<p>Ok, I am starting a new thread because I would like to hear from recent Umich grads or anyone who has insight into this.</p>
<p>It seems that Umich is notorious for not meeting need of OOS. Anyone out there go ahead and take the loans out, graduate with this UMich degree supported by the largest alumni network in the world and make a salary that will start paying back those loans right off the bat?? </p>
<p>What degrees would offer that kind of pay back besides Ross BBA?</p>
<p>What are your other options ? If you have a decent in-state school, 100K is not worth it.</p>
<p>No, it is not worth $100k in debt. No college is worth being $100 k in debt.</p>
<p>I agree with Northstarmom. No university is worth 100K in debt. Then again, I have never heard of a case where a student had to take $100,000 in loans to attend Michigan. Yes, Michigan is not the most generous when it comes to meeting student need, but not to the tune of $25K/year. I have heard of extreme cases where students had to take $10K or even 15K loans/year, but not more. Even then, I don't think any university is worth getting 50K in debt.</p>
<p>i know people who take that much debt. i will be taking close to 125K in debt to go to michigan. However I think my case is different since I will have to take debt no matter what, since my parents cannot afford what the EFC says (17K). My parents are not paying anything. they just cannot do it.</p>
<p>yeah i'm in the same boat, i am paying for everything also. im looking at around 70K by the time im done</p>
<p>oh i see. did you get a scholarship or something?</p>
<p>My daughter graduated from UMich in 2004. Although I am a single mom and earned only $33,000 the year she was accepted, we were offered no financial aid whatsoever. It wasn't until her junior year when I began to threaten a lawsuit that they finally awarded her $1000.00 for the whole year. But Native American, Black and other non-Caucasian students, whose parents were earning between $60,000 and $100,00 per year received substantial financial awards year after year. I honestly had no pre-conceived notion of any unethical bias regarding University of Michigan until this happened to us. Now I am completely aware of the prejudice against white in-state students. If there are still disbelievers out there,then you are not educating yourselves adequately.
Oh, and no, UMich is certainly not worth a 100K debt upon graduation. Princeton or other Ivy League perhaps, but certainly not U of M.</p>
<p>Really? wow, I thought it was worth it. What did you daughter major in, and what was her starting salary finally, if you dont mind me asking?</p>
<p>PS2610, why would Michigan not be worth the 100K debt (I agree mind you) but an Ivy would? Quality of education, academic reputation, placement rates (of qualified students of course) into graduate or professional institutions and starting salaries are no better at most Ivies than they are at Michigan.</p>
<p>I don't know what your situation is, ps2610, but in cases of divorced parents the university takes this into account the incomes of both parents, whether or not both are contributing to the cost of education. I believe this is typical of most institutions.</p>
<p>I don't think any undergrad college is worth $100K in debt, including ivy league. Starting out life with that kind of a burden is too much. A student with no financial support should look at living at home and working their way through a state university. After a few years in the workplace, nobody cares where you went to school - and grad schools will look at students from less prestigious undergrad programs if they can show they've excelled in college.</p>
<p>are you guys taking room/board, food, supplies into account?</p>
<p>if you are im kind of in the same situation. im getting about 28k in financial aid (17k from michigan). 3k in work study, and 6.6k in loans.</p>
<p>if i dont work while in college, im paying about 20k/year (10k for room/food/supplies) im in the process of trying to get more money, but is this reasonable? my household makes about 50-60k a year.</p>
<p>I think I am in the worst boat. I still think its worth it. I calculated it, and it will only take about 7 years to pay of debt, if you get no salary raise, which is unlikely.</p>
<p>100K debt for an undergrad degree? Seriously? Absolutely no way.</p>
<p>Anyone with the super qualifications it takes to get into Michigan from out of state can get into lots and lots of schools. Some of those others are bound to offer financial incentives while still having strong academics.</p>
<p>And then there's always your own State U. If you can get into Michigan, you're likely to get in there, at low cost and probably with Honors Program if they have one.</p>
<p>100K debt is huge. Don't do it if you have other options ... and you should certainly have them.</p>
<p>ps2610, there has to be some other factors. Assets maybe, or fathers income, home equity? I don't know, but with just 2 people and 1 in college and an income of $33,000, you should have only had an EFC of 2,000-3,000 dollars. You would have qualified for atleast $600 of Pell Grant and you could have gotten stafford loans. The way I understand it, those aren't something the school can say you can't have if you've got need. They are awards from the federal government. So if you got 0 financial aid it seems likely there was another factor (especially as an in state, because they have a reputation for being pretty kind to in state kids with need).</p>
<p>im in the same boat.
im planning on doing pharmacy so i got into umich pharmacy preadmit.
but im also oos and my parents efc is 18k although my mom is the only one working right now as a rn. </p>
<p>if i go to michigan, i would have to take out 30k in loans per year cuz my parents can chip in 10k. didnt get anything from umich except 3k workstudy.</p>
<p>pharmacy is six years so my debt would come out to 180k. but isnt it possible to get more scholarships in your later years? maybe soph, or junior? is it worth the gamble?</p>
<p>i live in nj and my parents really want me to go to umich but we just cant afford it. so im enrolled in rutgers pharmacy right now. but i didnt decline my michigan aceptance yet.</p>
<p>i just feel jealous of other people going to great schools like ivies and bc/nyu and stuff while im just going to my sttate school :[</p>
<p>you and me are in the same boat! wow. I have found a mate! Let me know what you are thinking, so we can share our thoughts and decide.</p>
<p>Don't do it guys. It really isn't worth it. A $20-$30K debt is fine. But anything over $50K is too steep. chi.lee, Rutgers is a very good university and even if its school of Pharmacy isn't as good as Michigan's, its proximity to the pharma giants like J&J, Pfizer and BMS makes it a popular hunting ground. You can always get your graduate degree in Pharmacy from another university. Unlike Medical school or Law school, admission into Pharmacy programs isn't that cutthroat.</p>
<p>Tushar, as others have mentioned, if you got into Michigan, then I am sure you can get into other good universities that won't cost you nearly as much.</p>
<p>I won't be 100K in debt, but I'll be 40K in debt...which I still think is a decent amount. Oh well I'll just pay it off whne I get a good job. </p>
<p>I want to go to UMich because of the prestige factor and because I want to get into a good grad school.</p>
<p>40K is still significant, but it is at least manageable. You can pay it all back within 5-10 years without having to resort to extreme measures. Once that dbet goes over $50K, then you have some issues.</p>