Does UofM meet 100% of the applicant's need if they are accepted? - Page 2

romanigypsyeyes · 07-10-2012, 03:45 PM

I should say while I don't go there, I know plenty of people that do and that I've helped with fa stuff.

In my experience, Michigan is very generous.

Kdog044 · 07-10-2012, 04:03 PM

Quote:

Originally Posted by romanigypsyeyes

As I said, your EFC has very little to do with what the school determines your need is due to the PROFILE.

Which is just a way of saying the school can determine your need by whatever it wants. We have no extra property or fortune in stocks. We drive a 14 year old and 8 year old car. We owe 15 years on a mortgage. There is nothing on the CSS Profile that would change our contribution. Last year our EFC was at the lowest (around $2.8K) and the loans and work study comprised 38% of the total package.

Quote:

Originally Posted by romanigypsyeyes

I don't go to U of M

You told me all I needed to hear. Perhaps your "friends" are not as truthful as you might like to believe. I have first hand knowledge of their financial aid.

NOTE: I am not saying they are the worst in terms of offering aid as I see many schools that gap BEYOND the Stafford/Perkins/Work Study. However, unless you are ZERO EFC you can expect loans to comprise at least around 40% or more of the package.

mom2collegekids · 07-10-2012, 04:03 PM

Kdog....

did you ever investigate why your FAFSA EFC and your UMich CSS determined "family contribution" are very different?

Does UMich consider home equity? Are you self-employed?

It would seem (to me) that if a family has a modest income from a job (not self-employed), and doesn't have much assets/equity, then there shouldn't be much/any difference in EFC.

As for the matter of including student loans as aid, that's another issue. Most schools include student loans....only a few of the richest schools don't include loans.

The Parent Plus loans in your FA pkg is troubling unless that was just offered to cover a reasonable EFC. However, it sounds like you were offered Plus loans for an amount that was either gapped, or an amount that was large because of a high CSS-determined family contribution.

BTW...does UMich include a "student contribution" as well as a parent contribution?

romanigypsyeyes · 07-10-2012, 04:06 PM

Kdog, I've tried helping you in the past so I won't waste my breath. I did get a fa package from U of M. I have PERSONALLY seen many aid packages.

Whatever.

mom2collegekids · 07-10-2012, 04:13 PM

I'm wondering if the issue is that Kdog's other child is attending a school with super good aid, and therefore UMich isn't using the standard 60/60 split in determining "Family Contribution"????

There must be some reason why the school is expecting a much higher "family contribution" for her daughter.

Kdog044 · 07-10-2012, 04:16 PM

Look at their web page which states my point. The family with $40-$60K in income with a EFC of $3.7K still has another $6.7K in loans and work study.

Office of Financial Aid: Sample Aid Packages

mom2collegekids · 07-10-2012, 04:20 PM

Look at their web page which states my point. The family with $40-$60K in income with a EFC of $3.7K still has another $6.7K in loans and work study.

Office of Financial Aid: Sample Aid Packages

But, the loans and w-s are not part of "family contribution." Those are part of the aid pkg. Are you adding the loans and ws to your family contribution and then saying that the EFC is much larger than it should be?

Since it sounds like your older child attends a super-elite school (no loans, etc), then I can see why the comparison may be shocking. however, it may not be really fair to compare the exceptional (super-elite) to a school that does provide very good aid. It's like comparing a 10 carat diamond to a 3 carat.

It's not unreasonable for a school that gives very good aid to expect the student to pay for SOME of it.

romanigypsyeyes · 07-10-2012, 04:21 PM

Yes, k, which is reasonable. A few thousand in loans and self-help is not unreasonable at all. That's very generous IMO. That doesn't even max out Stafford loans.

lerkin · 07-10-2012, 04:25 PM

Quote:

That doesn't even max out Stafford loans.

But Kdog mentioned that daughter IS maxing out Stafford loans.

Kdog044 · 07-10-2012, 04:28 PM

Quote:

Originally Posted by mom2collegekids

The Parent Plus loans in your FA pkg is troubling unless that was just offered to cover a reasonable EFC.

I don't know what my EFC was the first year (I still had a full time job) but I don't think it was more than around 10K (is that reasonable?). In that year we were offered a whopping $3K in grants and $8K in loans and work study with the $11K gap. We did not have a PLUS loan the last two years after I lost my job and our EFC was <$5K but she still had the maximum Stafford loans, Perkins and work study.

romanigypsyeyes · 07-10-2012, 04:30 PM

Right, lerkin which is something I don't understand, hence why I asked if she/he ever asked for a review.

Kdog044 · 07-10-2012, 04:37 PM

Quote:

Originally Posted by omanigypsyeyes

A few thousand in loans and self-help is not unreasonable at all. That's very generous IMO. That doesn't even max out Stafford loans.

I never said it was unreasonable but it is not what I define as generous. Having an EFC of less than $5K is not an enviable position (at least when it comes to paying the bills) and she HAS maxed out the loans (she is at just under $26K as of the end of junior year). I would guess that most people have a higher EFC so their packages would be even lower.

Kdog044 · 07-10-2012, 04:39 PM

To the OP, Sorry to hijack this thread. You determine what you believe is generous.

Kdog044 · 07-10-2012, 04:50 PM

OP, to answer your question, if you have a LOW EFC then yes they meet 100% of the need but expect loans as a part of meeting the need. If you have a higher EFC (i.e over 10K) then expect there to be a gap that you have to figure out how to meet.

coolapple1 · 07-10-2012, 04:53 PM

When does one fill out the CCS/PROFILE vs the FAFSA?