For the University of Michigan price calculator, I received an estimate of what the cost of attending the institution would be. On the bottom portion, it said an estimated $2,300 would be in loans and then still had another 20 something thousand dollars under that as the cost.
How is that supposed to be paid / can loans be taken out for that as well?
Sorry, I’m not that informer on the entire financial aid process.
Thanks in advance.
If you have the screen up, there should be lines that tell you the tuition, room & board etc. (costs). Below that should be a section where they talk about any institutional / gift aid that they give you (money that doesn’t have to be repaid). They should net it out for you (subtract the gift aid from the total costs) to give you something like an “Estimated Net Price”. That total amount is what you have to figure out how to pay. They may advise you on federal loans (That $2300 is probably a federal loan) but those are limited based on your dependent student status as well as your status as a freshman.
It’s up to you to figure out how to pay for that amount. You can take a loan up to the total cost of attendance if you want, from private sources, but that’s based on your personal financial resources and income or that of your cosigner (probably your parents) and it’s not really part of your financial aid package.
You’ve been gapped. You’re likely OOS for UMich. UMich doesn’t guarantee to meet need for OOS students. You could take out private loans for the gap but you would need a qualified co-signer and it would be a bad idea to take out loans beyond the federal loans anyway. You need to find a more affordable school if you and your parents can’t afford to cover the gap.