University of Michigan Scholarship $$

[Pneumo]

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Fellow U of M acceptees:
You probably all remember that e-mail announcement we got way back in January regarding scholarship money. They said they make an initial round of offers in early March. Am I the only one who hasn't heard anything yet? Has anyone been offered $ yet?

Cheers,
Pneumo

 

[TroutBum]

Hey Pneumo, I just met a girl at a bar yesterday who told me that she had been offered the scholarship, so I know that some offers have gone out. It was just in the last day or two, I think, because she was telling a couple of her good friends at the same time and they hadn't heard yet. Yah, random for me to be reporting this, I know. Good luck!

 

[goldenbears18]

The first round of scholarship offers went out in November. Recently, an email sent out to all scholarship recipients about a special revisit weekend at the end of March contained the names of about 20 students - although presumably, some of them will probably withdraw eventually because the final number of Dean's Scholars in the class is usually 10.

 

[laviddee]

Hey guys, also remember that as long as we have NEED- then we'll get a grant from the university!

if i took my notes down right at the financial aid seminar...
Let's just say your Expected family contribution (efc) is 10k.

Michigan budget is 50k.

They expect you to loan 8500 subsidized and 12000 unsubsidized. Therefore they expect student to come up with $10,000 + $8,500 + $12,000 = $30,500 (is my math right?)

now there's a gap there between 30 and 50k which is the budget. Michigan will pay 65% of that gap. Which is about $13,000!

That's pretty sweet! No scholarship, no merit, just an award for coming to Michigan. And most of us don't have a $10k efc-- so you may get up to 19k in free money!

I just hope that I took my notes down right during that seminar--- can anyone else confirm this???

 

[Jacobim]

I have the same thing from the interview. Hope that is right...

I can't believe they do not have a revist weekend for everyone...that's disappointing.

 

[bugz]

the seminar was misleading. from what i've been told:

from the total budget, first they deduct family EFC. then they minus $8500 subsidized stafford, then they minus $15,000 of mysterious "individual resource". then the remaining need is split 50/50 between low-interest loan and grant.

the sample budget they gave me:

$50,000 budget
- 0 student EFC
- 10,000 parent EFC
- 8,500 Subsidized Stafford Loan
- 15,000 Individual Resource
= 16,500 remaining net need

- 8,250 low interest institutional loan
- 8,250 need-based grant

 

[bluegill]

Almost every med student is able to demonstrate 100% need, or $0 expected family contribution. This just means that you are eligible for maximum Stafford loans. You borrow $8500 per year Subsidized, and up to $35,000 per year Unsubsidized (I think). If you need more than that (ie, if you are out of state) then you must borrow at higher rates from banks, etc.

Most of the med students at U-M borrow the full $40k-$50k per year.

Your days of free money are over, unless you receive one of the Dean's Scholarships or other smaller awards. Consider your loans an investment - probably the best one you'll ever make.

 

[Newfie]

Hi,

I'm considering applying to UM medschool this fall. I did not know that UM offered merit scholarships. Will you guys provide any details on these Dean's Scholarships (e.g., how much, all 4 years, competitive stats, whether August mcaters have any chance, etc.)?

Thanks