<p>My family will go from an efc of about 4k last year to a zero efc this year. I got a rather decent package from the university last year, and ending my freshman winter semester I will have 8k in loans.</p>
<p>With this change in efc, and my debt load at this point as an in state student, what type of package am I looking at? Are there any scholarships through the university or otherwise that I should look into applying for specifically?</p>
<p>Sorry, I can’t really help you but…</p>
<p>You said you got a decent package, but you have 8k in loans. I thought the max in loans is 5.5k?</p>
<p>Yeah I can clarify.</p>
<p>Parents denied for plus = additional 2000 in unsub as well as 500 for perkins loan</p>
<p>total = 8000</p>
<p>the rest of my package was ‘decent’</p>
<p>Ah okay, so the extra $2500 was your parents taking out a loan? Did they have to do that because they couldn’t meet the EFC? Or did U of M not provide enough money, and they had to take out extra loans?</p>
<p>my parents couldn’t take the plus loan, so the loan is on me</p>
<p>UM didn’t understand our situation severely worsened over last summer, and I was stuck with aid short of what I truly needed.</p>
<p>ahh ic, but I thought dependent freshman couldn’t take out more than $5500 in loans?</p>
<p>if rents are denied plus loans student can take out up to 4k more in loans</p>
<p>Hi flapm. Hope you’re enjoying U of M this year! I can’t recall what department you’re in, but ask you adviser if there are departmental scholarships for which you can apply.
Also, if you EFC is lower, your package will be adjusted accordingly (but within the school’s capability.) So for example, your award will likely fill the gap more this year because you will likely be entitled to more grant.</p>
<p>With an EFC of 4,000 last year, you likely only got maybe $1500 or $2000k from federal pell grant. With an EFC of 0 you will get about $5500. Also with an EFC of 0 you may be eligible for Michigan Competitive Scholarship, which used to be $2300 for EFC 0 (however the state may have axed that as well, I don’t know since the smoke and mirrors of grant money on the part of the state has not yet cleared.) You would also be eligible for more U of Mich grant.</p>
<p>Eg. this year, they could only give you grant up to the total Cost of Attendance minus the $4,000 your parents were expected to contribute. This year, with an EFC of 0, they will legally be able to give you more.</p>
<p>So good luck. I suspect you will be taken care of, so don’t worry too much but do of course try to earn some cash to contribute this summer so that maybe you can reduce your loan amounts in the future.</p>
<p>And Yosef, I know I am the one always saying you can only get $5500 in fed loans, which is normally true. However, if your parents apply for the federal PLUS loan, for which you can borrow up to the FULL cost of attendance, AND are rejected then you are able to borrow up to $4,000 more I believe. So that’s what Flapm is talking about.</p>
<p>Ahh okay. That must stink, I really don’t want loans that start getting interest right away. That’s what unsubsidized is, right?</p>
<p>Anyways, what about the FSEOG? With an EFC of 0, shouldn’t you get the full $4000?</p>
<p>Right. ANd re FSEOG, my understanding is those loans are very limited, so I couldn’t say for sure how much from that pool umich gets.</p>