20162017

We offer

guidance and helpas you consider college

Preparing for college is an exciting time and we are pleased that you are considering the University of Michigan.

Many factors come into play as you decide where to attend school and cost is crucial in this decision-making process. Even families who plan well often need help filling the gap between what they can afford and the cost of the college they choose.

U-M awarded more than $351 million in undergraduate gift aid, loans and Work-Study opportunities last year. The University continues its strong commitment to helping our students pay for some of their college costs.

Nonresidents pay higher tuition than Michigan residents and must develop a strong financing strategy to cover their education costs at U-M. In addition to family assets, you may need additional resources such as private scholarships or loans, to supplement aid available from U-M. Our office can help by suggesting possible resources, explaining financial aid programs and processes and assisting with budgeting issues.

Our website www.finaid.umich.edu walks prospective students and families through the financial aid process, offers a net price calculator for estimating costs and lists a wealth of scholarship search resources. This brochure offers an overview of financial aid and answers commonly asked questions.

You may also contact our financial aid experts by phone, email or in person to ask questions and get information.

We hope you will discover what we already know: Michigan is the right place for you!

Pamela W. Fowler Executive Director U-M Office of Financial Aid

NoNdiscrimiNatioN Policy statemeNt

The University of Michigan, as an equal opportunity/affirmative action employer, complies with all applicable federal and state laws regarding nondiscrimination and affirmative action. The University of Michigan is committed to a policy of equal opportunity for all persons and does not discriminate on the basis of race, color, national origin, age, marital status, sex, sexual orientation, gender identity, gender expression, disability, religion, height, weight, or veteran status in employment, educational programs and activities, and admissions. Inquiries or complaints may be addressed to the Senior Director for Institutional Equity, and Title IX/Section 504/ADA Coordinator, Office for Institutional Equity, 2072 Administrative Services Building, Ann Arbor, Michigan 48109-1432, 734-763-0235, TTY 734-647-1388, institutional.equity@umich.edu. For other University of Michigan information call 734-764-1817.

the University of michigan is accredited by the Higher learning commission of the North central Association of Colleges and Schools, 30 North LaSalle Street, Suite 2400, Chicago, Illinois 60602-2504. Phone: (800) 621-7440; (312) 263-0456; Fax: (312) 263-7462.

For more about financial aid and general information about U-M (accreditation of schools and colleges, services for students with disabilities, graduation rates, refund policies, etc.), visit www.finaid.umich.edu/ConsumerInformation.

Note: Due to the nature of federal, state, and institutional guidelines governing financial aid programs, the information contained in this brochure is subject to change.

JULY 2015

Office of Financial Aid2500 Student Activities Building515 East Jefferson StreetAnn Arbor, MI 48109-1316 Tel: (734) 763-6600 | Fax: (734) 647-3081www.finaid.umich.edu Email: financial.aid@umich.eduFederal School Code: 002325CSS PROFILE Code: 1839

Office of Undergraduate Admissions1220 Student Activities Building515 East Jefferson StreetAnn Arbor, MI 48109-1316Tel: (734) 764-7433 | Fax: (734) 936-0740www.admissions.umich.edu

© 2015-2017 Regents of the University of Michigan

PayiNg Forcollege @

NON-RESIDENT guide

UNiVersity oF micHigaN umich.edu M-PARENT WEBSITE umich.edu/parents

U-M EN ESPANOL umich.edu/Es

tHe regeNts OF ThE UNIvERSITY OF MIChIgAN

MIChAEL J. BEhM, grand Blanc MARk J. BERNSTEIN, Ann Arbor LAURENCE B. DEITCh, Bloomfield hills sHaUNa ryder diggs, grosse Pointe deNise ilitcH, Bingham Farms aNdrea FiscHer NeWmaN, Ann Arbor aNdreW c. ricHNer, grosse Pointe Park KatHeriNe e. WHite, Ann Arbor marK s. scHlissel, ex officio

Who is ELIgIBLE?You must be a U.S. citizen or eligible noncitizen and enrolled at least half-time in a degree program. www.finaid.umich.edu/eligibility

WhAT ARE ThE tyPes of aid?

• Grants:

gift funds that are not repaid; awards are based on financial need.

• scholarships:

gift funds that are not repaid. Entering students are considered for most U-M scholarships; some are based on need while others reflect U-M’s commitment to a student body diverse in experience, geography, special talents and academic achievement. www.finaid.umich.edu/Scholarshipsandgrants

• Work-study EmploymEnt:

Wages earned through part-time employment, earning up to the amount awarded.

• loans:

Funds that must be repaid, with interest, when you are no longer a student.

otHer resoUrces:

u Federal Direct Unsubsidized Loans and Direct PLUS loans are available for students regardless of eligibility for need-based aid. www.finaid.umich.edu/loans

u On- and off-campus employment opportunities are available for students without Work-Study. studentemployment.umich.edu and www.finaid.umich.edu/work

u Begin searching for private scholarships in high school and continue in college. www.finaid.umich.edu/Privatescholarships

aidanswer_1617-non-res.indd 1 7/30/2015 2:59:58 PM

CAN I RECEIvE AID eVery year?All need-based aid and some scholarships are renewable, but you must reapply annually. Aid is likely to be similar each year if family circumstances and U-M funds available do not change and if you reapply on time.

WhAT ARE MY RESPONSIBILITIES?You must maintain satisfactory academic progress in coursework (www.finaid.umich.edu/SAP). Students who fall behind, fail to achieve minimum grade point or fail to complete classes in the required timeframe may lose aid eligibility. If you borrow loans, you are expected to repay them.

WhAT IS NEED-BASED AID AND CAN I gET IT?www.finaid.umich.edu/Newstudent

We review student and family finances to determine if they have need.

• Cost of Attendance refers to the estimated cost to attend U-M for Fall and Winter semesters.

• Expected Family Contribution (EFC)* is the amount that a student and family are expected to pay toward educational expenses.

Cost of Attendance (Budget)

– Expected Family Contribution (EFC)

– other aid or resources (such as private scholarships)

= your Need for aid

*U-M uses information from the FAFSA and PROFILE to determine your EFC. The FAFSA determines federal and state aid eligibility and the PROFILE need-based university gift aid.

U-M STUDENTS WERE AWARDED MORE

ThAN

$92.5million

IN UNDERgRADUATE scholarships

(2013-2014)

ThERE ARE MORE ThAN

5,500

U-M hAS AWARDED MORE ThAN

$126millionIN NEED-BASED

Grants TO UNDERgRADUATES

(2013-2014)

hoW do i aPPly?www.finaid.umich.edu/Newstudent

Aid is awarded on a rolling first-come, first-served basis and depends upon the number of students applying for aid and available funds. high school seniors:

• After October 1 complete the PROFILE at student.collegeboard.org/css-financial-aid-profile to be considered for U-M gift aid (use U-M’s CSS code 1839).

• After January 1, complete and submit the 2016-2017 Free Application for Federal Student Aid at fafsa.gov (use U-M’s federal school code 002325). File early to receive an aid offer by the May 1 enrollment deposit deadline.

For both applications:

• April 30 is priority deadline for financial aid. We must receive your applications by this date to consider you for all aid (you may need to submit other supporting documents).

• May 1 is the deadline to pay your deposit to the Office of Undergraduate Admissions.

Work-StudyJOB POSTINgS

each year

hOW MUCh DOES IT cost TO ATTEND U-M?

The U-M Office of Financial Aid and the College Board offer a family calculator designed with an individualized approach to college costs. The U-M Net Price Calculator uses student and family income and other criteria to estimate how much a student would be eligible to receive in gift aid (grants), federal Work-Study awards and student loans.

This interactive tool also allows students and families to explore other areas at U-M, including the Office of Undergraduate Admissions and various schools and colleges.

You may create a College Board account, which allows you to store your information, or use the site as a guest without saving your information.

vISIT www.finaid.umich.edu/NetPrice FOR MORE INFORMATION AND TO TRY OUT ThE TOOL.

FAMILY PROFILESWhile we can provide general numbers and averages, these profiles reflecting the total costs for the 2015-2016 school year illustrate how every family situation is unique when considering financial aid. In addition to the aid noted in these profiles, many U-M students also receive additional scholarships which improve the quality of their aid package by reducing the need to borrow funds or to work.

*Total Expected Family Contribution plus remaining unmet need.

Non-Resident Cost of AttendanceTuition & Fees* $43,476

housing 10,554

Books & Supplies 1,048

Personal/Misc. 2,354

total $57,432

* These are actual tuition and fees (for the College of Literature, Science, and the Arts) as set in June 2015 by the Board of Regents. Current full- and part-time tuition and fees for all University of Michigan Schools and Colleges are on the web at http://ro.umich.edu/tuition. Tuition and fees for 2016-2017 will be set by the Board of Regents in June 2016. For residency questions, contact the Registrar’s Office at (734) 764-1400 or see ro.umich.edu/resreg.php. For more information, including the costs for Spring/Summer term, see www.finaid.umich.edu/cost.

• Freshman from Los Angeles, California• Studying in College of Literature,

Science and the Arts• One child attending college• Family of three: Mom widowed• $57,000 household income• $53,000 in assetsThe annual cost to attend U-M is $57,432 for a freshman attending the College of Literature, Science and the Arts for the 2015-16 school year. This includes tuition and fees, books and supplies, housing, and miscellaneous costs.

U-M gift Aid $43,191

Fed. Pell grant $ 1,525

Fed. Perkins Loan $ 2,000

Fed. Direct Subsidized Loan $ 3,500

Student Work-Study $ 3,000

total annual cost/debt $4,216*

• First-generation freshman from Chicago, Illinois

• Studying in Michigan Engineering• Three children attending college• Family of six: Dad works, Mom a

homemaker• $25,505 household income• $20,000 in assetsThe annual cost to attend U-M is $57,686 for a freshman attending the Michigan Engineering for the 2015-16 school year. This includes tuition and fees, books and supplies, housing, and miscellaneous costs.

U-M gift Aid $43,411

Fed. Pell grant $ 5,775

Fed. Perkins Loan $ 2,000

Fed. Direct Subsidized Loan $ 3,500

Student Work-Study $ 3,000

total annual cost/debt $0

• Freshman from New York, New York• Studying in College of Literature,

Science and the Arts• One child attending college• Family of four: Mom works, Dad

receives disability income• $83,205 household income• $11,000 in additional untaxed

disability income• $70,000 in savings

The annual cost to attend U-M is $57,432 for a freshman attending the College of Literature, Science and the Arts for the 2015-16 school year. This includes tuition and fees, books and supplies, housing, and miscellaneous costs.

U-M gift Aid $12,906

Jean Fairfax Scholarship $10,000

Private Scholarship $ 5,000

Fed. Direct Subsidized Loan $ 3,500

total annual cost/debt $26,026*

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