I live in New York and I was thinking about applying to the Ross School of Business at the University of Michigan. But when I plugged my data into their NPC, my estimated cost was almost $65,000! Could this actually be right (my parents make about 100k a year)? If so, should I just take it off my list, as I am hoping to keep it at 30k or below. Thanks.
I would still apply, and even if you don’t go, at least you know you had the opportunity to attend. But to answer your question, yeah UMich can be very expensive for its OOS students, especially when your family has a relatively higher efc which I believe you do. Part of the reason the npc may have calculated that number for you to attend may have had to do with other factors such as how much your family has in assets. If you listed for instance $200k in assets, then the fin aid officers believe that can be used towards your educational expenses.
Good luck!
If you can’t afford to go there, don’t waste your time applying. But let’s first determine if you did the NPC correctly. You say your parents make $100k. Is that gross or AGI? Second, do they have jobs where they get W-2s? Or do they own their own businesses? Are they married to each other or divorced? As the poster above said, it’s not only income, it’s assets as well that are counted (although $200k in assets would not be considered “a lot”; there’s an asset allowance). Do they own a home? Do they own vacation property or rental property?
University of Michigan is an expensive college for out-of-state students. One thing to keep in mind is that Ross costs more than LSA.
Yes, UM-Ross is that much for OOS (my kid is Ross OOS). That does not even include additional costs that only OOS students need to think about (like plane fare, costs to live in a furnished apartment, etc.). You never know what your final financial aid package will be, but there’s a good chance that it will cost more than 30K.
About how much was it for your son? Over 30k?
Yes I did fill everything out correctly for the most part
Take it off your list. It is not affordable.
This is exactly why everyone has been telling you to run NPCs.
(In other posts you said you needed to be under $20k, did that change?)
Well then you are not going to get enough money to make it affordable for you. Sorry. Keep running those NPCs at different colleges! Also try to find colleges where you can get substantial merit aid.
No it didn’t, and you’re right.
From my region and families that share this information I hear they get $20,000-25,000 for OOS with the Michigan Grant. A few people on CC have mentioned a bit more.
It also depends on assets.
Absolutely. I should of mentioned that but it seems to be a common number I keep hearing if the OOS student gets anything at all.
So would that grant be in addition to financial aid? Because then it would be affordable, as my COA is about 40-45k.
The grant IS the financial aid. I think @Knowsstuff is trying to say that families with income similar to yours are getting about that amount in a form of a financial aid grant called Michigan Grant. The various grants and loans that make up the financial aid have names.
Gotcha, my bad.