Transfer Aid for University of Michigan (in-state)

Paying for College
1

<p>I was wondering how much aid I can expect to receive at U-M. I plan on enrolling into the Fall 2013 term. I have an EFC of Zero based on my Fasfa from this year. And I live in a single-parent household with an income of below $20,000. Here are some funds I'm pretty confident I'll be able to obtain.</p>

<p>$5,500 - Federal Pell Grant - I should qualify for this because of my mom's low income
$2,000 - Work Study - I should be able to get some work study
$2,000 - Family Contribution - Aunts, Uncles, Grandparents, who promised to contribute.
$5,000 - Out-of-Pocket - I'm starting a part time job next week and I will have saved AT LEAST this much by next July.
0 - $4,000 - FSEOG - This is random, so I can't be too sure on this.</p>

<p>Keep in mind that the out-of-pocket & family contribution amounts are REALLY low estimates. In a worst-case scenario, I would expect that much money.</p>

<p>That all totals up to $14,500 - $18,500 depending on the FSEOG. With U-M's cost at $26,000, I would still be in need of $7,500 - $11,500. How much of that do you think U-M will cover? I'm aware that Transfer students get the short end of the stick when it comes to scholarships and grants. But I'm also aware that U-M promises to meet the need of ALL in-state students. Does 'ALL' include transfer students? </p>

<p>Here are some other factors that may affect scholarship my eligibility. </p>

<ul>
<li>First-Generation College Student</li>
<li>Underrepresented minority</li>
<li>2012 Track & Field 800m City Champion</li>
</ul>

<p>The University of Michigan has a list of scholarships here:</p>

<p>Scholarship Index</p>

<p>There are hundreds of scholarships listed. The majority of them are based on financial need. Only about five of them explicitly exclude transfer students. But at the same time, about five are exclusively for transfer students. This sounds great- this would still leave me with hundreds of scholarships. But I fear that many of the scholarships, even though it's not stated, may be only for freshman students. A great majority of the scholarships just say "based on financial need". I definitely have financial need. But do these scholarships exclude Transfer students even though it's not stated?</p>

<p>I'm hoping that with the Pell Grant, Work Study, Family Contributions, my own money, the PSEOG, and potential Scholarships and Grants, I won't have to borrow much. I'll also be looking into private and State scholarships for help. If, after adding up all of those, and I still have to borrow over $9,000, then I won't be attending. That's too much debt for me.</p>

<p>Anyway, how much scholarships/grants would you expect me to get? I'm really interested in a worst-case scenario situation. I'm not really interested in what I might get if I got lucky. For example, what are the odds of me getting ZERO scholarships & grants from the school? Is that realistic? Or would you expect I at least get a few thousand dollars? </p>

<p>Any info on the situation would help.</p>

2

<p>Have you called the financial aid office? Have you gone through all the information on the web pages below?</p>

<p>[Office</a> of Financial Aid: Transfer Students](<a href=“http://www.finaid.umich.edu/Home/HowtoApplyforAid/TransferStudents.aspx]Office”>http://www.finaid.umich.edu/Home/HowtoApplyforAid/TransferStudents.aspx)</p>

3

<p>I think that UMich guarantees to meet need for all instate students. However, I think it also uses CSS Profile, so look into that. I don’t know if they require NCP info or not.</p>

<p>If UMich does determine that your family has a zero contribution, then you’ll get grants, loans, and likely work-study up to the cost of attendance. I don’t think you’ll be expected to pay $5k. However, still save your money just in case…besides you’ll need money for dorm stuff.</p>

4

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<p>$9,000 per year for 2 years will be $18,000. How do you determine that is too much debt for you? Your debt would be less than national average.</p>

<p>College seniors who graduated in 2010 carried an average of $25,250 in student loan debt. Michigan average debt is 25,675 in 2010. See [Project</a> on Student Debt: State by State Data](<a href=“http://projectonstudentdebt.org/state_by_state-data.php]Project”>http://projectonstudentdebt.org/state_by_state-data.php)</p>

5

<p>Don’t worry about that amount of debt.</p>

<p>Yes, your FA package as a transfer will likely include:</p>

<p>$7500 in Stafford loans
(maybe) a couple thousand in Perkins loans.</p>

<p>HOWEVER, you shouldn’t have to pay $5k per year. So, use summer earnings to borrow less.</p>

<p>In the end, if you do have to borrow $18k total for two years, then that is a manageable amount. Worth it for a UMich education.</p>

6

<p>TransferMoss – mom2 is cct, Umich WILL package those subsidized and unsub loans as part of your aid.</p>

<p>If you are not willing to accept $15,000 to $20,000 in debt, however, you should probably not bother applying for transfer.</p>

<p>Umich will often give grant money for the differential between the aid package and cost, AFTER including fed loans, but why should the school be the only one with skin in the game? Zero EFC does not mean free. Meeting need in-state means assisting a student to mitigate ACCESS to the school irrespective of socioeconomic status, but that doesn’t mean, nor should it, that a student isn’t be required to meet a modest cost or debt burden ;)</p>

7

<p>*$2,000 - Family Contribution - Aunts, Uncles, Grandparents, who promised to contribute.</p>

<p>$5,000 - Out-of-Pocket - I’m starting a part time job next week and I will have saved AT LEAST this much by next July. *</p>

<p>You should STILL apply to Umich.</p>

<p>You’re not likely going to have any expected contribution, so use the $7k above to minimize loans.</p>