred dollars less than the estimated one, but if I had looked at it earlier, it would have been a good prediction of what I actually received, I think.</p>
<p>Romeo, be sure you have some financial safeties on your list as well, please. If you are accepted to Michigan, just know that it does not consistently meet need for OOS student, and that it goes on record as such. So I wouldn’t put too much stock in the sample package. </p>
<p>Let’s assume they gave you all those grants and your family still needed to contribute $11,588, for example (eg. cover the gap, as they say.) That would be an enormous burden to your folks at their income level. So just be prepared that it may not work out. Love your safety.</p>
<p>It probably varies from case to case. Our family income last year was around $46K and DS was given a lot more generous package than the $20-$40K income range. This is his second year. Thank you UMich.</p>
<p>For low income family, Michigan usually provides reasonable aid. Still, it won’t cover all your financial needs and you will probably have to take our loans to the tune of $15-$25k over four years. Those are just estimates of course. In some cases, aid will cover all need while in many cases, the cost of attandance after grants will still be prohibitive.</p>
<p>Michigan is definitely improving in this domain thanks to its growth in endowment, but it still has a ways to go. Part of the problem is the University’s adherence to the 60% IS student ratio. Currently, IS students are draining Michigan’s financial aid fund. If Michigan were to enroll in-state students at the rate state-funding justified (30%-40% instead of 60%), it would be able to meet 100% of OOS financial needs.</p>