:((
There is one thing interesting about UMich’s financial aid and I still cannot figure it out. They pledge to reduce student debt by offering Michigan grants to student. Last year, they did replace all loan and workstudy with grant money for my D. But on their website, they also mentioned that you may get additional aid by subsidized/unsubsidized loans if they are not in your package already. So if one has the loan replaced by grant money like my D and then request the loan again, would it be like double dipping need based aids?
@billcsho…I’m still trying to figure out their process also. The EFC for my son is less than a full year’s tuition and I’m getting very little from the school
@buckeyeinmd If you are from in state and your EFC is less than the CoA, you will get some aid,
problem is when you’re out of state. Think its just another chance to pay the price of being a good buckeye and letting my son go to Ann Arbor
@buckeyeinmd In that case, you should not expect anything.
@billcsho…that’s about what I"m getting. Son knew how much we could afford to start with
Can someone point me toward Michigan’s policy on outside aid? I am having trouble finding that on the website.
@vocal1046 They will reduce the work study, loan, and then grant. My D had that experience last year. For each external scholarship she got, they reduced the exact amount from the grant money as there was no loan or work study in her package.
Bill…this is one reason to take the Direct loan in your package. It gives them something to reduce!
Very odd, I just saw that someone answered this question two weeks ago! Oh well…too bad my kid would rather work than borrow.
I’m curious whether anyone knows the degree of relative neediness among work study, Perkins loans, and Direct Subsidized loans. In other words, if one of these was to be lost because of decreased need, which would go first?
@vocal1046 They do not specify the order on their website:
But I think they will remove the work study first as that money would not appear in your account. So that would make more sense.
I’m debating whether it’s worth calling to ask if it’s possible to keep work study and lose loans.
I did read the website - several times in fact, and also googled widely. No clarity. No ‘industry standard’?)
You should call to find out. I attended several FA info sessions by UMich in the last few years. I vaguely remember the guy said work study first. I do remember he said do not count on the work study money as you do not have it until you earn it. If they took out the loan first and leave work study in the aid, how would you be able to pay the bill before it dues.
He would pay it out of his savings and replenish his savings account by working.