My Fafsa EFC for Univ. Of Michigan is 1406. Anyone know how much $ to expect?

Question

going to U of M in the fall, and i dont know how much money to expect for an EFC of 1406....they say that that number is just a number they use on a scale in relation to the cost of attendance etc...but i would like a more definite number haha, im checking on UM website, but im getting impatient haha, thanks

Answer 1

$3,281.00 (half in the fall and half in the spring)  is the amount of Pell grant you will likely be offered if you are attending full time and meet about a billion other qualifications like NO Bachelors degree, no defaulted student loans, good college GPA...

You will likely qualify for Stafford loans (amount depends on grade level and dependency status) and maybe work study and other state and federal grants depending on how early in the year you did your fafsa.  This book has the loan limits. pgs  9 and 11.

Answer 2

UMich. has an average percent of need met of 90% (this isn't too bad).  This is comprised of on average 56% of grants/scholarships ($ you don't pay back) and 44% loans/jobs for student aid packages.  

It's impossible to estimate exactly what UMich will give you, but as far as schools go, a need met of 90% isn't bad and a 56% avg. scholarship isn't great.  

For more comparisons, the collegeboard school search is terrific (check out other schools financial aid tabs in the searches to make comparisons with UMich).