I am trying to make a decision whether i should attend Umich for engineering as a transfer student. I am a pretty poor girl who is trying to become an engineer and I have two more years of school left. I will be entering as a junior. I am out of state and University of michigan has been my dream school for a while. Here is my financial aid award
I am an independent student so heres my summary
university of michigan grant $18,450
Provost’s award grant $8,485
Fed Pell Grant $2,960
Work study $1,500
Fed Sub Loan $2,750
total is $34,145
all for one semester. so it is still $,2750 per semester. they told me this includes everything food and housing. i also dont know if i should dorm or rent a cheap apt
Is that for a semester or a year? Check.
If for a semester it’s an awesome financial aid award that basically covers everything. If you rent a room in a student apartment near campus and know how to cook, you should have enough even for books etc. That’s super super generous.
However it’s more likely to be a yearly award, in which case much more would be left to pay.
yes it is for one semester.
then it’s a very very very good financial aid package. Congratulations!!!
but that is almost 3 grand per semester. so graduating ill be 12 grand in debt
Loan Calculator
Loan Balance: $12,000.00
Adjusted Loan Balance: $12,000.00
Loan Interest Rate: 6.80%
Loan Fees: 0.00%
Loan Term: 10 years
Minimum Payment: $50.00
Monthly Loan Payment: $138.10
Number of Payments: 120
Cumulative Payments: $16,571.38
Total Interest Paid: $4,571.38
Note: The monthly loan payment was calculated at 119 payments of $138.10 plus a final payment of $137.48.
It is estimated that you will need an annual salary of at least $16,572.00 to be able to afford to repay this loan.
I think an engineering degree from Michigan is going to enable you to easily afford the student loan payments.
Besides, with a co-op you probably will earn enough to cover the $12,000 and graduate debt free. You don’t have to wait to graduate to pay off loans and you don’t have to take them if you can cover that amount with earnings.
if i decide to not dorm do they really deposit free money into your account in this case around $5.500? that i could use for rent that semester
Your Pell grant and loans are definitely allowed to be given to you for living expenses.
But you think $3/sem is too much to borrow, what is your other option? Do you have a school that doesn’t cost you anything? I’d probably still go to UMich because it is a pretty nice school, but what’s your other option?
Where are you coming from, and what does it cost?
I am pretty debt adverse. However, an engineering degree from U.Michigan with $12k in debt seems okay. I am a bit concerned about what happens if you needed an extra semester or two, since that would increase the debt very quickly. Also, it is hard to judge how sensible this option is without knowing what other options you have.
I am actually a bit surprised that you got this good of an offer as an out of state student.
You should be able to pay that back in five years tops.
Also, that’s total cost of attendance, not direct costs, so if you live frugally and spend less (rent books rather than buying them, for instance) you may need up needing less.
Finally, a semester Co-oping would probably cover the loans.
Yes you can live off campus and the money’s deposited to you so that you can pay rent and food.
Has your transcript been evaluated for credit and a course plan to graduate in four semesters been made?
DadTwoGirls brings up a very good point in making sure your financial aid package will carry you through to graduation.
Another thing to think about is any gpa requirement that might be required to remain eligible for your Michigan grants.
My D had a tough time just transitioning from a branch to main at OSU and being off schedule because of a co-op meant she had to really work at getting into a different study group.
If it’s been your dream school, but now you are starting to look for excuses not to go - maybe that’s a sign you are better off where you are.
To get the package you did, you must be a stellar student wherever you are currently studying.
An OOS student who’s been admitted to UMichigan with such a terrific aid package is a “prized” transfer and should not have trouble handling the classes (even if of course OP will have to be on top of their game).
Nowhere is engineering easy. No one gets into engineering for an easy path, nor is a top student without intelligence and hard work. Op was admitted because they can handle it. The opportunities, research, choice of classes, and network at UMichigan should vastly outweigh the fear that a lower income student feels at being in a top school. Even not so smart rich kids succeed at UMichigan, there’s no reason a bright, lower income student should censor themselves in that manner.
@Alexandre and @romanigypsyeyes may have comments too.
Sometimes the engineering classes are divided differently to meet the abet requirements. When my D looked some schools had 4 semesters left and others 6. She chose to continue with OSU because the 4 semesters was the shorter path to a degree.
Even so, any transition is tough. Less time to get to know professors, etc. There is always grad school. Obviously wherever OP is, the program is respected and Michigan thinks she will do well or they would not have offered such a great package.
i was at a community college in chicago. I do plan on doing well at Michigan of course. I have no problem adjusting to people or places so that wont be a problem. I am a serious student I just hope Michigan wont be super super tough and even if it is I will work my butt off. I am honestly surprised that they gave me such a good package but it still will put me in a little bit of debt which I am okay with if I can get a really good intership and eventually job.
I am coming from Chicago and I did get into UIC here in chicago and I do not want to go there. The engineering dept at uic doesnt hold a candle to Michigan’s.
I think you will also make a lot more than $1500/sem in a job. The workstudy might not be the best deal for you as many upper division engineers make more than $10/hr.
$12K total debt is nothing for an engineering degree. Depending on your specialty, starting salaries range from about $60K to around $100K. You should not be concerned as long as you finish your degree. If you stay frugal, you should be able to pay the loans back in 1-2 years.
For an ME I read this:
“The ME degree consists of three design courses (ME 250, ME 350, and ME 450) and two laboratory courses (ME 395 and ME 495). NONE of these courses may be taken in the same semester. As a result, it is useful to start the planning process by placing these courses first, and then filling in the rest of your degree plan by following the prerequisites and co-requisites.”
on https://me.engin.umich.edu/academics/undergrad/handbook/bachelors#Bachelor’s Degree Guide
That means 5 semesters minimum if you are an ME unless they would allow you to transfer in a credit for one of these classes.
How many semesters is your financial aid plan renewable for?
Has your transcript been evaluated so you know exactly what classes you have left for the specific degree you are pursuing? How do those classes line up in terms of prerequisites so you know which classes you need scheduled your first semester to finish in the fewest semesters?
Do you have a course plan mapped out to finish your degree within the renewable time frame of your financial aid letter?
I have two kids that started engineering degrees at a two year college. For them the two year Chemistry series could be substituted for the one semester Chemistry for Engineers class but the Physics I and II courses were not sufficient for the engineering programs. They retook a Physics I and II calculus based series from a four year university to fulfill the Physics requirements of engineering programs (since these were dual enrolled classes, free, and useful for EPHR they did not attempt CLEP). There were other details like ‘with permission of instructor’, concurrent enrollment of prerequisite classes, dropping the requirement of a class types of accommodations made. But my D had to know the specifics of what she was asking for and make a case for the exceptions by demonstrating the alternate ways she had met the requirements.
Use the degree audit tool for the degree that applies to you. If you find you have a semester that won’t be covered by the grants, you will need a plan to afford your last semester. Still doable - but you’d need to plan ahead and save up for it.