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How do people afford OOS tuition?


Replies to: How do people afford OOS tuition?

  • thumper1thumper1 Registered User Posts: 63,832 Senior Member

    It looks like you want to go to University of Michigan as an OOS student.

    If you have significant financial need, Michigan might...MIGHT....give you need based aid that will help,pay your costs. The school does NOT guarantee to meet full need for all out of state students... but supposedly they are trying to move in that direction.

    But I have to ask...if you can't afford these very expensive colleges...are you also looking at colleges you CAN afford?
  • twoinanddonetwoinanddone Registered User Posts: 14,464 Senior Member
    My friend's dad pays for the education of the grandchildren, from Pre-k through college. It is a great gift to her family and her brother's kids also went to our school. Both friend and her brother are pretty average, middle class earners, but her father is often on the list of the highest earners in our state. The grandchildren have gone to a combination of private, OOS public, and an instate public that is not the flagship. They have the luxury of picking schools without worrying about the cost.

    So here are 6 middle class kids who went to college wherever they wanted, and some who don't know the grandfather might be thinking "How did those parents pay for THREE kids at private/OOS schools."

  • twoinanddonetwoinanddone Registered User Posts: 14,464 Senior Member
    My daughter pays less for her OOS flagship than she would for the instate flagship, and just a little more than she'd pay for other state public schools (less with the FA she gets).
  • CU123CU123 Registered User Posts: 1,306 Senior Member
    Most likely due to FA/ scholarships which make it just like paying in state which is a smoking good deal, otherwise no.
  • twogirlstwogirls Registered User Posts: 5,900 Senior Member
    edited August 10
    We pay OOS tuition ( nothing close to $60,000) and to the best of my knowledge we are not out of our mind. It works for us and my daughter is very happy. She has had incredible opportunities at her school.

  • billcshobillcsho Registered User Posts: 16,752 Senior Member
    edited August 10
    For UMich, some OOS students may rely on a combination of need based and merit aids. The latter is very competitive though. For need based aids, they will meet the need of OOS students with lower than $90k family income and typical assets starting this year. It is among the most generous public schools for OOS students considering also the large population of OOS on campus.
  • twoinanddonetwoinanddone Registered User Posts: 14,464 Senior Member
    Nope, it's due to Wyoming having very low tuition and costs and Colorado having high tuition and high room and board. My nephew at CU paid about $27k full price, and her bill would have been $24k full price. With scholarships (and they are plentiful at Wyo), Wyo was much cheaper. Maine allows students from many states to pay their state's instate rate, so it is basically the same cost as going instate. Wisconsin and Minnesota have tuition reciprocity. Some schools give instate rates to those earning any scholarship. Lots of ways to play the OOS tuition game.

  • thumper1thumper1 Registered User Posts: 63,832 Senior Member
    Keep in mind...Michigan is a school that uses the CSS Profile for calculating need based institution aid. The Profile delves much deeper into your finances than the fafsa does.

    Your FAFSA EFC really isn't what matters,,,it's what the school calculates based on the Profile info.
  • billcshobillcsho Registered User Posts: 16,752 Senior Member
    edited August 11
    It is true that CSS profile provide more data to the school, but it really depends on how the school use the data and the family's asset..UMich actually gives a pretty generous asset protection in their formulation. To me, the EFC for my D at UMich is actually very similar to the FAFSA calculation in freshman year. For FA renewal, they only use FAFSA anyway. Afterall, the EFC matters only when the need is met.
  • hannuhyluhannuhylu Registered User Posts: 273 Junior Member
    edited August 11
    I think from a "omg anti academia" standpoint anybody with a grain of financial sense could argue 60k for UG is inane and borderline UNWISE PERIOD.

    Do the math:
    Child 1 ..20k x 4 @ local public & put 160k in a trust for the student.

    Or Child 2 ...pay 240k for the same degree.

    Do you really think the future earnings of one degree will overtake the other.

    Child 1 would have 1.09 million at 40yrs old contributing 5k/yr in a roth/similar after graduation.

    Child 2 contributing 20k/yr after graduation in a combination of assets would have 741/k a 268k deficit while he/she was contributing a extra 1250/month.

    I guess you can feel good about going to a better ranked school.

    Edited for language
    Post edited by Erin's Dad on
  • threebeansthreebeans Registered User Posts: 301 Member
    My son chose an out of state private school for a number of reasons. Our state flagship was not a good fit for him, the state flagship where we get reciprocity was an OK fit but at 40,000 undergraduates felt too large. The private where he is going gave him enough merit aid to be costing about $6000 more/year than our state flagship would have cost but it's a much smaller undergraduate body. He's been working and saving for years for college, as have we, and the rest will get paid out our cash flow All are ranked fairly equally so the extra $6K is worth it to us. He also is entering with about 25 college credits so hopefully can graduate in 3 years!
  • WImom94WImom94 Registered User Posts: 82 Junior Member
    edited August 11
    Hi @hannuhylu. There are many better word choices to use in making your point. That word has long been associated with those with intellectual disabilities and is incredibly disrespectful. Using that powerful word is a habit for many people and likely said without thought or intended harm, but it is a habit worth breaking. Thanks for considering.
    Post edited by skieurope on
  • TQfromtheUTQfromtheU Registered User Posts: 989 Member
    Merit, outside scholarships, student loans, need-based aid plus cash flow. A package to make it work. Looking at it all, even if DS had a trust fund, he would still end up at the same school, so it worked out for him.
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