<p>Hello, i am currently a senior and I plan on going to university of michigan college of engineering. I was wondering how much I can get in terms of financial aid, since that is the only thing that is really keeping me from going there. </p>
<p>I have a question towards current u mich students: how much financial aid did you get?? </p>
<p>Also, my family income is about 42,000, so how much money do can I possibly get for financial aid??</p>
<p>There are too many variables to your personal situation to give a decent answer, and you did not mention whether you are in state or out of state, how much you’ve saved for college, etc. However, if you were in-state, your cost of attendance in that income range, provided you didn’t have other high value or liquid assets, would likely net you an AID package of about $5500 in student loans (the limit each year with FAFSA), about $2,000 - $4000 PELL, a work-study grant of $2500 or more, and likely some grants from the school itself. A parent PLUS loan is often available to finance gaps, administered directly through the school. The average cost of attendance is about $23,000 a year in state.</p>
<p>Your best bet is to run the calculator at the financial aid page on the U of M site. If you’re out of state, it is a very expensive proposition, but sometimes U of M gives generous grants, and other times students feel it doesn’t. Comparatively, your tuition is about $20,000 MORE, and that gets a little tough to finance/rationalize if you’re looking a loans only (as opposed to having some ready cash to pay.)</p>
<p>At the end of the day, you will just need to see what the package is come April, and make sure that you have a fiscally viable alternative at the ready. Also note that it’s possible to still be notified of COE Merit scholarships.
Good luck!</p>
<p>Yes I am out of state, sorry I should have clarified that. But I got a question for you, what is exactly EFC, and how is it calculated? Also, I am goign to apply for FAFSA like within next few days so I just do hope U mich will be generous like you said and give me at least 20000.</p>
<p>EFC stands for Expected Family Contribution and for FAFSA purposes it is calculated based on a formula of tax earnings, assets, etc. Try [FinAid</a>! Financial Aid, College Scholarships and Student Loans](<a href=“http://www.finaid.com%5DFinAid”>http://www.finaid.com) to see calculators and explanations, or use the calculator at u of m’s financial aid site. Make sure you’ve also filled out the CSS form, which is a separate and more detailed form many universities use in determining a final institutional estimate (which can be different than the FAFSA formula because it affects the school’s own contribution, should it elect to make one.) Research this as quickly as possible to feel informed during the rest of the process!
Cheers, K</p>
<p>Expected Family Contribution: The amount of money a family is estimated to be able to contribute to their student’s educational expenses; an estimate obviously done by someone with very limited contact with reality.</p>