@excanuck99 Yes, the financial aid is based on need, however, UMich does not meet the need for OOS students. That’s why I said most OOS students do not receive much aid. Only the very low income students would receive significant aid.
Note that I am not saying UMich’s financial aid for OOS is particularly bad. I am just saying most OOS would not get much financial which is the case for the vast majority of public colleges. UMich is however more generous to low income students even from OOS. I could not emphasize it more to check their NPC. There is no generalization regarding aids.
UVA and UNC are the only 2 public schools that are need blind and guarantee to meet full need for all students including OOS. UMich is one of the richest publics after those 2 in terms of endowment, so perhaps they may move to this policy in the future as well.
@goldenbear2020 I would assume given UMich’s size and prestige, that their expenses are significantly higher than other public schools. So their income is probably irrelevant.
@goldenbear2020 UMich’s endowment is actually much larger than UNC and UVA. It is among the top few public universities in terms of endowment.
I’ll stop beating this horse, but billcsho is not correct. I am not “very low income” nor a URM. UM met my full need and I was offered a total of $3000 in loans. Several other students in my HS received similar aid packages.
Do you receive any merit aid in the package? With the increase in endowment, the OOS net met criteria should be more lenient now that a couple years ago. Someone did test the NPC with hypothetic income numbers a couple years ago and found the OOS new full ride aid to be around $35k. Then the out of pocket cost increase gradually up to ~$60k family income (the second cliff). I would not be surprised if the cliffs went up by $10k-$15k by now. I don’t think URM has anything to do with need based aid anyway. It is not one of the question on NPC.
Here are the official numbers regarding financial aid for in state and OOS students:
http://obp.umich.edu/wp-content/uploads/almanac/Almanac_Ch3_Sep2015.pdf
Only 16% of OOS students have family income below $50k, but 32% for in-state.
Sorry, the above percentages should be below $100k, not $50k. Also, the percentage of students receiving grant money is 39% for in-state and 20% for OOS. So grant money is available even for some of those with $100k+ income, but 80% of OOS students receive no grant at all even they have much bigger need due to the higher CoA.
I received no merit aid. Just Michigan Grant and Provost’s award. I also received work study and a subsidised direct loan.
There is a newsletter that comes with your paperwork. It says that they do “gap” OOS students but the average gap is $3000 and can be covered by student loans. Again, when I spoke to the financial aid rep they said that they were in the “fortunate position” to be able to assist the vast majority of OOS in need. You can quote all the numbers you want but OOS students who apply for aid have received very good aid.
But in this thread you said you were a URM with low income and you attend Columbia:
http://talk.collegeconfidential.com/discussion/comment/19252690/#Comment_19252690
And it is better to quote some numbers than saying whatever you want. LOL.
Provost’s Award is for the NEEDIEST OOS students. Enough said.
If out of state students have some sort of aid that doesn’t require repayment, chances are it comes some sort of external funding rather than UM itself. UM rarely gives merit based aid to anybody simply because everybody who comes to UM is strong academically.
My personal position is that at a public university, scholarships and grants (i.e., aid that doesn’t require repayment) should be reserved exclusively for in state students. Going to a public university out of state is a choice you make, thus you should be expected to pay the full tuition in making that decision. If you have difficulty affording it, then stay in state.
@umcoe16 For lesser-equipped colleges I would agree with you, but Michigan isn’t just some public university. Their endowment, at nearly ten billion dollars, is the 10th largest in the US, larger than four Ivy League endowments (Columbia, Cornell, Dartmouth, and Brown) and many more. Granted, Michigan is a far larger school than those, so the funds are stretched a little thinner. The endowment still fares well in endowment per-student (228 million). For reference, Columbia University, which offers no-loan financial aid packages, is only a few places above Michigan at slightly over 300 million per student. It’s a far cry from Princeton’s 2 billion per student, but it’s nothing to scoff at.
In-state students already (without aid) pay 30k less per year than OOS, and still get plenty of aid. If aid to OOS is making it unreasonable for in-state students to attend that’s one thing, but if you really want to attract the “best and brightest” pushing away all OOS students even though you can afford to take them in just doesn’t make sense.
Also, Michigan gets only 4.4% of its funding from the state, 300 million from an operating budget of $6.8 billion. The state of Michigan’s contribution doesn’t even cover the $30,000-per-student differential in tuition multiplied by the 16,000 in-state undergraduates, which weighs in at about 500 million, so if the argument is that the taxpayers shouldn’t be supporting out-of-staters who don’t pay Michigan taxes, the taxpayers don’t even pay enough to pay for in-state students.
That’s straight from a presentation on the FY2015 budget, with some of the data extrapolated. Source http://vpcomm.umich.edu/budget/fundingsnapshot/2.html
@umcoe16 - UM has long described itself as a “state assisted” university, which is more accurate than “state university”. State funding has been steadily declining since the early 80s and tuition and a growing endowment fund the vast majority of the university’s operations. Hence it is that Michigan has a growing financial aid program. State money doesn’t fund this but endowment income. Moreover, Michigan sees itself as a “national” university. Attracting the very best student is key to the university’s success. I’m happy to say that Michigan legislators appreciate this fact.
billscho - I got the Provost’s Award with an AGI of $80K. I didn’t qualify for a Pell Grant. Enough said.
@CautiousOptimist thank you for your input and the source.
That is good for you. However, didn’t you claim to be an URM and low income on another thread? Just don’t know what to believe.