<p>I am having a difficult time deciding which school to attend, especially after I recently received my financial aid awards from both institutions. </p>
<p>University of Michigan Route: </p>
<p>U of M generously gave me $5,000.00 in grants, but I did not receive enough loans to match my entire cost of attendance. As a result, I applied for a Direct PLUS loan for the maximum amount of coverage, but I have yet to hear back from the university. As far as my academic aspirations, I plan to apply to the Ross School of Business through the regular decision process. If I do not gain admittance, I will attend the Gerald R. Ford School of Public Policy and double major in Economics with a Public Policy degree. As far as a career, I will either apply to law school if I have a decent GPA and LSAT score or I will find a finance occupation before I apply for an MBA degree. </p>
<p>James Madison College & Michigan State Honors College Route: </p>
<p>Unfortunately, MSU did not give me any grants, but I was given loans to match my entire cost of attendance. James Madison College is a unique public policy residential college composed of 1,200 students. Basically, it's a small liberal arts college within a big university and most of their students who perform well attend top law schools in the country. Academically, I will probably double major in an International Relations degree from James Maddison with a Finance degree. I will most likely attend law school if I take this route. Additionally, I will receive the benefits from being part of the MSU Honors College as well. </p>
<p>Thank you!</p>
<p>Could we pls have a “costs-to-you” list that includes loans you’ll have to take on?</p>
<p>Right now it sounds like both universities are unaffordable…? How much can your parents contribute - why do you need to take loans? Don’t UMich and MSU “meet need” for in-state students?</p>
<p>Are you a Michigan resident?</p>
<p>The total cost of attendance for an MI resident at MSU is $25,514. At Michigan, it’s $26,240. If you were only offered $5,000 at Michigan, tht brings the total CoA down to $21,240. You have no aid at MSU.</p>
<p>So right now, it’s looking like you’d have to borrow $100,000 to attend MSU and around $84,000 to attend Michigan. Or…correction…you’d have to borrow the Direct loan limits (which are $27,000) and your parents would have to borrow the balance in PLUS loans, since undergraduate dependent students cannot borrow PLUS loans. Can your parents afford to repay that kind of debt? If they can’t, and they’re unwilling to co-sign that kind of debt for you (which they should be) NEITHER of these schools is affordable for you. $84,000 is far too much to borrow for undergrad, let alone six figures. Especially if you want law school or an MBA, both of which will easily cost $120-150K and are usually financed with loans.</p>
<p>Look closely at your financial aid papers. Often, colleges will package you with loans, but they aren’t actually giving you the loans - they’re simply telling you that this is how much you are approved to borrow from the feds. You have to actually apply for them from the government. The Direct loans for students are guaranteed, but they are limited at $5,500 for the first year. Parent PLUS loans aren’t guaranteed; if your parents have bad credit or are unable to repay them, they won’t get approved for them. Most parents are able to get them, but they’re not a good idea if your parent’s can’t afford to repay the $55,000 debt that Michigan would saddle them with (or the $70,000 debt at MSU).</p>
<p>As others have rightfully pointed out, you may not be able to afford the cost of undergraduate education at either one of the universities. Have you considered staying at home and commuting to attend nearby good but affordable community colleges, and transferring credits to 4 year colleges, and gaining marketable skills (such as Physician Assistant, Nurse Practitioner, … etc.)?</p>
<p>MSU gave me three loans to match my total cost of attendance for Fall 2014 and Spring 2015 with a total of $26,208.00. I am a resident of Michigan, so I will pay in-state tuition. </p>
<p>U of M gave me $5,000 in grants and $4,000 in federal loans. The rest of the cost falls on my family unless my parents apply for a Parent Loan (PLUS) to match the rest of the tuition/living expenses. </p>
<p>xXA the amount MSU gave you in loans for a year equals the recommended amount for all 4 years! Look at your financial aid package: doesn’t it state “subsidized loans”, “unsubsidized loans”, and then either “grant” or “PLUS”?
Can you detail this?
Because right now neither school sounds doable.
Where else have you applied?</p>
<p>U of M: </p>
<p>$4,478 (Grant)
$500 (M-Pact)
$1,000 (Fed Perkins Loan)
$2,270 (Fed Subsidized Loan)</p>
<p>MSU</p>
<p>$20,708 (Fed Parent Plus Loan)
$3,500 (Fed Direct Subsidized Loan)
$2,000 (Fed Direct Unsubsidized Loan)</p>
<p>MSU is NOT an option. That many loans simply aren’t doable. Your parents have to be approved for loans every year and for that amount they’d have to repay $1,200+ each month by sophomore year. And you’d end up like so many students; parents no longer approved due to too much debt, no PLUS loan = no school.
For Michigan, you have to pay $21,000. Of that amount you get $3,000 in loans. You can work over the summer, make $1,000 if your area isn’t too economically depressed. Then you can request work-study, $2,500.
THat leaves $14,500 that your parents have to pay. Since you got a Perkins loan, I assume your parents don’t make much money. You, yourself, could get an extra $2,500 if you can get approved for unsubsidized federal loans through UMich. But that would still be well above what your parents can afford.
Therefore, UMich is not affordable.</p>
<p>What other schools have you applied to or been admitted to?
If you haven’t applied, there’s still time to apply to Albion, Alma, UMichigan Dearborn, and Kettering, all in Michigan. An alternative is to take a gap year, work&save money, and reapply to more schools next year.</p>
<p>I actually should be able to afford going to the University of Michigan since the annual gross income of both my parents is $100,000.00 combined, but they are in still debt from previous loans and continue to make the usual living expense payments, such as car and mortgage payments. They also recently bought an investment property and put it up for rent which turns out a $300.00 profit per month. Should they sell the property or continue renting it out?<br>
One would think that with their income they should be able to contribute a decent portion toward my education, but again, with their debt, I’m not entirely convinced. </p>
<p>So should I completely forget about MSU at this point? If so, what business route should I pursue at umich if I do not gain admittance into the Ross School of Business? </p>
<p>P.S. I applied to a couple other schools, but none of them really gave me any serious amount grant or scholarship money.</p>
<p>You are missing the point. who is going to pay back all those loans? you? your parents? their income isnt high enough. </p>
<p>do you still want to go to law school? If so, you should have minimal undergrad loans. </p>
<p>These loans are ridiculous, yet you seem so cavalier about them.</p>
<p>If your parents already have debt, they won’t be approved for PLUS loans;
so, where will you find the missing money?
Can your parents afford the cost of UMich <em>without loans</em>?</p>
<p>Do you have any options outside of UMich and MSU? </p>