<p>I've been admitted, and won't get any need-based aid from the government due to my parents' income, but also can not go to Michigan without ~150k in loans over 4 years. This would likely be a really poor choice since my in-state school is pretty decent itself (University of Washington), but I'm still holding onto some hope that I can make it to Michigan. </p>
<p>Since I can't find any reliable information on it, I'd like to know how the financial aid landscape will look as a returning student to U of M. Is there a lot of aid available to out of state students (assuming high grades) once they are at the University, in form of scholarships and the like? Or is it going to be just as barren as it is for an incoming freshman? </p>
<p>On a sidenote, I'm obviously pursuing scholarships, etc, but is there anything I should be doing that will help me (financially) specifically at Michigan that I don't know about? </p>
<p>If your EFC is greater than the COA, then you can get a job and work as much as possible. This isn’t possible for those getting financial aid because only a certain amount of income is protected by FAFSA.</p>
<p>Yeah, I’m planning to get a job, but even 20 hours a week would probably get in way of my studies and just overall enjoying myself there. 15 would probably be the upper limit: </p>
<p>15 hr/wk * 9 $/hr = 135 $/wk
135 $/wk * 30 (?) wk/yr = $4050 during school year </p>
<p>Plus about the same during the summer, let’s even round down a thousand in case I can’t get as many hours, and I’m looking at $7000 per year, or $28k total from working: </p>
<p>Total need over 4 years: $200k
Total family contribution: <$60k>
Total work earnings: <$28k></p>
<p>Total remaining: $112k</p>
<p>That’s a lot of debt to take on for undergrad, especially since I want to pursue at least a masters. In comparison, my in-state school should be $90k - $100k total, which I could cover with barely any debt. </p>
<p>I’d really like to go to Michigan, but I’m not sure if it’s worth another $100k in debt. Thus, still looking for options to make it cheaper.</p>
<p>That’s what I’ve been coming to terms with. However, until I have to commit May 1, I’m going to do everything I can to try to find more money for Michigan. If it means a huge let down at the end of april, so be it, I’ll get over it soon enough. </p>
<p>The one tricky part is how much debt would be an appropriate amount? If I could somehow find $10k per year more, that’d reduce loans to $72k, which is still alot, but sounds a bit more manageable. $20k (highly unrealistic) would reduce loans to $32k, at which point I think I’d definitely go. What do you think is a reasonable amount of loans to take on for Michigan, keeping in mind I"ll have ~10k at UW. </p>
<p>Thanks for the responses by the way, best of luck to the others also in my situation.</p>
<p>I know a friend whos family makes $57K and she is going to Michigan almost for free. Its really not fair that those who make NO money can afford to go to Michigan with NO DEBT, but those of us who have parents who are in the upper-middle class income bracket have to take on $50K+ of debt, especially since our parents have invested way more into the tax system than my friends family.</p>
<p>is there any way we can just call the financial aid office and essentially barter with them for better aid? I have heard of this happening at other schools and I was wondering if anyone has tried at michigan</p>
<p>I have a cousin who is a senior at Michigan right now, and this is one of the things he told me to do actually. He said when students on campus have trouble footing the bill, they go to the financial aid office, and more often than not, walk out with free money. I’ve sent a couple emails to a contact he introduced me to when I visited last year, but it’s been over a week since their last response, so I’m not sure what’s going on. </p>
<p>Also, does anyone know the odds of merit awards still being available? I remember the website said all would be notified by April 15, but is this really realistic or would most people be notified by now? Still hanging on to some hope that some merit aid will be awarded.</p>
<p>“Is there a lot of aid available to out of state students (assuming high grades) once they are at the University, in form of scholarships and the like?”</p>
<p>None. Pretty much all schools have the crappy system where merit aid is determined solely by how well you did in high school.</p>
<p>Last two posts were very helpful. Got my Cornell and Stanford rejections today, so now it definitely looks like I’m going to UW unless the finaid office comes through for me in a big way (doubtful). Still holding onto hope until the end of the month, but am slowly coming to realize I’ll likely end up at UW.</p>
<p>I agree, it’s all ********. My father just recently lost his job and Michigan is being very not forthcoming with promises of aid.</p>
<p>I really want to go to Michigan, my father is an alumnus, and I was born in Detroit, but at this point it doesn’t seem like it’s economically feasible. </p>
<p>I don’t understand how a school with a $7 Billion endowment can be so negligent towards students even though we’re OOS. </p>
<p>It’s a dangerous thing for a country’s system of higher education to leave the middle class behind.</p>