<p>Hi CC,
I'm applying to Michigan and it is my dream school. Chances of getting in aren't great, but aren't the worst. I'm worried about money, however, say I do get accepted. This is a lot of speculating obviously, but I will probably qualify for a decent amount of money from the FAFSA. However, it's not all guaranteed and I doubt I will qualify for any scholarships or anything. I'm out of state, which is the big problem. Does anyone have any ideas for chances at getting money at all/ideas for funding my education if I do get in (trying not to take out loans...)
Sorry if this doesn't make any sense - not entirely sure how to phrase what I'm trying to say!</p>
<p>What is your FAFSA EFC? (“Expected Family Contibution”)</p>
<p>In general, Michigan does not meet need for OOS students. However, occasionally a vey talented student with a 0 EFC can get a package that makes it possible to attend. </p>
<p>HOWEVER the notion of attending Michigan, or just about any school, without loans if your parents don’t have any money saved for college is not at all realistic. The federal help available, apart from the first 5500, is ALL loans, and the federal loans max out around $7500 a year. So, federal help based on FAFSA isn’t designed to help low income students afford expensive, out of state schools like Michigan. Fed financial aid makes local colleges almost (but barely) doable, I’m afraid.</p>
<p>I admire the fact that you do not want to be burdened with massive student debt. There are ways you can keep your college debt moderate. Eg. The average student (even in-state at Michigan) graduates with about $30,000 in debt, which is roughly the federal guideline for max student debt (if the Loans are federal.)</p>
<p>Eg. Apply to schools where your scores have you in the top 10% to maximize your scholarship opportunities. Apply through Questbridge. Apply to private schools that meet need. Attend your local community college for two inexpensive years, do well, and transfer in to a more expensive school. Don’t get attached to the idea of a dream school…let the financial package do the talking. Etc. you get the gist.</p>
<p>By all means, apply to Michigan…you might fit a particular profile that Michigan seeks to balance class diversity, including economic diversity. But recognize that at least financially, it is a crap shoot, s cast a wide net in your applications.</p>
<p>Best wishes on your journey!</p>
<p>Hi!</p>
<p>I’m an OOS Undergrad freshman currently!! Michigan actually gave me the best financial aid package out of all! I got just under 30k of the Michigan Grant and just under 10k for a Provost award, and then I had like 3500 in loans, 3500 work study. (Notice I didn’t get a scholarship.) Their aid tends to be generous if you act prompt with the financial aid documents!! Currently, I’m paying about 1400 a semester for a single room on central campus. I have a 0 EFC, so Michigan meets it case by case! They’re stringent about the number of properties you have… and OOS LSA scholarships are scare compared to Engin Nursing Kins. You should be fine once you get admitted!! I know of a few other low income students. </p>
<p>Best of luck! </p>
<p>I was in a similar situation as the above person. I had 0 EFC and was OOS, but UMich only made me take out the maximum in federal loans (5500) and had me earn 3000 in work study. This was before they realized they had extra funding for a need-based scholarship and removed the loans + work study. They might be generous with financial aid if you have a low EFC, so hand in your documents on time if you plan to apply.</p>
<p>What makes the University of Michigan special is that it is a state school with great financial aid for out of state too.
Usually if you are an out of stater who is wealthy enough to pay for it all or poor enough that is poor enough to receive enough financial aid it all works out, it’s for the in between people who can’t really afford it.
apply for financial aid and everything, but have a back up plan</p>
<p>Try the NPC and you will get some idea.</p>
The FAFSA has given us a 0 EFC. I was however deferred like many others. If I happen to get in, have I lost my chance at getting a sizable financial package or will I still be considered/awarded?
If you are accepted by March 1, you should be fine.