Did anyone get a good financial aid package from UMichigan as an international?
How generous is the University of Michigan towards international? I am a Bangladeshi Indian. I was ranked first through grade 9-12, created a website that has 90K/month web traffic now, my answers about programming on Quora got views more than 350K+. But because of Covid-19, I failed to take SAT. :( Taking Dec 5 SAT exam though and I am hopeful.
My parents earning is less than 10K annually. So I was thinking about taking a loan and apply to the University of Michigan (Class of 2025). But it's difficult here to get a loan here. Also, though I am passionate about engineering, I understand this sector is competitive by other international applicants. So I am worried about that too. I have saved some money ($2,400) over the years by doing software-related part-time works. I know it's nothing but I am trying my best.
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Student loans can be seen as bad because of the high-interest rates you will have to pay off. I would rather apply for a community college there because it is much cheaper. Sure, I get it. You want to go to a good school. We all do but sometimes we are unable to afford it. International financial aid is much harder because the people applying internationally are stellar applicants. So yes, you 'could' get tons of financial aid but it is very hard. And out-of-state tuition is around 50,000. Let's say you go for an undergraduate. That is 200,000 in loans and at around a 7% interest rate, you will have to pay around 2200$ per month and around 280,000$ over the next ten years. Since this is also a student loan, you are not able to default on the loan. Community colleges can sometimes only cost 10,000 for all 4 years so yeah...