Because every student's situation is different, there really isn't a "typical" financial aid package. However, to give you an idea of what a financial aid package looks like, we have created two examples of aid packages--one for a Michigan resident and one for a nonresident. To estimate your own expected family contribution (EFC) and eligibility for aid, try using an online EFC calculator.
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. His parents' income last year was $123,000 and they had savings worth $2,000. Kevin had $55 in savings. Kevin’s eligibility for aid was calculated as follows:
| | $25,204 | Cost of Attendance |
| – | 8,300 | Expected Parent Contribution |
| – | _ 18 | Expected Student Contribution |
| = | $16,886 | Need for Aid |
Financial Aid Offer:
| | $10,232 | Grant |
| + | 2,500 | Work-Study |
| + | 4,154 | Loan |
| = | $16,886 | Total Aid Offered |
Recently, Kevin’s mother became disabled and had to resign from her job of 20 years. His twin sister, who had taken time off from college, decided to attend a local community college in the fall. 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 the changes in the family's circumstances. Kevin's parents were able to supply documentation of both his mother's disability and the family's projected annual income of $72,800. Financial aid officers reviewed the change in financial circumstances* and reevaluated the family's need for assistance, with the following results:
| | $25,204 | Cost of Attendance |
| – | 3,766 | Expected Parent Contribution |
| – | _ 18 | Expected Student Contribution |
| = | $21,420 | Need for Aid |
Financial Aid Offer:
| | $14,766 | Grant |
| + | 2,500 | Work-Study |
| + | 4,243 | Loan |
| = | $21,509 | Total Aid Offered |
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.
| This example shows what a financial aid package might look like for a Michigan resident, but it does not represent the circumstances or financial aid package of an actual or typical student. If you are a dependent undergraduate, you can calculate an estimate of your cost of attendance and financial aid at the University of Michigan using the M-Calc Net Price Calculator (available in English or Spanish). 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. See Financial Aid Appeals for more information. |
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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.
| | $50,352 | Cost of Attendance |
| – | 5,571 | Expected Parent Contribution |
| – | _ 88 | Expected Student Contribution |
| = | $44,693 | Need for Aid |
Financial Aid Offer:
| | $20,541 | Grant |
| + | 3,000 | Work-Study |
| + | 6,500 | Loan |
| + | 4,000 | Private Scholarships (see note below) |
| = | $34,041 | Total Aid Offered |
Michelle's parents may borrow the entire Expected Family Contribution plus the remaining Need for Aid through the Federal Direct PLUS Loan.
See Eligibility for Financial Aid for an explanation of how Michelle’s private scholarships may affect her aid eligibility.
| Resources for Non-Michigan residents While the Office of Financial Aid does not have sufficient funds to meet the full demonstrated financial need of nonresident students directly, many students are able to cover their costs through private scholarships and, if they are eligible, through scholarships from U-M schools and colleges. See our Types of Scholarships page for more information. Another option often used by nonresident families is the federal Direct PLUS Loan, which is available to parents of undergraduates. In addition, many banks and other private lenders offer private educational loans for students. Our financial aid counselors will work with students and families to suggest additional borrowing options and methods to reduce costs. |
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