How much debt is Michigan worth?

gandalf78
Sun, 11 Mar 2018 18:07:14 +0000

@tytbound: You’re not going to get any merit money from UVA, assuming that you are admitted.

Regarding the economics of attending the University of Michigan, OOS tuition/fees/room/board is around $59K this year; with travel/miscellaneous expenses, let’s call it $60K, for ease of mathematics. So if your parents are providing $80K for your undergraduate education, then that pays for approximately 1.33 years of your undergraduate education, leaving 2.67 years to pay for via loans. Assuming that OOS undergraduate costs remain constant at $60K (and they won’t, they will only increase), then you/your parents will need to fund a minimum of 2.67 years x $60K/year = $160K; if this is paid back at $7.2K per year as a no-interest loan (something else that bears little resemblance to reality), then you are looking at a minimum of 22.25 years to repay the loans you/your parents will have to take out to fund your undergraduate education at the University of Michigan as an OOS student.

In my opinion, you don’t need to saddle yourself or your parents with this kind of debt. Stay in-state or at an OOS school that you can afford without incurring this kind of massive debt.