2016-2017 University of Michigan Application Thread

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Sorry if I am a bit clueless, but what are the terms of the University of Michigan loans? Those are money borrowed directly from the school, correct?

Also, what is considered a "manageable" amount of medical school debt?

Edit: I found the terms of the University of Michigan loans online:

UNIVERSITY OF MICHIGAN LOAN
  • Need-based, long-term institutional loan.
  • 5 percent interest rate.
  • Eligibility is based on expected family contribution (EFC).
  • Loan is due in full one year after graudation. A payment plan may be negotiated with Student Loan Collections.
  • Interest does not accrue until repayment begins.
Does this mean that I need to pay the full amount 1 year after graduation? That sounds a bit daunting. I'm guessing that most people somehow transfer the loan?
 
itscomplicateddd said:
Sorry if I am a bit clueless, but what are the terms of the University of Michigan loans? Those are money borrowed directly from the school, correct?

Also, what is considered a "manageable" amount of medical school debt?
Click to expand...
Someone correct me if I'm wrong, but I don't think any medical school gives you loans. All student loans are either through the federal government or private lenders. Your financial aid package will tell you what federal loans you qualify for, and your borrowing limit for each. If you get funding from Michigan it is in the form of grants or scholarships which do not need to be paid back.
 
Just trying to figure the finances out: the cost of attendance is a general estimate, correct? Do most students spend less than the cost of attendance estimated by the school?
 
TheRealJohnDorian said:
Someone correct me if I'm wrong, but I don't think any medical school gives you loans. All student loans are either through the federal government or private lenders. Your financial aid package will tell you what federal loans you qualify for, and your borrowing limit for each. If you get funding from Michigan it is in the form of grants or scholarships which do not need to be paid back.
Click to expand...
I am not 100% sure myself, but I do think the University itself has loans. I looked at this website, and the University of Michigan loan doesn't fall under the "Federal" or "Private" categories. Click here to see the types of loans: Loans
 
itscomplicateddd said:
I am not 100% sure myself, but I do think the University itself has loans. I looked at this website, and the University of Michigan loan doesn't fall under the "Federal" or "Private" categories. Click here to see the types of loans: Loans
Click to expand...
Oh okay, I see it now. I feel like I read somewhere that institutional loans are given in special/emergency situations which is probably why they are due within one year of graduation.
 
Still haven't received my estimate and I requested it the day when we got the first email
 
I didn't request it because I know I'm going here but now I don't know if I can hold off that long!
 
I got my estimate this morning and requested it the day when we got the first email.
Got a grant, but no scholarships.
 
WineLover777 said:
I got my estimate this morning and requested it the day when we got the first email.
Got a grant, but no scholarships.
Click to expand...
What's the difference between a grant and scholarship? I figured both meant the same thing (money that doesn't have to be repaid)
 
belvita said:
What's the difference between a grant and scholarship? I figured both meant the same thing (money that doesn't have to be repaid)
Click to expand...

The difference is that the scholarships are generally merit-based (although they did say that they take into account financial and demographic factors when awarding certain scholarships), whereas the grants are need-based. But in the end, you're right, they do serve the same purpose.
 
sleepfm17 said:
I didn't request it because I know I'm going here but now I don't know if I can hold off that long!
Click to expand...

I knew I was choosing to go here too but I requested mine anyways just for the peace of mind of knowing how much it'll be. And because patience is not one of my greatest strengths.
 
applesaucey said:
I knew I was choosing to go here too but I requested mine anyways just for the peace of mind of knowing how much it'll be. And because patience is not one of my greatest strengths.
Click to expand...
Haha yeah I think I'll be requesting mine soon
 
applesaucey said:
The difference is that the scholarships are generally merit-based (although they did say that they take into account financial and demographic factors when awarding certain scholarships), whereas the grants are need-based. But in the end, you're right, they do serve the same purpose.
Click to expand...

So if our financial estimate contained grant money, is that our need-based aid?
 
1. How common is it for a second wave of merit-based scholarships to be disbursed? I think I've read this somewhere.

2. Also, are there initial loans for other things such as health insurance and a laptop?

3. Anyone else looking for housing outside of Ann Arbor? What other areas besides Ypsilanti are good to live in?

4. I was looking around Ypsilanti and thought about bringing my car but I read somewhere that car insurance is really expensive in Michigan. Is it really that expensive?

5. What's the maximum distance you guys would live from school? During my undergraduate years, I'd commute around an hour everyday to get to school and it wasn't so bad. I'd go to school early, spend a day at school, and leave late. Do you guys think this feasible for a "med student life"?
 
itscomplicateddd said:
1. How common is it for a second wave of merit-based scholarships to be disbursed? I think I've read this somewhere.

2. Also, are there initial loans for other things such as health insurance and a laptop?

3. Anyone else looking for housing outside of Ann Arbor? What other areas besides Ypsilanti are good to live in?

4. I was looking around Ypsilanti and thought about bringing my car but I read somewhere that car insurance is really expensive in Michigan. Is it really that expensive?

5. What's the maximum distance you guys would live from school? During my undergraduate years, I'd commute around an hour everyday to get to school and it wasn't so bad. I'd go to school early, spend a day at school, and leave late. Do you guys think this feasible for a "med student life"?
Click to expand...
2. I emailed the office of financial aid about health insurance and you can request additional aid for health insurance. It comes in the form of an unsubsidized Stafford loan or grad PLUS loan.
4. It can be depending on where you are coming from. My monthly insurance payments will double. You can easily get a quote online before you move your car to Michigan.
 
itscomplicateddd said:
1. How common is it for a second wave of merit-based scholarships to be disbursed? I think I've read this somewhere.

2. Also, are there initial loans for other things such as health insurance and a laptop?

3. Anyone else looking for housing outside of Ann Arbor? What other areas besides Ypsilanti are good to live in?

4. I was looking around Ypsilanti and thought about bringing my car but I read somewhere that car insurance is really expensive in Michigan. Is it really that expensive?

5. What's the maximum distance you guys would live from school? During my undergraduate years, I'd commute around an hour everyday to get to school and it wasn't so bad. I'd go to school early, spend a day at school, and leave late. Do you guys think this feasible for a "med student life"?
Click to expand...

3. I have an apartment in Whitmore Lake, it's about 10 miles straight north from the medical school. Planning on a 20-30min commute during times with high traffic, more like 15-20 at other times. I don't think it will be too bad and rent was so much more affordable.

5. I don't think I would want to live more than 30 away. Especially because parking is so hard to find in Ann Arbor. Anything more than a 30min drive coupled with a long walk to the med school would be too much for me.


Sent from my iPhone using SDN mobile
 
itscomplicateddd said:
1. How common is it for a second wave of merit-based scholarships to be disbursed? I think I've read this somewhere.

2. Also, are there initial loans for other things such as health insurance and a laptop?

3. Anyone else looking for housing outside of Ann Arbor? What other areas besides Ypsilanti are good to live in?

4. I was looking around Ypsilanti and thought about bringing my car but I read somewhere that car insurance is really expensive in Michigan. Is it really that expensive?

5. What's the maximum distance you guys would live from school? During my undergraduate years, I'd commute around an hour everyday to get to school and it wasn't so bad. I'd go to school early, spend a day at school, and leave late. Do you guys think this feasible for a "med student life"?
Click to expand...

I'm wondering about laptops too. Mine is a cheapo piece of trash that I got with my sad little tax return last year lol
 
Anyone else still waiting on a financial aid estimate who requested it the first day? Does the estimate only show grant and scholarship money?
 
Ampharos said:
I'm so broke. Could have seriously benefitted from some subsidy
Click to expand...
I didn't sign up for SLW because I couldn't afford it 🙁

As a side note, did anyone order their white coat yet? I see two options: short and long. Which one did you guys pick?
 
I saw that scholarships range from a couple hundred to a full-ride, but does anyone know the range for Michigan's grants? I could not find that information anywhere.
 
As much as I loved the school, I had to withdraw. Best of luck to all!
 
itscomplicateddd said:
I didn't sign up for SLW because I couldn't afford it 🙁

As a side note, did anyone order their white coat yet? I see two options: short and long. Which one did you guys pick?
Click to expand...

same...and the admissions office said there is no financial assistance for it...so I'm shocked that some received an email about reimbursements.

Where are we supposed to order white coats?
 
mcatvsme16 said:
same...and the admissions office said there is no financial assistance for it...so I'm shocked that some received an email about reimbursements.

Where are we supposed to order white coats?
Click to expand...
There's a "next steps for matriculating students" link when you confirm your admissions offer (or before you confirm it as well).

This sends you to a Google sheet with things you need to do.
 
itscomplicateddd said:
I didn't sign up for SLW because I couldn't afford it 🙁

As a side note, did anyone order their white coat yet? I see two options: short and long. Which one did you guys pick?
Click to expand...
I just saw options for regular and tall coats. I assumed that was based on height and all the coats hit at the waist?
 
Are we only getting estimates before May or will we get the financial aid package this month. I've read they'll come out in May?
 
I was really interested in this school before I got my financial aid estimation 🙁
Now I'm not even sure if I should come to second look (I don't want to spend money just to get pumped about a school that it wouldn't make sense for me to attend)
Anyone else in the same boat?
 
Anyone else still waiting on an aid estimate? I requested mine 10 days ago and still haven't heard anything. I got an email with my UMID number in it but nothing indicating that I got a financial aid estimate. Was there something else I needed to do to get the estimate?
 
TheRealJohnDorian said:
Anyone else still waiting on an aid estimate? I requested mine 10 days ago and still haven't heard anything. I got an email with my UMID number in it but nothing indicating that I got a financial aid estimate. Was there something else I needed to do to get the estimate?
Click to expand...
Nothing more to do. I bet they just got swamped with requests
 
voteknope said:
I was really interested in this school before I got my financial aid estimation 🙁
Now I'm not even sure if I should come to second look (I don't want to spend money just to get pumped about a school that it wouldn't make sense for me to attend)
Anyone else in the same boat?
Click to expand...
I know it's rough to get basically 100% loans but I know I wouldn't want to be at any other school
 
sleepfm17 said:
I know it's rough to get basically 100% loans but I know I wouldn't want to be at any other school
Click to expand...
Yeah, it's just I also really loved another school and the difference will be >$150,000 so I feel like I should just forget about Michigan. 🙁
 
Looking for a roommate in Ann Arbor. DM me if you are interested.
 
itscomplicateddd said:
Am I crazy if I haven't started looking for housing yet?
Click to expand...
Most of the places I talked to that were on the UMMS housing website said that they have a lot of availability. I reserved an apartment sight-unseen but haven't signed the lease yet, so I might go check it out when I'm in AA to make sure it isn't a total mess.
 
So I am guessing that a 2nd wave of scholarships is unlikely this year?

Finally, when do institutional loans and scholarships get disbursed? For people with very little money at hand, will we need to take out a small personal loan to cover the initial costs (1st month rent, rent deposit, cost of moving, etc)?
 
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