I was checking the net price calculator on college board and it reads that my family would have to pay about 18,852 dollars per year as out of state residents since we make less than 80k per year as out of state residents, but my question is that are these net price calculators accurate ? And is this true for an out of state family that makes less than 80k per year and is paying close to 19k per year ?
What is your EFC on FAFSA calculator? UMich uses also CSS profile, so the number may be higher than the FAFSA calculation particularly if your family has significant equity value. They announced not long ago that they will meet the needs of OOS students with family income below $90k and no substantial asset. With ~$80k income, an EFC of $18852 is not unreasonable. Basically, you may receive near $40k in aids from an OOS public college, that is very generous.
You might get loans, which need to be repaid, to help cover what you need. I was in state, and Umich was never willing to give me any scholarships or grants, despite having above average grades, so I would not expect them to be generous with regards to aid that does not need to be repaid. Umich is a public university, thus they have no obligation to financially support out of state students.
Remember, going to an out of state school is a choice that you make. By making that choice, it is not an unreasonable expectation that you be fully responsible for the cost that comes with it. If finances are a significant issue for you, you have the choice to go to an in state school.
UM offers pretty substantial financial aid to OOS families with incomes such as yours, so you must have other assets (home equity, investment accounts etc). As people have stated, it is a CSS school so these assets will be considered. If you feel you cannot afford $18K a year, which isn’t that much, I’d consider my local state school.
@umcoe16 Just to clarify, University of Michigan does not expect that OOS students be “fully responsible” for the cost of a Michigan education. If a student qualifies for FA, s/he will receive it. Grants are based on demonstrated needs.
@umcoe16 No school has obligation to meet the financial needs, in-state or not. It is UMich’s decision to meet the needs of all in-state students, and OOS students with less than $90k family income. That is feasible solely because of the huge endowment. These are facts. If you do not receive any grant, that means you have little need. Merit scholarships is not for just above average grades in any school. For the renewable scholarships offered to freshmen, you need to be among the top ~2% admitted students. For departmental schoolships offered to sophomore or higher, not only you need to be a top student, you also need to demonstrate need.
For OP that receives ~$40k in financial aid, most of it will be in grant due to the limit in loan.