REQUIRED READING 2018-2019 - Your reference and resource guide to Financial Aid at the University of Michigan - Ann Arbor - University of ...
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REQUIRED READING
2018-2019
Office of Financial Aid
734-763-6600
fax: 734-647-3081
email: financial.aid@umich.edu
finaid.umich.edu
Your reference and resource guide to Financial Aid
at the University of Michigan – Ann Arbor
finaid.umich.edu • 2018-2019 REQUIRED READING
2 Your reference and resource guide to financial aid
at the University of Michigan – Ann Arbor
Table of Contents
Reviewing Your Financial Aid Award...................................................................................... 3
Finding my Financial Aid Award Notice on Wolverine Access.......................................... 3
What to do now............................................................................................................... 3
What to expect later........................................................................................................ 4
Notice to entering students............................................................................................. 4
A Look at Your Award Notice................................................................................................. 5
Estimated Cost to Attend................................................................................................. 5
Financial aid offer............................................................................................................. 5
How Financial Aid Is Awarded............................................................................................... 6
Estimated Cost of Attendance.......................................................................................... 6
How we determine need-based aid eligibility ................................................................. 6
How need-based aid is awarded...................................................................................... 7
A note about scholarships and other resources.............................................................. 7
Special note to nonresident students.............................................................................. 7
What Are My Costs?.............................................................................................................. 8
A NOTE FROM THE
Determine your costs and calculate your bottom line..................................................... 8
Executive Director Wolverine Access financial planning calculators.............................................................. 8
We are pleased to notify you of your Loan Information................................................................................................................... 9
financial aid awards for the 2018-2019 Subsidized/Unsubsidized Federal Direct Loan................................................................. 9
academic year. This publication is PLUS Loans an option....................................................................................................... 9
designed to help you understand your Private Loans.................................................................................................................... 9
Financial Aid Award Notice. It also How much should you borrow?....................................................................................... 9
provides information about specific Terms and Conditions of Your Financial Aid Offer............................................................... 10
financial aid programs, explains your Receiving Your Financial Aid................................................................................................ 11
rights and responsibilities, and answers When will I receive my aid?........................................................................................... 11
often-asked questions about financial aid. How will I receive my aid?.............................................................................................. 11
If you have more questions, visit our Your University eBill: How Much Is Due and When............................................................. 12
website or contact us in person, by A few notes about your bill............................................................................................ 12
phone, or by email (contact information Pending financial aid...................................................................................................... 12
is on page 24). For future reference, Satisfactory Academic Progress Policy...........................................................................13-14
please keep a copy of this booklet in your Refund Policy and Return of Title IV Aid.........................................................................14-15
financial aid file or bookmark this site Reapplying for Aid..........................................................................................................16-17
so you can download it at a future date: 2019-2020 Fall/Winter Aid............................................................................................. 16
https://finaid.umich.edu/publications. 2019 Spring/Summer Aid............................................................................................... 16
Wishing you success in the coming year! Study Abroad................................................................................................................. 16
Special situations........................................................................................................... 17
Pamela W. Fowler • Requesting a Re-evaluation of Aid Eligibility........................................................... 17
EXECUTIVE DIRECTOR
• Timing of requests................................................................................................... 17
Office of Financial Aid
• How to Appeal a Financial Aid Decision.................................................................. 17
Frequently Asked Questions).............................................................................................. 18
2018-2019 Major Financial Aid Programs (detailed listing)............................................19-23
Important Addresses and Phone Numbers......................................................................... 24
Other University Links and Information.............................................................................. 25
NOTICE: Because of the nature of federal, state, and institutional guidelines affecting financial aid programs,
the information contained in this publication is subject to change.
finaid.umich.edu • 2018-2019 REQUIRED READING
3 Reviewing your financial aid award
https://wolverineaccess.umich.edu
WOLVERINE ACCESS: quick, convenient access to your password-protected financial aid and other records on the web
FINDING MY FINANCIAL AID AWARD
A NOTICE ON WOLVERINE ACCESS
To view/print a PDF of your Award Notice:
• If you already have a uniqname: Select the Award
Notices tab A and choose the current Award Notice.
• If you are an entering student with a Friend Account:
Select View Financial Aid Award Notices and choose the
current Award Notice.
04/17/2018 2019
06/14/2018 2019
05/27/2018 2018
04/09/2018 2018
03/08/2017 2018
We recommend that you save or print a copy of your Award
Notice for your files.
What to do now
Read your Award Notice and refer to this publication for
information about the financial aid awards offered. (The
B Award Notice is explained on page 5.) Then:
• We assume you accept all awards that you do not
decline. You may decline or reduce any aid, including
Financial Aid Year 2018-2019 loans, without changing the aid you are accepting by
logging into Wolverine Access, selecting Accept/Decline
B from the Awards tab (not functional in Prospective
Student Business).
• Notify us if you receive scholarships, department awards,
fellowships, Michigan Educational Trust contracts, ROTC
scholarships, veterans benefits, or other aid not listed on
your Award Notice. Select View/Report Additional Aid C
from the Awards tab to do this.
• If name, UMID, residency, grade level and/or career are
not correct on your Award Notice, contact the Registrar’s
Office as soon as possible. If your address is incorrect,
Jun/16/2008 10:04 AM
change it using Wolverine Access.
C • Complete your online Direct Loan Master Promissory
Note using your Federal Student Aid ID (FSA ID) and
review important information about your federal loan
Financial Aid Year 2018-2019 accounts online.
• Finally, authorize a Friend account for your parents,
so that they may also access your Award Notice.
See https://finaid.umich.edu/wolverine for more
information.
(continued on next page)
finaid.umich.edu • 2018-2019 REQUIRED READING
4 Reviewing your financial aid award
(continued from previous page) A summary of your awards is also available on Wolverine Access:
• If you have a U-M uniqname: Select • If you are an entering student with
What to expect later the Student tab in Wolverine Access a Friend account: Select the Student
and choose Student Business > Student tab, choose the New & Prospective
• Check your email and the Documents/
Center > Financial Aid > Aid Year > Student Business section > New &
Review page of the Wolverine Access
Awards > Award Summary D . Prospective Student Center > View
Financial Aid section (for New &
Financial Aid Award Summary.
Prospective students, select View
Financial Aid Document Status).
Respond immediately to requests
from our office asking for additional
information.
• If your aid is adjusted, you will get an
D
email noting that you have a revised
Award Notice. Financial Aid Year 2018-2019
• Complete/sign all applicable
loan promissory notes; look for
correspondence from our office by
email.
DIRECT LOANS
If you have Direct Loans, complete your
Direct Loan Master Promissory Note
(MPN) online at studentloans.gov to
receive your funds. See https://finaid. Winter 2019
umich.edu/MPN for information. (If you
have previously signed a Direct Loan
MPN at U-M, do not sign another unless
you have been out of school for one year
or more.) First-time borrowers at U-M
Jun/16/2008 09:56 AM
must also complete online loan entrance
counseling. You will receive an email
Notice to entering students:
reminder.
NEWLY ADMITTED FRESHMEN, TRANSFER STUDENTS,
HEALTH OR NURSING LOANS AND GRADUATE STUDENTS:
If you were awarded a Health Professions, An offer of financial aid does not constitute admission to the
or Nursing Loan (https://finaid.umich.
University of Michigan or acceptance of U-M scholarships.
edu/health-professions-nursing-loans),
complete your loan documents (MPN, Accept your admission through the
Rights and Responsibilities Statement)
office that admitted you (such as
online using Wolverine Access to receive
your funds. Health Professions and Office of Undergraduate Admissions
Nursing Loan recipients must complete a or the Rackham Graduate School).
Rights and Responsibilities Statement each
year on Wolverine Access.
finaid.umich.edu • 2018-2019 REQUIRED READING
5 A look at your Award Notice
Below is a description of your U-M Award Notice. Read all pages
ESTIMATED
OFFICIAL
including links that are part of your agreement to accept federal
2018-2019
2016-2017Award
Award Notice
Notice
aid funds. Page 2 of the Award Notice offers instructions about
what to do next, details the cost of borrowing and consumer
information about the University. Student name: Joe Student UMID: 12345678
Primary Career and Grade Level: Undergraduate, LSA A Enrollment assumption: Full-time
C
Information from your financial aid application such as income, B Residency status: In-State Date of
Date March 1,
issue: March
of issue: 1, 2018
2016
assets, family size, as well as residency status, program and Below is the nancial aid package being offered to you by the University of Michigan-Ann Arbor. This notice gives details about the
cost of attending U-M, aid offered and remaining costs that can be met through loans or other personal and private sources of
enrollment determines your eligibility for aid and what type of
funding. Information about how to accept or decline parts of your award and your responsibilities in accepting federal nancial aid
are found in Required Reading (view electronically or download at naid.umich.edu/Publications).
awards you will receive. Personal information highlights include: For descriptions of nancial aid programs visit naid.umich.edu/Denitions
TERMS: Fall Winter TOTAL
A PRIMARY CAREER AND GRADE LEVEL: This section D Estimated cost to attend U-M
(naid.umich.edu/Cost):
includes your level (undergraduate or graduate/professional) and • Tuition & Fees
•* Housing
Housing Costs
& Meal(either
Costson-campus or off-campus)
(either on-campus or off-campus)
E
F
$6,743
$7,413
$5,123
$5,599
$6,743
$7,413
$5,123
$5,599
$13,486
$14,826
$10,246
$11,196
your school or college based on information from the Office of the • Other Costs (books, supplies, personal expenses) G $1,626
$1,751 $1,626
$1,751 $3,252
$3,502
Registrar. Contact them with questions (http://ro.umich.edu). TOTAL COST $13,492
$14,763 $13,492
$14,763 $26,984
$29,526
H Financial Aid Offer
B RESIDENCY STATUS: Residency at time of admissions Gift Aid (DOES NOT require repayment):
• * Michigan
University of Michigan Grant
Grant
I $6,467 $6,647 $12,934
determines your tuition rate. Contact the Office of the Registrar at
$10,541 $10,542 $21,083
• * Federal Pell Grant $2,775
$2,835 $2,775
$2,835 $5,550
$5,670
(734) 764-1400 or visit http://ro.umich.edu/resreg.html. • * Federal FSEOG Grant
J
$750
$0 $750
$0 $1,500
$0
YOUR COST TO ATTEND LESS GIFT AID $3,500
$1,387 $3,500
$1,386 $7,000
$2,773
C ENROLLMENT: We assume full-time enrollment for aid K Work-Study (earned wages, not applied to student account):
purposes; students must be enrolled at least half-time to receive
• * FEDERAL WORK STUDY
Funds earned by working in an approved Work-Study job and earning $1,250
$1,250 $1,250 $2,500
$2,500
a paycheck.
aid. We will monitor enrollment and changes may reduce or
cancel aid, even after you receive your funds. (See “Special note to L Loans (must be repaid):
• * FED PERKINS LOAN
$0
$500 $0
$500 $0
$1,000
students enrolled less than full-time,” page 11).
For your cumulative Perkins Loan amount, see Wolverine Access.
• * FED DIRECT SUBSIDIZED LOAN
For previous Direct Loan recipients, funds will be disbursed unless declined. $1,750
$0 $1,750
$0 $3,500
$0
Full-Term Credit Hour Requirements for Financial Aid
M Other Resources:
YOUR COST IF USING ALL AID OFFERED $0
$137 $0
$136 $0
$273
FALL/WINTER TERMS
NEXT STEPS AND BORROWING OPTIONS:
Less Than
Full-Time 3/4 Time* 1/2 Time*
1/2 Time
UNDERGRADUATE 12+ 9 - 11 6-8 No Aid Financial Aid Offer H
GRADUATE* 8+ 6-7 4-5 No Aid This section lists your financial aid awards for each term. If you
receive scholarships or grants (money that is not repaid), they will
*Cost of Attendance will be adjusted to reflect graduate students enrolled for less fall under the gift aid I section. We subtract this from your cost
than 9 credit hours (5 for half-time) and this could result in reduced aid eligibility.
to attend, leaving you with your cost J .
If any information on your Award Notice is incorrect, contact the The remaining sections in the Award Notice offer you options for
Office of Financial Aid and the appropriate University department paying this amount and can include:
to correct the information.
K WORK-STUDY: This federal program allows you to apply for
Work-Study jobs and earn a paycheck to help you pay for college.
Estimated Cost to Attend U-M D
L LOANS: These are funds that students borrow from the
This section shows the estimatedamount it costs to attend U-M
federal government or other lenders. Loans must be repaid
for the period covered by your Award Notice (see page 6). It
when students graduate or stop attending school. Federal loan
includes tuition and fees E as charged on your student bill,
repayment begins six months after you graduate, withdraw or
housing and meal costs F (on or off campus) and other costs G
drop below half-time status. Borrow only what you need.
which can include books, supplies and personal expenses. Your
actual expenses may vary; periodic student surveys determine M OTHER RESOURCES: These include some VA benefits,
these personal costs and estimates of typical aid. (See “What Your third-party credits or pre-paid tuition plans, among others.
Costs Will Be” on page 8).
AID PROGRAM LISTINGS: Refer to pages 19-23 for descriptions of U-M’s major financial aid programs for 2018-2019.
Awards on your notice that DO NOT include and asterisk (*) are from sources other than the Office of Financial Aid. You must confirm
these awards with the sponsor(s) and report any changes to us.
finaid.umich.edu • 2018-2019 REQUIRED READING
6 How financial aid is awarded
Estimated Cost of Attendance for Fall/Winter 2018-2019
MICHIGAN RESIDENT NONRESIDENT
Freshmen/ Juniors/ Graduate Freshmen/ Juniors/ Graduate
Sophomores Seniors Students Sophomores Seniors Students
Tuition Tuition
& Fees $15,262 $17,188 $23,456 & Fees $49,350 $52,814 $47,006
Housing Housing
& Meals $11,534 $11,534 $15,570 & Meals $11,534 $11,534 $15,570
Books & Books &
Supplies $ 1,048 $ 1,048 $ 1,192 Supplies $ 1,048 $ 1,048 $ 1,192
Personal/ Personal/
Misc. $ 2,454 $ 2,454 $ 6,588 Misc. $ 2,454 $ 2,454 $ 6,588
Total Total
Budget $30,298 $32,224 $46,806 Budget $64,386 $67,850 $70,356
1
Estimated budgets are based on 2018-2019 tuition rates as approved by the U-M Board of Regents in June 2018 and use information from the College of Literature, Science and the Arts.
Tuition and fees may be different depending on a student’s program of study; current full- and part-time tuition and fees for all U-M schools and colleges are available from the Office of the
Registrar’s website at http://ro.umich.edu/tuition. New tuition rates are approved by the Regents each June.
2
Book and supply costs for students in the School of Art, Architecture and Urban Planning, Dental Hygiene, and Business Administration are typically higher than the above estimates. Contact
our office for exact figures.
3
The estimated housing and meals rate listed for undergraduates is based on double occupancy in a residence hall. The estimated housing and meals allowance for students living with parents
and commuting to campus is $4,814 for the year.
How we determine need-based aid eligibility
Financial aid programs were created EXPECTED FAMILY CONTRIBUTION equity). Allowance for living expenses
with the assumption that the primary (EFC) is a formula applied uniformly to all (based on family size), taxes paid,
responsibility for paying for college rests aid applicants and considers information siblings in college, and retirement asset
with student and family. Need-based provided on the Free Application for protection are built into the formula.
financial aid is available to families who Federal Student Aid (FAFSA) and, for 2. The Student Contribution – What a
need additional resources. The formula we entering applicants, the CSS Financial Aid student is expected to pay based on
use to determine need-based eligibility is: PROFILE, in addition to other documents income, savings and other assets.
we request. The FAFSA determines
COST OF ATTENDANCE eligibility for federal aid; the PROFILE Your EFC is determined early in the
– Expected Family Contribution (EFC) eligibility for U-M gift aid. process of assessing your financial need
and, unless your circumstances change,
– Other Financial Resources The EFC is made up of two parts: your EFC remains constant for your time
(private scholarships, etc.) 1. The Parent Contribution – What parents at U-M. Financial aid is not applied against
= Eligibility for Need-Based are expected to pay toward annual student and parent contributions.
Financial Aid college costs, based on income and
assets (cash, checking, savings, and SCHOLARSHIPS AND OTHER
COST OF ATTENDANCE is the money market accounts; investments FINANCIAL RESOURCES are money
estimated cost to attend U-M for Fall and and real estate holdings; and business you may receive from sources outside
Winter terms, including estimated tuition of family. They can include private
and fees, books and supplies, housing scholarships, merit scholarships, U-M
A note about applying for financial aid: school or college scholarships, ROTC
and meals, plus a modest allowance for
When you apply for financial aid at U-M using the scholarships, benefits student or parent
personal/miscellaneous expenses. The
Free Application for Federal Student Aid, we verify has earned through military service or
budget allows the same housing and meals
the information you submitted to the federal
budget whether you live on or off campus, other employee benefits, state awards and
processor. We will sometimes ask you for
unless you live with your parents and then additional information and review other
scholarships and prepaid tuition plans.
you will get less. university records during the application process. See “A Note about Scholarships and Other
Your FAFSA record may be corrected based upon Resources” on the next page.
this information.
(continued on next page)
finaid.umich.edu • 2018-2019 REQUIRED READING
7 How financial aid is awarded
(continued from previous page) A NOTE ABOUT SCHOLARSHIPS
AND OTHER RESOURCES
How need-based aid is awarded Students may seek private scholarships and
We distribute need-based grant, and TIP awards are considered in get help from U-M schools and colleges to
scholarship, loan, and Work-Study calculating U-M Grant and Go Blue meet their college costs. They may also use
funds equitably among all eligible Grant eligibility.* resources, such as ROTC scholarships, housing
applicants who apply for financial 5. Federal Work-Study and veterans’ benefits. These are considered as
aid by established deadline dates. A financial resources when determining need-
combination of demonstrated financial 6. Federal Direct Subsidized and based aid eligibility. However, they will improve
need, federal award maximums, Unsubsidized (Stafford) Loans your overall aid package. In general, if you
available funding and other factors 7. Health Professions Loans, and receive outside aid (including scholarships from
determine awards. To ensure that Nursing Loans (Federal regulations U-M schools and colleges):
students are treated equitably, U-M require these funds to be awarded to
• It is first applied against costs not accounted
may limit grant and scholarship students with the greatest need.)
for in your financial aid package (i.e.: the gap
awards to individual students. If your 8. M-Pact/ Provost Award: Offered between the Cost of Attendance and your
grants or scholarships exceed your as a gap award to individuals within EFC plus the aid offered). Outside aid will not
financial aid eligibility and they include annually determined low socio- reduce the amount a student and family are
a U-M award, they may be adjusted. economic status parameters. This expected to pay.
U-M awards financial aid funds in the award will be the first reduced if
• Next, it reduces your loan or Work-Study
following order to eligible students: additional aid is received.
award, reducing funds you must borrow or
1. Federal and state need-based grants 9. Perkins Replacement Grant earn by working.
and scholarships (Federal Pell Grants, Students who need additional funds or • Your grant aid is only reduced if all need-based
Federal Supplemental Educational who are not eligible for need-based aid loan and Work-Study awards are replaced by
Opportunity Grant and Michigan may consider supplemental loans such scholarships or other resources.
Competitive Scholarships. SEOG as the federal Direct PLUS Loan and/or
funds are limited; they are awarded private loans. Some important exceptions to this rule:
to applicants with the most need.) • Some Office of Financial Aid scholarships are
2. Tuition-Based Scholarships awarded based on student need. This may
(Wolverine Pathways, HAIL, Michigan reduce your U-M Grant, but your total aid
Fairfax, privately funded tuition should remain the same or be higher.
based awards, etc.) • If you own a 529 plan, such as a Michigan
3. Institutional Scholarships (Tappan, *The university has instituted the Go Education Trust contract, receive a post-9/11
Fairfax, Presidential, etc.) Blue Guarantee, which pays tuition and VA benefit, or if you receive a State-funded
mandatory fees for students with family scholarship such as the Michigan Competitive
4. Institutional Grant Funding (based incomes of $65,000 or less and assets below
on an annually established award Scholarship, or the Detroit Compact
$50,000. For students who qualify, financial
maximum) All other institutionally aid may contain a variety of awards that Scholarship, Wade McCree Scholarship, or
awarded assistance including LSA- make up the guarantee. https://finaid. Detroit Promise, it will be applied against your
funded U-M Grant replacement umich.edu/go-blue-guarantee-eligibility. need-based grants before reducing your loan
Tuition is the cost of classes and mandatory or Work-Study.
scholarships as well as the Michigan fees are those the university charges to all
Competitive Scholarship, Federal Pell students. (See chart on page 6 for other • Receiving a Wade McCree, Detroit Compact
Grant, MET, VA Educational Benefits educational costs.) or Detroit Promise scholarship will reduce
your eligibility for the university-funded U-M
Grant; the Jean Fairfax, Tappan, Presidential,
HAIL and Wolverine Pathways scholarships;
Special note to nonresident students: and for the Michigan Competitive and Posse
scholarships.
While the Office of Financial Aid does not have sufficient funds to meet the
full demonstrated financial need of all nonresident students, students who are • M-PACT and Provost Awards (U-M grants) are
eligible for scholarships from U-M schools or colleges or other private sources reduced before loan and Work-Study awards.
may be able to cover their costs through these combined resources. Other
options often used by nonresident families are the Federal Direct PLUS Loan Please note: Some scholarships require full-time
(available to the parents of undergraduate students), the Grad PLUS Loan (for enrollment before disbursement.
graduate students), and private loan sources.
finaid.umich.edu • 2018-2019 REQUIRED READING
8 What are my costs?
Determine your costs 2018-2019 FALL/WINTER
Estimated Michigan
Resident Costs
YOUR COSTS
using your Award Notice Tuition & Fees: Varies by career, academic level, and
residency status. May also include lab fees. $15,262 $
Visit http://ro.umich.edu/tuition for current rates.
Your Award Notice has your Estimated
Cost of Attendance, which is used to Housing & Meals: Includes residence hall contract and
optional charges. If you are renting off campus, include
calculate your financial aid awards. This rent, security deposit, utilities, groceries, and restaurant/ + 11,534 +
worksheet shows the resources you will carry-out expenses.
have to cover your cost to attend U-M and Books & Supplies + 1,048 +
calculate how much you and your family
need to contribute to your education. Personal/Miscellaneous: The estimated student
budget allows about $77 a week for these expenses.
Consider your actual expenses and include cell phone + 2,454 +
bills, extracurricular activities, and personal hygiene
items. Set an economical, yet realistic, allowance.
Calculate your bottom line TOTAL ESTIMATED COST TO ATTEND = $30,298 =$
based on aid received
Total Estimated Cost to Attend (from worksheet above)
Use your budget from the worksheet Subtract Gift Aid From Your Award Notice That Are NOT Loans
–
above and your Award Notice to complete • Grants
this worksheet. It will tell you how much • Scholarships –
you and your parents need to contribute
after financial aid is applied. • Other –
Balance of Estimated Expenses That Need to Be Paid =
Need-Based Loans Offered on Your Award Notice
These loans have no interest charges while you are in school:
*
KEEP COSTS IN MIND –
• Nursing or Health Professions Loans
The double room rate used on your • Loans – *
Award Notice is less than the rate for
a single room. If you choose a single Your Net Price (What You and Your Family Will Need to Pay) =
room, you must cover the difference Amount You/Your Family Can Contribute:
–
between the two. • Parents
• Student (from savings, earnings) –
If you live off campus, you could save
• Work-Study Award (see your Award Notice) –
money by having roommates. See
our Off-Campus Student Resource • Other Sources (family gifts, etc.) –
Worksheet (https://finaid.umich.edu/ Need for additional Unsubsidized Federal Direct Loans, PLUS or Grad
wp-content/uploads/off-campus- PLUS Loans, or Private Loans
wksht.pdf) These loans accrue interest while you are in school, increasing either your *
=
current expenses or your debt after graduation. You must apply separately for
PLUS Loans and any private loans.
The four Cs that can bust your budget:
cars, clothes, credit cards and cell
phones!
* Add these figures to reveal your total loan debt for this year. Consider what this amount will be for all the years
you are in college. Remember: What you borrow today, you will have to pay back (with interest) after you graduate.
Visit Wolverine Access to:
ESTIMATE BILL, LOAN ELIGIBILITY OR AMOUNT FOR U-M PAYMENT PLAN
To estimate your university bill; determine private educational loan, PLUS Loan, or Grad PLUS Loan eligibility; or figure out how much
to request on the U-M Payment Plan, use the Financial Planning Calculators in Wolverine Access. Visit the Student Center and select
Finances > Financial Planning Calculators
https://wolverineaccess.umich.edu
finaid.umich.edu • 2018-2019 REQUIRED READING
9 Loan information
– For loan program details, see page 22 – SPECIAL NOTES:
Direct Subsidized Loan Time
Subsidized vs. Unsubsidized Private Loans Limitation: New Federal Direct
Federal Direct Loan If you need additional financing to meet Subsidized Loan borrowers are limited
in the amount of time they qualify for
your educational costs, visit https://finaid.
Students with finanical need get Federal an interest subsidy. Students who have
umich.edu/private-education-loans for
Direct Subsidized Loans, while all exceeded 150 percent of the published
information about private loans. Compare
applicants are eligible for Federal Direct length of their educational program
rates and terms with the PLUS and Grad
Unsubsidized Loans. Subsidized Loans are will be:
PLUS and consider their repayment terms.
not assessed interest while a student is
enrolled at least half-time. Unsubsidized • ineligible for additional Federal Direct
Loans are assessed interest while students Subsidized Loans (though you may
are enrolled, but interest is deferred until borrow a Federal Direct Unsubsidized
loan repayment begins. A student may pay Loan) and
interest while enrolled, which will result in • responsible for interest on all loans
lower loan payments and cost over the life accruing after exceeding the 150
of the loan. These loans have origination percent limit.
fees, so the amounts applied to your Students with no outstanding federal
University student account are less than loan principal balance when they
amounts listed on your Award Notice. take out a new loan are considered
new borrowers. Transferring between
Federal PLUS loans programs does not reset loan eligibility.
Interest not paid will be capitalized,
an option for parents effectively increasing your loan principal
& graduate students upon repayment.
Graduate students and parents of Undergraduate students approaching
undergraduates must complete the FAFSA graduation: If you are enrolled less
and then apply for PLUS loans separately if than full-time during your final term,
they need additional funds to cover costs. you may not be eligible for the full,
Applicants may borrow up to the amount annual maximum federal loan limit.
of Cost of Attendance each year, minus Consult with an aid officer to discuss
any other financial aid received (See your situation.
page 22).
The Direct PLUS Loan may be of interest
to students/parents who are not eligible
for other aid, have unusual costs above How much should you borrow?
standard student expense budgets, need
• Many students wisely maintain a lower-cost student lifestyle in order to borrow the
more help after other forms of aid are
least amount necessary to cover college costs. For budget tips, visit https://finaid.
awarded or wish to borrow all or part of
umich.edu/smartborrowing.
their Expected Family Contribution.
• If you are borrowing federal loans, visit https://nslds.ed.gov to see how much you have
PLUS LOAN ELIGIBILITY SAMPLE: borrowed to date. Find cumulative borrowing for Health Professions and Nursing loans
$28,776 Cost of Attendance/Budget on Wolverine Access (https://wolverineaccess.umich.edu).
– $12,000 Total Financial Aid Awards • Also in Wolverine Access is the student Eligibility Information panel, allowing
students to track grant and scholarship eligiblity, time left on federal loan
= $16,776 PLUS Loan Eligibility subsidies and whether they are meeting Satisfactory Academic Progress. Find
the tab on the right-hand side of the Financial Aid section in the student portal.
The federal processor will pull your credit • To see how much a loan in repayment will cost, use the Repayment Estimator at:
report. Because credit reports are valid https://studentaid.ed.gov/sa/repay-loans.
for a limited time, applications for the Fall
• To cancel or reduce your loans, visit Wolverine Access (https://wolverineaccess.umich.
and/or Winter terms will be available in
edu > Student > Student Business > login > Financial Aid > Awards > Accept/Decline
early April.
Financial Aid.) To cancel or reduce loans after they have paid, contact our office.
finaid.umich.edu • 2018-2019 REQUIRED READING
10 Terms & conditions of your financial aid
When you accept our offer of financial aid, you agree to fulfill the following responsibilities,
including the terms and conditions set by the federal regulations for financial aid.
u Additional assistance “refund.” Any subsequent charges
are your responsibility. (See pages 11
b. REDUCING ENROLLMENT LEVELS.
We monitor enrollment levels
a. If you receive additional funds and 12.) each term. If you drop courses and
not listed on your Award Notice fall below minimum credit hour
d. Financial aid does not cover certain
(scholarships, departmental awards, requirements, you may have to repay
charges. Check your account balance
Michigan Education Trust, etc.), all or part of your aid. Consult with a
monthly for any unpaid charges.
report them immediately in Wolverine financial aid officer before you drop a
Access (https://wolverineaccess. e. Financial aid for a specific term may class. Adjustments to your financial
umich.edu) by selecting Student > only be used to pay for charges for aid are not made until after the drop/
Student Business > login > Student that term, not to pay prior term add date for each term.
Center > Financial Aid > Select balances.
Aid Year > Awards > View/Report c. WITHDRAWAL FROM THE
Additional Aid. With additional UNIVERSITY. If you choose to
assistance, your awards may be
x Enrollment requirements withdraw or are asked to leave the
adjusted or reduced, even if your aid a. FULL-TIME ENROLLMENT. We university, inform us immediately. If
has already been paid. If there is a assume that you will enroll full-time. you have received a federal student
change to your aid eligibility, you will You may enroll less than full-time, but loan, you will be sent information
receive an email with a notice of a you must be enrolled at least half- about completing online “exit
revised Award Notice. (See page 7 for time in classes that count for degree counseling” for loan repayment.
more information.) credit to be eligible for aid. Depending upon when you withdraw,
Enroll in a course by the University’s you may be required to repay all or
b. Students enrolled at more than
third-week drop/add date each term part of your aid (see page 14).
one institution concurrently may
not receive financial aid from both to be considered for financial aid for d. ATTENDANCE. The Office of
institutions unless on a pre-approved that course. If your program has a Financial Aid is required to verify that
Study Abroad consortium. flexible enrollment policy, register students who receive a non-passing
before the drop/add deadline. Not- grade (any grade other than A, B, C,
for-credit courses do not qualify for
v Previously received financial aid. If you are repeating a
D or P) in any class actually began
attending the class. If you receive a
Title IV federal aid course, take care that your School
or College has not designated it as
non-passing grade in a course or no
You must not be in default on any federal grade is reported, we will follow up
not-for-credit. If so, it is not eligible to determine whether or not you
loans or owe any refunds on federal grants for aid and you may be required to
from postsecondary institutions. attended the class.
repay some of your already disbursed
financial aid. Note that: e. SATISFACTORY ACADEMIC
w Use of funds • Some scholarships require full-time PROGRESS. To remain eligible
for financial aid, students must
enrollment before disbursement.
a. You may use your financial aid funds make satisfactory progress toward
only for education expenses incurred • Wait-listed classes, not-for-credit completing their degrees (see
at the UM-Ann Arbor for the Fall/ classes and classes that you are page 13).
Winter 2018-2019 academic year. auditing do not count toward
enrollment. f. UNDERGRADUATES WITH ONE OR
b. Some scholarships, such as the
Michigan Competitive Scholarship, • Less-than-full-time enrollment may MORE BACHELOR’S DEGREE(S).
HAIL and Wolverine Pathways are for reduce future aid eligibility and Undergraduate students who have
tuition only. Satisfactory Academic Progress (see received one bachelor’s degree and
page 13). are pursuing another will only be
c. We apply aid directly to charges on eligible for loans. However, a student
your University student billing account • Aid will be adjusted for students enrolled in an approved dual-degree
(including tuition, some fees, housing, enrolled less than full time after the program or who is a double major
and other charges). Excess funds third-week drop/add deadline. may qualify for all types of aid.
are released to you in the form of afinaid.umich.edu • 2018-2019 REQUIRED READING
11 Disbursement: Receiving your financial aid
WHEN HOW will I receive my aid?
will I receive my aid? 1. DIRECTLY APPLIED TO YOUR UNIVERSITY STUDENT BILLING ACCOUNT
Financial aid is paid out at the beginning Grants, scholarships, and loans administered by the Office of Financial Aid are first applied
of the term for which you have enrolled. to your U-M student billing account to pay tuition, fees, university-operated housing, and
Thereafter, students will receive aid within other university charges. U-M grant funds are applied first to tuition, then to other on-
two weeks after they have: campus charges.
1. Responded to our requests for
additional information. 2. FINANCIAL AID REFUNDS
2. Enrolled (not wait-listed) at least If financial aid exceeds these account charges, students will receive either a refund or a
half-time (6 hours for undergraduates, credit on their account. You may have your refund direct deposited to your bank account
4 hours for graduate students). or have a check mailed to your current (local) address as listed on Wolverine Access. For
Some scholarships require full-time direct deposit:
enrollment before payment. • Select Direct Deposit from your self-service menu in Wolverine Access. Allow up to 2
3. Completed/signed all promissory business days for it to be processed.
notes; see “What to expect later” • The direct deposit authorization will cover all funds paid to you — financial aid and
(page 4) for details. university employment wages (including Work-Study).
Disbursement dates are published in • This authorization remains in effect until you cancel it. To do this, complete
student newsletters: a Direct Deposit Authorization Form (www.finops.umich.edu/payroll/forms/
https://finaid.umich.edu/publications directdepositauthorizationform) and submit it to the Payroll Office.
3. WORK-STUDY EMPLOYMENT
A note about loans and Work-Study awards are earned by working for Work-Study employers and earning a
financial aid refund checks paycheck, typically paid bi-weekly through the employer’s payroll system. They do not
appear as aid on your student account. Employers pay a percentage of students’ wages
If you receive a refund for a loan and and federal funds pay the remaining wages.
you do not want it, notify us in writing.
Not cashing the check does not cancel The Student Employment Office maintains listings of eligible Work-Study jobs at https://
the loan. Here are your options: studentemployment.umich.edu. Students contact employers directly to apply. Show the
employer a copy of your Award Notice and proof that you are enrolled at least half-time
> Return your uncashed check to us
and inform them if your Work-Study eligibility changes.
with a note of explanation.
> If you have cashed the check or 4. PRIVATE SCHOLARSHIP CHECKS
received direct deposit, request the • If your scholarship check is sent to the university, it will be applied to your student
loan reduction in writing for the desired account half in Fall Term and half in Winter Term, unless otherwise specified by the
amount. Once the loan is removed from scholarship sponsor. Payments are processed within two weeks. Any credit will be
your Student Account you can then refunded to you by check or direct deposit.
make an ePayment through Wolverine
Access, or write a check payable to • If the provider makes the check payable to U-M and sends it to you, submit the check to
“University of Michigan.” our office for processing.
• If the provider makes the check co-payable to you and U-M and sends it to you, endorse
Visit www.sfo.umich.edu for more it and submit to our office.
detailed information on making
• If the provider makes the check payable to you and sends it to you, report this resource
payments to your Student Billing
to us and apply any funds necessary to your student account.
Account.
Special note to students enrolled less than full-time
Your financial aid is based on full-time enrollment. If you are not enrolled full-time by the end of the drop/add period, your aid will
be adjusted at that time and you will receive a revised Award Notice reflecting your level of enrollment.
If you enroll in a class, do not attend and later withdraw, your aid will be adjusted if withdrawing results in less-than-full-time
enrollment.
You must be enrolled by drop/add date or your aid will be canceled. If you enroll after drop/add, your aid will not be reinstated.finaid.umich.edu • 2018-2019 REQUIRED READING
12 Your university ebill: How much is due & when
STUDENT FINANCIAL SERVICES – STATEMENT OF ACCOUNT
Page 1
Your university student billing account is maintained by Student
Please make payment online by Payment Due Date at:
Financial Services, which notifies students by email mid-month
https://wolverineacess.umich.edu
Online Payment is U-M’s preferred payment menthod.
when there is an eBill available to view/print on Wolverine Access
Online Payments are posted to the student account in real-time.
(https://wolverineaccess.umich.edu).
Samuel Student
UMID: 00000000 Invoice Date: 12/14/2018
12/14/2011 Financial aid, including private scholarships and MET accounts, is
Amount Due: NONE * applied directly to the charges, usually during the first month of
Payment Due
Date:
01/09/2019
01/05/2011
the term.
As of today, 12/14/2018
12/14/2011, your unpaid charges due on or before 1/9/2019
1/4/2012 are: Some types of aid have restrictions. For example, federal aid
A Charges Due
Due Date Charge Term Due Amount Running Total cannot pay for orientation and lost ID card fees. Some university
AMOUNT DUE
0.00
NONE
awards/scholarships can only pay for tuition, fees, and/or housing
and meals. So, you could receive a refund even with outstanding
PAY NOW charges; you are responsible for paying those charges using your
refund or other resources.
Student Account Activity as of Invoice Date 12/14/2018.
12/14/2011.
Transactions after this date will be included on your next invoice.
Student eBills for Fall 2018 term will be issued to students in
mid-August. To see how much you owe, visit Wolverine Access
Charges and Adjustments Find | View All First 1-6 of 6 Last
Item Description Term Date Posted Amount
ITD COMPUTING CHARGES FA 2018
FA 2011 12/08/2011
12/08/2018 2.04
and view the Account Summary in the Student Center > Finances
MICHIGAN STUDENT ASSEMBLY WN 2019
WN 2012 12/04/2011
12/04/2018 7.19
REGISTRATION FEE WN 2012
WN 2019 12/04/2011
12/04/2018 80.00 section.
SCHOOL & COLLEGE GOV’T FEE WN 2019
WN 2012 12/04/2011
12/04/2018 1.50
STUDENT LEGAL SERVICES WN 2019
2012 12/04/2011 6.00
To view your charges in detail, select Account Inquiry from your
WN 12/04/2018
TUITION-UGRD-EDUC-UP-RES WN 2012
WN 2019 12/04/2011
12/04/2018 6,577.00
Credits, Payments and Financial Aid
Student Center. The Charges Due A page that opens shows a
You have no transactions this period.
“running total” of your charges by due date. View individual bills
by selecting an invoice number in the Invoices Due section.
B Pending Aid
*Pending Aid may be subtracted from the Amount Due shown above unless you are The Invoice Detail page shows details of your monthly bill. The
enrolled in the U-M Payment Plan. See the Student Financial Services web site for activity and amount due will change as payments and credits are
more information about Pending Aid.
Item Description Term Amount
posted to your account.
* UNIVERSITY
MICHIGANOF GRANT
MICHIGAN GRANT WN 2019
WN 2012 -4,914.00
* M-PACT
M-PACTGRANT
SCHOLARSHIP WN 2019
WN 2012 -250.00
* FED
FEDPELL
PELL GRANT
GRANT WN 2019
WN 2012 -1,500.00
* FED
FEDPERKINS
PERKINS LOAN
LOAN WN 2019
WN 2012 -250.00
* FED
FEDSUBSIDIZED
* FED
SUBSIDIZED
FEDUNSUB
UNSUB
DIRECT
DIRECT
DIRECT
LOAN LOAN
LOANLOAN
DIRECT
WN 2019
WN
WN
2012
WN 2019
2012
-3,522.00
-210.00
If you have questions about the bill, select the Help button
on the page and visit Student Business Help.
A few notes about your bill Pending Financial Aid SOME IMPORTANT
• Expenses such as books do NOT appear Because initial student bills for a term EXCEPTIONS:
on your eBill. are issued before financial aid, a special Some sources of aid – such as graduate
• Federal Direct Loan (Subsidized, section – Pending Aid B – is included student instructor/research assistant
Unsubsidized, and PLUS) payments showing any financial aid funds that tuition waivers, private and PLUS loans,
applied to your account will be lower the University expects to credit to your and third-party credits and private
than amounts awarded because loan account based on your aid award. If you scholarships not yet received – will
origination fees are deducted. are enrolled full-time and you have signed not appear on your bill as pending
the required documents (such as loan aid. They will show on your student
• Work-Study awards are not reflected on documents), pending aid will appear on account after we receive the funds.
the eBill: Work-Study funds are earned your bill.
by working and receiving paychecks If funds you are expecting have not
(page 11). Disbursement of financial aid funds to appeared on your account by the time
students’ accounts begins shortly before you pay your bill, pay the Amount Due
• Late payment fee for an unpaid balance the start of Fall Term 2018. When funds to avoid incurring a late fee. Once
on your student account is $30 per are credited to your account, pending aid funds are applied to your account, you
month. is removed. will see a credit on your monthly bill.finaid.umich.edu • 2018-2019 REQUIRED READING
13 Satisfactory Academic Progress policy
Satisfactory Academic Progress (SAP)
describes a student’s successful
which includes number of credits
attempted and completed.
SAP financial aid probation
completion of coursework toward a Financial aid probation means you have
• For students returning to college for a
degree and is a requirement of receiving one semester (or timing as specified by
second undergraduate degree: These
financial aid. To maintain SAP, a student the Academic Recovery Plan) to meet SAP
students are eligible to receive only loan
must: requirements in order to retain financial
funds. They will be given 150 percent
aid eligibility. Students on probation
of stated credit hours required for the
u Maintain a minimum cumulative second degree program.
continue to receive aid.
grade point average (GPA) – The You will be asked to sign a Term-by-
minimum for undergraduates is based • Double majors/minors: These
students will be funded with aid based Term SAP Probation Agreement that
upon the academic level and ranges from will explain the requirements of your
a 1.6 at the end of the freshman year to upon a 150 percent of one major
program. probation. Students on SAP financial aid
a 2.0 by the end of the senior year. (GPA probation are monitored for improvement
requirements for scholarships may be • For graduate students on detached
and adherence to the probation terms
higher.) For graduate-level programs, the study: Detached study semesters
including the Academic Recovery Plan.
minimum GPA requirement is determined count as the equivalent of 8 credit
While on probation, an undergraduate
by the academic unit. The GPA is reviewed hours attempted and completed when
student is expected to achieve a semester
annually, after Winter Term grades are calculating both pace and 150 percent
grade point average of 2.0 (or as
posted and the overall GPA must be equal of program length completion.
determined by academic unit), may not
to or greater than the required minimum receive an “I” in any coursework, and must
for the student’s academic level. receive a “P” in each Pass/Fail course.
IMPORTANT NOTES:
v Complete at least 67 percent of • University of Michigan Grant is available A student is removed from SAP financial
all attempted credit hours – This is also to eligible U-M undergraduate students aid probation once successfully
reviewed annually at the end of each who are enrolled in their first bachelor’s completing the Academic Recovery Plan,
Winter Term and the aggregate percentage degree during the first 10 terms of
as demonstrated by obtaining a GPA
enrollment in a college or university. This
of coursework attempted and passed consistent with the minimum requirement
includes U-M or any other institution.
must equal 67 percent or greater at each • Non-credit classes are not eligible for and completing an aggregate percentage
review. (For example, an undergraduate financial aid. of 67 percent or more of all attempted
student enrolled for 12 credit hours and credit hours.
completing only 8.5 credit hours has Any student placed on academic probation
completed an acceptable percentage of
attempted credit hours, 67 percent or SAP monitoring by his or her school or college is also
considered to be on SAP financial aid
greater.) At the end of each Winter term, students probation. The student must comply
who have not met all three of the
w Complete a degree program in a requirements listed above for all terms
with probation requirements of both the
academic department and the Office of
maximum time frame of no more than
in which they are enrolled (not just those Financial Aid.
150 percent of the average length of
terms for which the student received aid)
the program – For example, it takes an Students who fail to adhere to probation
will be notified in writing that their aid
average of 120 credit hours to complete terms are not eligible for aid in any
eligibility has been terminated.
a Literature, Science and the Arts (LS&A) subsequent semester. Written notification
undergraduate degree. So, 180 credit is sent to students failing to comply with
hours would equal 150 percent and would SAP appeals those terms.
be the maximum number of credit hours A student may appeal aid eligibility
for which an LS&A student could receive
financial aid from federal sources. (The
termination if extenuating circumstances Academic holds
prevented normal academic success or
150 percent standard applies to graduate U-M schools and colleges use academic
successful completion of SAP terms. The
students based on average program length holds to prevent student registration when
SAP Appeal Form allows the student
defined by a student’s academic unit.) there are academic issues. We will not
to document these circumstances and
• For transfer students: The number of determine aid eligibility or release funds
develop an Academic Recovery Plan with
transfer hours accepted at the point until all academic holds are lifted. Contact
an academic advisor. Examples include:
of admission are used to calculate a your academic advisor to resolve a hold.
personal/family critical illness (physical/
student’s remaining eligibility under mental health), natural disaster impacting
the 150 percent standard and will be the family home, assault, etc. If an appeal
included in the quantitative calculation is approved, the student will be placed on
SAP financial aid probation. (continued on next page)finaid.umich.edu • 2018-2019 REQUIRED READING
14 Satisfactory Academic Progress policy
(continued from previous page)
Regaining aid eligibility
Incomplete courses, poor grades and withdrawal A student can regain eligibility by notifying
the U-M Office of Financial Aid when these
GRADES: financial aid to repeat a class for which three things have been accomplished:
Only courses for which a student receives a grade of W, I or X was received that
a grade of A, B, C, D, I or P are acceptable.
A grade of E, F, ED, W, NR or X is not
was not completed within the maximum
timeframe set by the course instructor. 1. Complete a minimum of 12 credit
hours for undergraduates or 8
credits for graduate students at U-M (or
acceptable. Students who fail to complete Students who receive a passing grade may
at least 67 percent of attempted credit repeat a class once. See examples below. as specified in the Academic Recovery
hours because of incomplete grades or (Repeating classes that do not result in Plan) without the benefit of financial aid.
who withdraw from all classes will have additional hours or Michigan Honor Points Students may take the credits at another
their financial aid terminated. A student will not improve completion rate.) institution of higher education if approved
may receive financial assistance for a by their academic advisor; and,
NOT-FOR-CREDIT CLASSES:
2.
course that was repeated and for which a
Non-credit courses are not eligible for Achieve a minimum GPA of 2.0
non-passing grade was received one-time
financial aid. If you are repeating a course, for undergraduates (for graduate
only.
take care that your School or College has students and some undergraduate
REPEATED CLASSES: not designated it as not-for-credit. If so, programs, GPA requirements of their
A student repeating a course and receiving you may be required to repay some of academic unit apply); and,
3.
a non-passing grade may receive aid for your already disbursed aid.
Complete 100 percent of attempted
that course. A student may not receive
TERMS WITH FAILING GRADES: credit hours.
Students will be asked to verify course
Note: A student who has lost eligibility
participation during a term in which
may not automatically regain it by sitting
all grades received are unacceptable
out (not attending) for a semester.
(as defined above). Failure to verify
attendance in each class will result in
cancellation of all aid for the term.
EXAMPLES: Repeating courses
There is no limit for students who receive failing grades in a course: You may continue to
take the course until you pass it. (So, no limit on the number of times a course is repeated
when receiving E, F or W grades.) If you receives a grade of D- or higher, you may take the
class one additional time and remain eligible for aid for that class. But if you enroll for it a
third time, there will be no aid. Following are some examples:
Sally U. Mich takes a language course Samuel Student takes a math course, receives an E and
and passes it with a D grade. She receives gets financial aid. He takes it again and receives a C; aid
her financial aid, but wants to better her is allowed. He takes it yet again and and will not receive
grade so enrolls again and receives a B. She aid. A student with a failing grade can repeat the course
receives aid again for the class. She enrolls without limit and receive aid. But once he receives a
a third time, but will not get financial aid. passing grade, he can only take it one additional time
She can repeat the course only once after and get aid for the class.
receiving a passing grade.
If you are repeating a course, take care that your School or College has not designated it
as not-for-credit. If so, it is not eligible for aid and you may be required to repay some of
your already disbursed aid.You can also read
