What does a typical financial aid package look like? There really is no such thing as a typical financial aid package.  However, to give you an idea, we have provided two sample aid packages--one for a Michigan resident and one for a nonresident.  To estimate your own Expected Family Contribution and eligibility for aid, try the online calculators at www.finaid.umich.edu/financial_aid_basics/ calculators.asp MICHIGAN RESIDENT (IN-STATE) PACKAGE:   Kevin graduated from high school in Traverse City, Michigan.  He plans to study mathematics at the University of Michigan in the fall.  His older brother is a senior at Michigan State University.  Recently, his mother became disabled and had to resign from her job of 20 years.  His twin sister, who had taken time off from college, has decided to attend a local community college in the fall.  His parents' income last year was $123,000 and they had savings worth $2,000.  Kevin had $55 in savings.  After receiving their initial financial aid offer, Kevin's family contacted the Office of Financial Aid (OFA) to ask for reconsideration of his award based on these changes in his family's circumstances.  Kevin's parents were able to supply documentation of both his mother's disability and of the family's projected annual income of $72,800.  OFA staff reviewed the change in financial circumstances* and reevaluated the family's need for assistance with the following results: Before Evaluation $21,658 Cost of Attendance - 8,300 Expected Parent Contribution -         18 Expected Student Contribution = $13,340 Need for Aid   Financial Aid Offer: $5,382 Grant + 2,500 Work-Study +     5,458 Loan = $13,340 Total Aid Offered   After Reevaluation $21,658 Cost of Attendance - 3,766 Expected Parent Contribution -         18 Expected Student Contribution = $18,174 Need for Aid   Financial Aid Offer: $9,916 Grant + 2,500 Work-Study +     5,758 Loan = $18,174 Total Aid Offered *Please note that reevaluation of aid eligibility may not be possible until end of year income information is available and not all changes in circumstances will result in adjustments to the aid offer.  Please contact OFA for further details. Kevin's parents have the option of borrowing the entire Expected Family Contribution plus the remaining Need for Aid through the Federal Direct PLUS Loan, a low-interest, long-term loan for parents of dependent students. NONRESIDENT (OUT-OF-STATE) STUDENTS:   While the Office of Financial Aid does not have sufficient funds to meet the full demonstrated financial need of nonresident students directly, those students who are eligible for scholarships from U-M Schools and Colleges or who seek out scholarships from private sources, can often cover their costs through these combined resources.  For more information about scholarships, click here. Another option often utilized by nonresident families is the Federal Direct PLUS Loan available to the parents of undergraduate students.  There are also private educational loan options for students.  In addition, our financial aid counselors will work with students and families to suggest additional borrowing options and methods to reduce costs.  Click here for more information on borrowing options. NONRESIDENT (OUT-OF-STATE) PACKAGE:   Michelle lives in Tennessee with her parents and younger sister.  She has always wanted to study Education and is looking forward to attending U-M in the fall.  Last year, her parents' combined earnings were $55,000 and they had $70,000 in savings from an inheritance.  Michelle has $250 in savings.  Her extensive scholarship search was beneficial to her receiving $4,000 in private scholarships. $42,512 Cost of Attendance - 5,571 Expected Parent Contribution -         88 Expected Student Contribution = $36,853 Need for Aid   Financial Aid Package: $13,541 Grant + 3,000 Work-Study + 6,600 Loan +     4,000 Private Scholarships (see note below) = $27,141 Total Aid Offered Additionally, Michelle's parents may borrow the entire Expected Family Contribution plus the remaining Need for Aid through the Federal Direct PLUS Loan. NOTE ABOUT HOW SCHOLARSHIPS AFFECT YOUR FINANCIAL AID PACKAGE:  Every effort is made to meet your demonstrated financial need.  Scholarships you receive will improve your overall aid package, although federal regulations and University policy require that  they be counted as financial resources when determining your aid eligibility (scholarships will reduce any loan or Work-Study awards you receive before they reduce any grant aid). However, receiving any one of the following scholarships will reduce your eligibility for need-based grants BEFORE reducing your eligibility for need-based loan or Work-Study awards: a Michigan Competitive Scholarship (MCS), a Detroit Compact Scholarship, or a Wade McCree Scholarship In addition:  Receiving either a Wade McCree or a Detroit Compact Scholarship may also reduce your eligibility for an MCS.

Federal School Code  002325   Will my financial   aid be renewed after freshman year?   It is likely that you will receive similar financial aid packages (awards) throughout your degree program, IF the following remain true: A scholarship or award received is not limited to only one year; Your family's financial situation remains similar--dramatic changes in income, marital status, number of family members, or a change in the number of siblings enrolled in college will affect your eligibility for aid; The federal, state, and institutional funding of financial aid programs remains similar; You submit the appropriate application materials by the required deadlines; You continue to meet the enrollment level and Satisfactory Academic Progress requirements. The Office of Financial Aid monitors enrollment levels (the number of credit hours you take) during each term. If you drop courses and fall below the minimum credit hour requirements, you may be required to repay all or part of the aid you received; and You report accurate information (income, assets, etc.) on your financial aid application(s).