<p>I understand that this is a very general question and it’s hard to answer. What I want to know though, is how much will the average person have to pay, money that is owed? So basically the cost after all aid and grants.</p>
<p>For this question, let’s give the scenario of an OOS university or private university. How would the cost change based on the rank of the school? </p>
<p>Thanks for any help!</p>
<p>*How would the cost change based on the rank of the school? *</p>
<p>Some of the most competitive schools do meet 100% of need. ( private schools- IMO it would be very unusual for a OOS public school to meet 100% of need)
Need is what the institution decides it is, not what your family thinks.
Need can be met with any combination of grants, loans & work study.
Schools that meet need, (most do not) may also be need aware for admission.</p>
<p>This ranking illustrates some of the differences in college tuition & aid for in & out of state.
[Best</a> Values in Public Colleges, 2011-12](<a href=“http://www.kiplinger.com/tools/colleges/]Best”>Best College Values, 2019 | Kiplinger)</p>
<p>The average student can’t afford to go away to school because aid and money just isn’t there. The average student goes to his local CC or state school and commutes. The average student pays for these costs himself or with parent funds or loans.</p>
<p>There isn’t anywhere close to enough money out there for the average student to have tuition, room, and board paid for…or have need met.</p>
<p>And, OOS publics rarely make themselves affordable with need based aid.</p>
<p>Financial aid to make going away to school possible is more the exception, than the rule</p>
<p>Where are you applying?</p>
<p>My top choice is going to be Notre Dame, and after that I was thinking U Mich. I would say that I can afford to pay up to 10k per year and currently my household makes 70k a year. Sorry for not stating this in my first post.</p>
<p>I’m also going to apply to some instate colleges, but I’m not worried about those because I think I can afford them.</p>
<p>The minimum that a given family will pay is the estimated family contribution. Most people are going to generate an estimated family contribution of 20-30% of their current income depending on our their assets are structured (all in retirement accounts or invested in various income producing vehicles). And many families will pay more than their estimated family contribution depending on what colleges are chosen. The colleges where families can conceivable pay less than their estimate family contribution are few and far between or the student is a national merit scholar or some similar situation where the merit aid is so large that the families estimated family contribution is diminished…so cases of the exception not the rule. Colleges expect families to pay out of past income savings, current income and future income. If there is no ability for a family to pay for a student then most of those kids go to a community college for 2 years and transfer. Paying the costs with student loans and part time jobs. The net price calculators should give you an idea of what costs might be, although the net price calculators are in their first year of use, so it won’t be until the end of this application cycle that anecdotal evidence will come forth to say how accurate they are.</p>
<p>Michigan does not meet need for out of state kids, which means that out of state kids will pay more than their estimated family contribution. How much more depends on whether the student qualifies for any merit based scholarships and those aren’t handed out to everyone.</p>
<p>UMich won’t like be affordable since you’re OOS and have a limited budget. You might get some merit if you have high stats, but not enough to cover the $50k per year.</p>
<p>OOS publics charge high rates for a reason…they want the money. It wouldn’t make much sense for them to then cover those OOS costs with aid.</p>
<p>If your family income is $70k, find out from your parents how much they can pay. You need to know this.</p>
<p>^ The OP stated he can afford $10K/year. To me that means looking at in-state schools or schools with good merit aid ($10K would just about take care of room and board at most schools).</p>
<p>^^Yes, especially because the OPs EFC may end up higher than $10,000. At the very minimum OP you need to get your parents to sit with you and run one of the FAFSA calculators so you know what that index is. You also need to get an accurate estimate from your parents about what they can contribute per year. Perhaps it is $10,000, but best to talk it through because it will make a huge difference where you will be able to attend.</p>
<p>
Don’t count on significant merit aid. My son was offered a whopping $1500 for his ACT of 35 at U-M.</p>
<p>^^^</p>
<p>I know that Umich’s merit scholarships can be rare. That said, I know of 2 students who got $10k per year merit from UMich and I can’t really figure out why…they aren’t URMs or anything…their stats weren’t spectacular…maybe they were dept scholarships for majors?</p>
<p>The only reason I can think of that the people you mention received such a high merit scholarship is if they weren’t eligible for any need based aid. My son had great stats (4.0 UW GPA, +700’s on subject level exams, etc) but was also eligible for need based aid. That being said, he was still expected to cover 25% of COA with less than 4K EFC.</p>