REQUIRED READING Your reference and resource guide to financial aid at the University of Michigan-Ann Arbor
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2021–2022
REQUIRED READING Your reference and
resource guide to
financial aid at the
University of Michigan-Ann Arbor
phone: 734-763-6600
fax: 734-734-647-3081
email: financial.aid@umich.edu
finaid.umich.edu
YOUR REFERENCE AND RESOURCE GUIDE TO FINANCIAL AID
A NOTE FROM THE EXECUTIVE DIRECTOR at the University of Michigan-Ann Arbor
TABLE OF CONTENTS
Reviewing Your Financial Aid Notice............................................................................... 3
Finding my Financial Aid Notice on Wolverine Access..................................................... 3
What to do now............................................................................................................... 3
What to expect later........................................................................................................ 4
Notice to entering students............................................................................................. 4
A Look at Your Financial Aid Notice................................................................................. 5
Estimated Cost to Attend................................................................................................. 5
Financial aid offer............................................................................................................. 5
My name is Tammie Durham, and I How Financial Aid Is Determined.................................................................................... 6
am the executive director for the U-M Estimated cost of attendance........................................................................................... 6
Office of Financial Aid. I am pleased to How we determine need-based aid eligibility ................................................................. 6
provide this financial aid guide in the
How need-based aid is calculated.................................................................................... 7
hope that it will help you navigate the
complexities and opportunities in your A note about scholarships and other resources.............................................................. 7
financial aid. Special note to nonresident students.............................................................................. 7
What Are My Costs?....................................................................................................... 8
Required Reading introduces you to
Determine your costs and calculate your bottom line..................................................... 8
the financial aid prospects available to
you for the upcoming academic year, Wolverine Access financial planning calculators.............................................................. 8
and provides guidance on common Loan Information............................................................................................................ 9
issues and questions relating to your Subsidized/Unsubsidized Federal Direct Loan................................................................. 9
aid package. I hope you find it to be a PLUS Loans....................................................................................................................... 9
valuable resource during your time at Private loans..................................................................................................................... 9
the University of Michigan.
How much should you borrow?....................................................................................... 9
Required Reading is undoubtedly full of Terms and Conditions of Your Financial Aid Offer.......................................................... 10
information, but it is just a start. If you Receiving Your Financial Aid......................................................................................... 11
have more questions, visit our website When will I receive my aid?........................................................................................... 11
or contact us in person, by phone, or How will I receive my aid?.............................................................................................. 11
by email (contact information is on
Your University eBill: How Much Is Due and When....................................................... 12
page 25).
A few notes about your bill............................................................................................ 12
For future reference, please keep a Pending financial aid...................................................................................................... 12
copy of this booklet in your financial Satisfactory Academic Progress Policy..................................................................... 13-14
aid file or bookmark this site so you
Refund Policy and Return of Title IV Aid.................................................................. 14-15
can download it at a future date:
finaid.umich.edu/tools-resources/ Reapplying for Aid................................................................................................... 16-17
publications-newsletters 2022–2023 fall/winter aid.............................................................................................. 16
2022 spring/summer aid................................................................................................ 16
Wishing you success in the Study abroad.................................................................................................................. 16
coming year!
Special situations........................................................................................................... 17
Tammie Durham • Requesting a re-evaluation of Aid Eligibility............................................................ 17
Assistant Vice Provost and Executive • Timing of requests................................................................................................... 17
Director of Financial Aid • How to appeal a financial aid decision.................................................................... 17
Frequently Asked Questions (FAQs).............................................................................. 18
NOTICE: Because of the nature of federal, state, 2021–2022 Major Financial Aid Programs (detailed listing)...................................... 19-24
and institutional guidelines affecting financial Important Addresses and Phone Numbers.................................................................... 25
aid programs, the information contained in this
publication is subject to change.
Other University Links and Information........................................................................ 26
Required Reading 2021–2022 2 finaid.umich.edu
REVIEWING YOUR FINANCIAL AID FUNDING
wolverineaccess.umich.edu
WOLVERINE ACCESS: quick, convenient access to your password-protected financial aid and other records on the web
FINDING MY FINANCIAL AID NOTICE ON
WOLVERINE ACCESS
A To view/print a PDF of your Financial Aid 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.
We recommend that you save or print a copy of your
Financial Aid Notice for your files.
WHAT TO DO NOW
Read your Financial Aid Notice and refer to this publication
for information about the financial aid you have been
offered. (The notice is explained on page 5.) Then:
• We assume you are accepting all offered aid, including
your offer of loan(s) assistance. If you do not wish to
B accept your loan (or any other offer of aid) or wish to
reduce the amount, you must communicate this by logging
into Wolverine Access, selecting Accept/Decline B from
the Awards tab (not functional in Prospective Student
Business).
Note: If you do not sign your promissory loan note,
complete entrance counseling, and comple the Annual
Student Loan Acknowledgement (ASLA) you will not receive
your loan funds.
• Notify us if you receive scholarships, department
funding, fellowships, Michigan Educational Trust contracts,
ROTC scholarships, veterans benefits, or other aid not listed
on your Financial Aid Notice. Select View/Report Additional
Aid C from the Awards tab to do this.
• If name, U-M ID, residency, grade level, and/or career
are not correct on your Financial Aid Notice, contact the
Registrar’s Office as soon as possible. If your address is
incorrect, change it using Wolverine Access.
• Complete your online Federal Direct Loan Master
C
Promissory Note using your Federal Student Aid ID (FSA
ID), complete the ASLA, and review important information
about your federal loan accounts online at StudentAid.gov.
• Finally, authorize a Friend Account for your parents or
guardians, so that they may also access your Financial Aid
Notice. See finaid.umich.edu/tools-resources/using-
wolverine-access for more information.
(continued on next page)
Required Reading 2021–2022 3 finaid.umich.edu
REVIEWING YOUR FINANCIAL AID FUNDING
(continued from previous page) school for one year or more.) First-time
NOTICE TO ENTERING borrowers at U-M must also complete
STUDENTS online loan entrance counseling. You will
WHAT TO EXPECT LATER receive an email reminder.
NEWLY ADMITTED
• Check your email and the Documents/
FIRST-YEAR, TRANSFER,
Review page of the Wolverine Access HEALTH OR NURSING
AND GRADUATE STUDENTS: Financial Aid section (for New & LOANS
Prospective students, select View Financial
An offer of financial aid does not
Aid Document Status). If you were awarded a Health Professions
constitute admission to the
or Nursing Loan (finaid.umich.edu/types-
University of Michigan or acceptance of • Complete/sign all applicable loan aid/loans/health-professions-nursing),
U-M scholarships. promissory notes complete your loan documents (MPN,
Accept your admission through the • Respond immediately to requests Rights and Responsibilities Statement)
from our office asking for additional online using Wolverine Access to receive
office that admitted you (such as
information. your funds. Health Professions and Nursing
Office of Undergraduate Admissions
Loan recipients must complete a Rights and
or the Rackham Graduate School).
• If your aid is adjusted, you will get Responsibilities Statement each year on
an email noting that you have a revised Wolverine Access.
To accept scholarship offers from your
Financial Aid Notice.
school or college, carefully follow
any directions provided within the U-M INSTITUTIONAL LOAN
FEDERAL DIRECT LOANS
scholarship notification. Students must complete a U-M Institutional
If you have Federal Direct Loans, Loan Promissory Note each time they apply
complete your Federal Direct Loan for a new loan. By signing the Promissory
Master Promissory Note (MPN) online Note, you agree to the rights to the rights
at StudentAid.gov AND the Annual and responsibilities as noted.
Student Loan Acknowledgement (ASLA)
to receive your funds. See finaid.umich. A summary is also available on
edu/managing-your-aid/loan-next-steps/ Wolverine Access:
master-promissory-notes for information.
(If you have previously signed a Federal • If you have a U-M uniqname: Select
Direct Loan MPN at U-M, do not sign the Student tab in Wolverine Access and
another unless you have been out of choose Student Business > Student Center
> Financial Aid > Aid Year >
Awards > Award Summary
D.
D • If you are an entering
student with a Friend
Account: Select the
Student tab, choose the
New & Prospective Student
Business section > New &
Prospective Student Center
> View Financial Aid Award
Summary.
Required Reading 2021–2022 4 finaid.umich.edu
A LOOK AT YOUR FINANCIAL AID NOTICE
Below is a description of your U-M Financial Aid Notice. Read all pages including links that are part of your agreement to accept federal
aid funds. Page 2 of the Financial Aid Notice offers instructions about what to do next, and details the cost of borrowing and consumer
information about the university.
Information from your financial aid application such as income, assets, family size, as well as residency status, program, and enrollment
determines your eligibility for aid and what type of financial ai you will receive. Personal information highlights include:
A PRIMARY CAREER AND GRADE LEVEL: This section receive aid. Most aid will be prorated based on your actual level of
includes your level (undergraduate or graduate/professional) and enrollment. We will monitor enrollment and changes may reduce
your school or college based on information from the Office of the or cancel aid, even after you receive your funds. (See “Special note
to students enrolled less than full-time,” page 11.)
Registrar. Contact them with questions (ro.umich.edu).
B RESIDENCY STATUS: Residency at time of admission Full-Term Credit Hour Requirements for Financial Aid
determines your tuition rate. Contact the Office of the Registrar at Less
734-764-1400 or visit ro.umich.edu/resreg.html.
Full-Time 3/4 Time* 1/2 Time* Than 1/2
Time
C ENROLLMENT: We assume full-time enrollment for UNDERGRADUATE 12+ 9 - 11 6-8 No Aid
aid purposes; students must be enrolled at least half-time to GRADUATE* 8+ 6-7 4-5 No Aid
*Cost of attendance will be adjusted to reflect graduate students enrolled for less
ESTIMATED than 9 credit hours (5 for half-time) and this could result in reduced aid eligibility.
2016-2017 Award Notice
ESTIMATED
2016-2017
2021–2022 Award
Financial Notice
Aid Notice If any information on your Financial Notice is incorrect, contact
OFFICIAL the appropriate university department to correct the information.
Student name: Joe Student UMID: 12345678
Undergraduate, LSA Enrollment assumption: Full-time
Estimated Cost to Attend U-M D
Primary Career and Grade Level:
Student name: Joe Student UMID: 12345678
Residency status: In-State
Primary Career and Grade Level: Undergraduate, LSA A Date of issue: March 1, 2016
Enrollment assumption: Full-time
C
B Residency
Below status:
is the In-State
nancial aid package being offered to you by the University of Michigan-Ann Arbor. Date
Date of issue:
of
This issue: March
March
notice 1,
gives1,
cost of attending U-M, aid offered and remaining costs that can be met through loans or other personal and private sources of
2016about the
2020
details
This section shows the estimated amount it costs to attend U-M
funding.
Below is Information
the nancialabout how to accept or decline parts of your award and your responsibilities in accepting federal nancial aid
for the period covered by your Financial Aid Notice (see page 6).
aid package being offered to you by the University of Michigan-Ann Arbor. This notice gives details about the
are
costfound in Required
of attending U-M, Reading (view
aid offered andelectronically or download
remaining costs at met
that can be naid.umich.edu/Publications).
through loans or other personal and private sources of
funding. Information about how to accept or decline parts of your award and your responsibilities in accepting federal nancial aid
For descriptions of nancial aid programs visit naid.umich.edu/Denitions
are found in Required Reading (view electronically or download at naid.umich.edu/Publications).
finaid.umich.edu/tools-resources/publications-newsletters It includes tuition and fees E as charged on your student bill,
TERMS:
For descriptions of nancial aid programs visit naid.umich.edu/Denitions
Estimated cost to attend U-M
Fall Winter TOTAL
housing and meal costs F (on or off campus), and other costs G
TERMS:
( naid.umich.edu/Cost):
D Estimated cost to attend U-M
• Tuition & Fees
Fall
$6,743
Winter
$6,743
TOTAL
$13,486
which can include books, supplies, and personal expenses. Your
(naid.umich.edu/Cost):
• Housing Costs (either on-campus or off-campus)
• Other
TuitionCosts
& Fees E
$5,123
$6,743
$7,413
$5,123
$6,743
$7,413
$10,246
$13,486
$14,826
actual expenses may vary; periodic student surveys determine
• (books, supplies, personal expenses) $1,626 $1,626 $3,252
•* Housing
Housing Costs
& Meal (either
Costson-campus
(either on-campus or off-campus)F
or off-campus) $5,123
$5,599 $5,123
$5,599 $10,246
$11,196 these personal costs and estimates of typical aid. (See “What Your
• Other
TOTAL Costs (books, supplies, personal expenses)
COST G $1,626
$13,492 $1,626
$13,492 $3,252
$26,984
Costs Will Be” on page 8.)
$1,751 $1,751 $3,502
Financial
TOTAL COST Aid Offer $13,492
$14,763 $13,492
$14,763 $26,984
$29,526
H Financial Aid Offer
Gift Aid (DOES NOT require repayment):
• * Michigan Grant $6,467 $6,647 $12,934 Financial Aid Offer H
Gift
• * Aid (DOES
Federal PellNOT require repayment):
Grant I $2,775 $2,775 $5,550
This section lists your financial aid for each term. If you receive
• *
• * Federal
University
Michigan Grant
FSEOG ofGrant
Michigan Grant $6,467
$10,541
$750 $6,647
$10,542
$750 $12,934
$21,083
$1,500
• * Federal Pell Grant $2,775
$2,835 $2,775
$2,835 $5,550
$5,670
• * Federal
YOUR COST TOFSEOG
ATTENDGrant
LESS GIFT AID $750
$3,500
$0 $750
$3,500
$0 $1,500
$7,000
$0
scholarships or grants (money that is not repaid), they will fall
YOUR COST TO
Work-Study ATTEND
(earned LESSnot
wages, GIFT AID to student account):
applied J $3,500
$1,387 $3,500
$1,386 $7,000
$2,773
under the gift aid I section. We subtract your gift aid from your
• * FEDERAL WORK STUDY
K Work-Study (earned
Funds earned
• * aFEDERAL
wages,
by working
paycheck.WORK STUDY
in not appliedWork-Study
an approved to studentjobaccount):
and earning $1,250 $1,250 $2,500
total Cost of Attendance and display the amount remaining to be
Loans
Funds earned by working in an approved Work-Study job and earning
(must be repaid):
a paycheck.
$1,250
$1,250 $1,250
$1,250 $2,500
$2,500 covered’ J .
• * FED PERKINS LOAN
L Loans
For(must
• * FED DIRECT
be repaid):
your cumulative
PERKINS LOAN
Perkins Loan amount, see Wolverine Access.
SUBSIDIZED LOAN
$500 $500 $1,000
The remaining sections in the Financial Aid Notice offer you
$500 $500 $1,000
options for paying this amount and can include:
For previous Direct Loan
your cumulative recipients,
Perkins funds will
Loan amount, seebe disbursed
Wolverine unless declined.
Access. $1,750
$0 $1,750
$0 $3,500
$0
• * FED DIRECT SUBSIDIZED LOAN
OtherFor
Resources:
previous Direct Loan recipients, funds will be disbursed unless declined. $1,750 $1,750 $3,500
M Other COST
YOUR Resources:
IF USING ALL AID OFFERED $0
$137 $0
$136 $0
$273
K FEDERAL WORK-STUDY: This federal program allows
YOUR STEPS
NEXT COST IFAND
USING ALL AID OFFERED
BORROWING OPTIONS: $0 $0 $0 you to apply for Federal Work-Study jobs and earn a paycheck to
NEXT STEPS AND BORROWING OPTIONS: help you pay for college.
AID PROGRAM LISTINGS: Refer to pages L LOANS: These are funds that students borrow from the
19-23 for descriptions of U-M’s major financial aid programs federal government or other lenders. Loans must be repaid when
for 2021-2022. Financial Aid on your notice that DOES NOT students graduate or stop attending school. Federal loan and
include an asterisk (*) is from sources other than the Office of Institutional loan repayment begins six months after you graduate,
Financial Aid. You must confirm this with the sponsor(s) and withdraw, or drop below half-time status. Borrow only what you
report any changes to us. need.
M OTHER RESOURCES: These include some VA benefits,
third-party credits, or pre-paid tuition plans, among others.
Required Reading 2021–2022 5 finaid.umich.edu
HOW FINANCIAL AID IS AWARDED
Estimated Cost of Attendance for Fall/Winter 2020-2021
MICHIGAN RESIDENT NONRESIDENT
First-year/ Juniors/ Graduate First-year/ Juniors/ Graduate
Sophmores Seniors Students Sophmores Seniors Students
Tuition Tuition
& Fees $15,948 $17,948 $24,772 & Fees $52,266 $55,928 $49,548
Housing Housing
& Meals $12,034 $12,034 $16,502 & Meals $12,034 $12,034 $16,426
Books & Books &
Supplies $ 1,048 $ 1,048 $ 1,192 Supplies $ 1,048 $ 1,048 $ 1,192
Personal/ Personal/
Misc. $ 2,454 $ 2,454 $ 6,574 Misc. $ 2,454 $ 2,454 $ 6,574
Total Budget $31,484 $33,484 $49,040 Total Budget $67,802 $71,464 $73,816
1
Estimated budgets are based on tuition rates as approved by the U-M Board of Regents in June 2020 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
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 $5,256 for the year.
4
International Student Fee: $500 per semester for F & J visa holders
HOW WE DETERMINE NEED-BASED AID ELIGIBILITY
Financial aid programs were created meals whether you live on or off campus, equity). Allowance for living expenses
with the assumption that the primary unless you live with your parents (students (based on family size), taxes paid,
responsibility for paying for college rests residing with parents are assumed to have siblings in college, and retirement asset
with the student and family. Financial lower costs of living). protection are built into the formula.
aid is available to families who need 2. The Student Contribution – What a
additional resources. The formula we use EXPECTED FAMILY student is expected to pay based on
to determine need-based eligibility is: CONTRIBUTION (EFC) is a formula income, savings, and other assets.
applied uniformly to all aid applicants and
COST OF ATTENDANCE considers information provided on the Your EFC is determined early in the
Expected Family Contribution (EFC) Free Application for Federal Student Aid process of assessing your financial need
(FAFSA) and, for entering applicants, the and your profile EFC remains constant
– Other Financial Resources for your time at U-M. Your FAFSA EFC
CSS Financial Aid profile, in addition to
(private scholarships, etc.) may change each year. Financial aid is
other documents we request. The FAFSA
= Eligibility for Need-Based determines eligibility for federal aid; the not applied against student and parent
Financial Aid profile eligibility for U-M gift aid. contributions.
The EFC is made up of two parts: SCHOLARSHIPS AND OTHER
COST OF ATTENDANCE is the
estimated cost to attend U-M for fall and 1. The Parent Contribution – What parents FINANCIAL RESOURCES are
winter terms, including estimated tuition are expected to pay toward annual money you may receive from sources
and fees, books and supplies, housing college costs, based on income and outside of family. They can include private
and meals, plus a modest allowance for assets (cash, checking, savings, and scholarships, merit scholarships, U-M
personal/miscellaneous expenses. The money market accounts; investments school or college scholarships, ROTC
budget allows the same housing and and real estate holdings; and business scholarships, benefits a student or parent
has earned through military service or
other employee benefits, state awards and
A note about applying for financial aid: When you apply for financial aid at U-M using the Free scholarships, and prepaid tuition plans.
Application for Federal Student Aid (FAFSA), we verify the information you submitted to the federal See “A Note about Scholarships and Other
processor. We will sometimes ask you for additional information and review other university records during
Resources” on the next page.
the application process. Your FAFSA record may be corrected based upon this information.
(continued on next page)
Required Reading 2021–2022 6 finaid.umich.edu
HOW FINANCIAL AID IS AWARDED
(continued from previous page)
A NOTE ABOUT
HOW NEED-BASED AID IS AWARDED SCHOLARSHIPS AND OTHER
We distribute need-based grant, Educational Benefits, and TIP funding RESOURCES
scholarship, loan, and Federal Work- are considered in calculating U-M Grant
Students may receive scholarships from
Study funds equitably among all eligible and Go Blue Grant eligibility.*
U-M schools and colleges or private
applicants who apply for financial aid by 6. Federal Work-Study sources or have ROTC scholarships,
established deadline dates. A combination housing, and veterans’ benefits. These
of demonstrated financial need, federal 7. Federal Direct Subsidized and
Unsubsidized (Stafford) Loans are considered financial resources when
maximums, available funding, and other determining need-based aid eligibility,
factors determine financial aid. To ensure 8. Health Professions Loans and Nursing but should improve your overall aid
that students are treated equitably, Loans Federal regulations require these package. Here is how such outside aid
U-M may limit grant and scholarships funds to be awarded to students with works:
to individual students. If your grants or the greatest need.
scholarships exceed your financial aid • It is first applied against costs not
9. M-Pact Package/Provost Award accounted for in your aid package
eligibility and they include financial aid Offered as a gap award to individuals
from U-M, they may be adjusted. (i.e. the gap between the cost of
within annually determined low socio- attendance and your EFC plus the aid
U-M awards financial aid funds in the economic status parameters. This will offered). Outside aid will not reduce
following order to eligible students: be the first reduced if additional aid is the expected family contribution.
1. Federal and state need-based grants received.
• Next, it reduces loans or Federal Work-
and scholarships Federal Pell Grants, 10. Perkins Replacement Grant Study.
Federal Supplemental Educational Students who need additional funds or
Opportunity Grant (SEOG) and Michigan • Grant aid is only reduced if all need-
who are not eligible for need-based aid based loan and Federal Work-Study
Competitive Scholarships. SEOG funds may consider supplemental loans such
are limited; they are awarded to is replaced by scholarships or other
as the federal Direct PLUS Loan and/or resources.
applicants with the most need. private loans.
2. OFA UM-Grant Replacement SOME IMPORTANT EXCEPTIONS:
Scholarships
• Need-based scholarships may reduce
3. Tuition-based scholarships Wolverine U-M Grant, but total aid should remain
Pathways, HAIL, Michigan Fairfax, pri the same or be higher.
vately funded tuition based finanical
• If you own a 529 plan such as a
aid, etc.
Michigan Education Trust contract,
4. Institutional scholarships Tappan, *The university has instituted the Go Blue receive a post-9/11 VA benefit, a state-
Fairfax, Presidential, etc. Guarantee, which pays tuition and mandatory funded scholarship, or the Detroit
5. Institutional grant funding Based on an fees for students with family incomes of Compact, Wade McCree, or Detroit
$65,000 or less and assets below $50,000. Promise, it will be applied against
annually established funding maximum. For students who qualify, financial aid may
All other institutionally awarded need-based grants before reducing
contain a variety of funding that make up the
assistance including LSA-funded U-M guarantee. finaid.umich.edu/apply-aid/new- loan or Federal Work-Study.
Grant replacement scholarships as undergraduates/michigan-residents/go-blue- • M-PACT (U-M grants) are reduced
well as OFA U-M grant replacement guarantee-eligibility. Tuition is the cost charged
for classes and mandatory fees are those the
before loan and Federal Work-Study
scholarships the Michigan Competitive university charges to all students. (See chart on awards.
Scholarship, Federal Pell Grant, MET, VA page 6 for other educational costs.)
Please note: Some scholarships require
full-time enrollment before disbursement.
Special note to non-resident students:
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 eligible
for scholarships from U-M schools or colleges or other private sources may be able
to cover their costs through these combined resources. Other options often used by
nonresident families are the Federal Direct PLUS Loan (available to the parents of
undergraduate students), the Grad PLUS Loan (for graduate students), and private
loan sources.
Required Reading 2021–2022 7 finaid.umich.edu
WHAT ARE MY COSTS?
DETERMINE YOUR COSTS 2021–2022 FALL/WINTER
Estimated Michigan
Resident Costs YOUR COSTS
USING YOUR FINANCIAL AID Tuition & Fees: Varies by career, academic level, and
NOTICE residency status. May also include lab fees. $15,948 $
Visit ro.umich.edu/tuition for current rates.
Your Financial Aid Notice has your Housing & Meals: Includes residence hall contract
estimated cost of attendance, which and optional charges. If you are renting off campus,
+ $12,034 +
is used to calculate your financial aid include rent, security deposit, utilities, groceries, and
restaurant/carry-out expenses.
awards. This worksheet shows the
resources you will have to cover your Books & Supplies + 1,048 +
cost to attend U-M and calculate how Personal/Miscellaneous: The estimated student
much you and your family need to budget allows about $77 a week for these expenses.
contribute to your education. Consider your actual expenses and include cell phone + 2,454 +
bills, extracurricular activities, and personal hygiene
items. Set an economical, yet realistic, allowance.
TOTAL ESTIMATED COST TO ATTEND = $31,484.38 =$
CALCULATE YOUR BOTTOM
LINE BASED ON AID Total Estimated Cost to Attend (from worksheet above)
RECEIVED Subtract Gift Aid From Your Financial Aid Notice That Are NOT Loans
–
• Grants
Use your budget from the worksheet
above and your Financial Aid Notice • Scholarships –
to complete this worksheet. It will tell • Other –
you how much you and your parents Balance of Estimated Expenses That Need to Be Paid =
need to contribute after financial aid Need-Based Loans Offered on Your Finanical Aid Notice
is applied. These loans have no interest charges while you are in school:
• Nursing or Health Professions Loans
– *
wolverineaccess.umich.edu
• Loans – *
Your Net Price (What You and Your Family Will Need to Pay) =
VISIT WOLVERINE ACCESS TO: Amount You/Your Family Can Contribute:
–
Estimate bill, loan eligibility, or • Parents
amount for U-M Payment Plan • Student (from savings, earnings) –
To estimate your university bill; • Federal Work-Study (see your Notice) –
determine private educational • Other Sources (family gifts, etc.) –
loan, PLUS Loan, or Grad PLUS Loan
Need for additional Unsubsidized Federal Direct Loans, PLUS or
eligibility; or figure out how much to
Grad PLUS Loans, or Private Loans
request on the U-M Payment Plan,
use the Financial Planning Calculators
These loans accrue interest while you are in school, increasing either your
current expenses or your debt after graduation. You must apply separately for
= *
in Wolverine Access. Visit the Student PLUS Loans and any private loans.
Center and select Finances > Financial
Planning Calculators. * 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.
KEEP COSTS IN MIND
The double room rate used on your Financial Aid Notice is less than the rate for a single
room. If you choose a single room, you must cover the difference between the two.
If you live off campus, you could save money by having roommates. See our Off-Campus
Student Resource Worksheet (finaid.umich.edu/wp-content/uploads/off-campus-wksht.pdf)
The four Cs that can bust your budget: cars, clothes, credit cards, and cell phones!
Required Reading 2021–2022 8 finaid.umich.edu
LOAN INFORMATION
– For loan program details, see page 23 –
enrolled at least half-time. Unsubsidized
SUBSIDIZED VS. Loans are assessed interest while students HOW MUCH SHOULD
UNSUBSIDIZED are enrolled, but interest is deferred until YOU BORROW?
FEDERAL DIRECT LOAN loan repayment begins. A student may pay
interest while enrolled, which will result in • Many students wisely maintain a
Students with financial need get Federal lower loan payments and cost over the life lower-cost student lifestyle in order to
Direct Subsidized Loans, while all of the loan. These loans have origination borrow the least amount necessary to
applicants are eligible for Federal Direct fees, so the amounts applied to your cover college costs. For budget tips, visit
Unsubsidized Loans. Subsidized Loans are university student account are less than finaid.umich.edu/tools-resources/smart-
not assessed interest while a student is amounts listed on your notice. borrowing.
• If you are borrowing federal loans, visit
StudentAid.gov to see how much you
SPECIAL NOTES FEDERAL PLUS LOANS have borrowed to date. Find cumulative
AN OPTION FOR PARENTS borrowing for Health Professions and
DIRECT SUBSIDIZED LOAN AND GRADUATE STUDENTS Nursing loans on Wolverine Access
TIME LIMITATION: (wolverineaccess.umich.edu).
New Federal Direct Subsidized Loan Graduate students and parents of
undergraduates must complete the FAFSA • Also in Wolverine Access is the student
borrowers are limited in the amount Eligibility Information panel, allowing
and then apply for PLUS loans separately if
of time they qualify for an interest students to track grant and scholarship
they need additional funds to cover costs.
subsidy. Students who have exceeded Applicants may borrow up to the amount eligibility, time left on federal loan
150% of the published length of their of cost of attendance each year, minus any subsidies and whether they are meeting
educational program will be: other financial aid received (See Satisfactory Academic Progress. Find
page 22). the tab on the right-hand side of the
• ineligible for additional Federal Financial Aid section in the student
Direct Subsidized Loans (though The Direct PLUS Loan may be of interest portal.
you may borrow a Federal Direct to students/parents who are not eligible
Unsubsidized Loan) for other aid, have unusual costs above
standard student expense budgets, need
• responsible for interest on all loans
more help after other forms of aid are
accruing after exceeding the 150% awarded or wish to borrow all or part of
limit. their Expected Family Contribution.
Students with no outstanding federal
PLUS LOAN ELIGIBILITY SAMPLE:
loan principal balance when they
take out a new loan are considered $30,298 Cost of attendance/Budget
new borrowers. Transferring – $12,000 Total Financial Aid Awards
between programs does not reset = $18,298 PLUS Loan Eligibility
loan eligibility. Interest not paid will
The federal processor will pull your credit
be capitalized, effectively increasing • To see how much a loan in repayment
report. Because credit reports are valid
your loan principal upon repayment. will cost, use the Repayment Estimator at:
for a limited time, applications for the fall
and/or winter terms will be available in StudentAid.ed.gov.
UNDERGRADUATE early April. • To cancel or reduce your loans, visit
STUDENTS APPROACHING
Wolverine Access (wolverineaccess.
GRADUATION:
PRIVATE LOANS umich.edu > Student > Student Center
If you are enrolled less than full- > login > Financial Aid > Awards >
time during your final term, you may If you need additional financing to meet Accept/Decline Financial Aid). To cancel
not be eligible for the full, annual your educational costs, visit or reduce loans after they have paid,
maximum federal loan limit. Consult finaid.umich.edu/types-aid/loans/private- contact our office.
loans for information about private
with an aid officer to discuss your
loans. Compare rates and terms with the
situation.
PLUS and Grad PLUS and consider their
repayment terms.
Required Reading 2021–2022 9 finaid.umich.edu
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.
subsequent charges • Aid will be adjusted for students
1
a.
ADDITIONAL
ASSISTANCE
If you receive additional
are your responsibility. (See pages 11 and
12.)
determined to be enrolled less
than full time after the third-week
drop/add deadline. Students will
d. Financial aid does not cover certain be notified of any aid reduction
funds not listed on your notice charges. Check your account balance
(scholarships, departmental funding, following this enrollment deadline.
monthly for any unpaid charges.
Michigan Education Trust, etc.), report b. REDUCING ENROLLMENT
them immediately in Wolverine Access e. Financial aid for a specific term may LEVELS We monitor enrollment levels
(wolverineaccess.umich.edu) by selecting only be used to pay for charges for that each term. If you drop courses and fall
Student > Student Center > login > Student term, not to pay prior term balances. below minimum credit hour requirements,
Center > Financial Aid > Select Aid Year you may have to repay all or part of your
> Awards > View/Report Additional Aid.
With additional assistance, your financial
aid may be adjusted or reduced, even if
4 ENROLLMENT
REQUIREMENTS
aid. Consult with a financial aid officer
before you drop a class. Adjustments to
your financial aid are not made until after
your aid has already been paid. If there a. FULL-TIME ENROLLMENT We the drop/add date for each term.
is a change to your aid eligibility, you will assume that you will enroll full-time. You
receive an email with a notice of a revised may enroll less than full-time, but you c. WITHDRAWAL FROM THE
Notice (see page 7 for more information). must be enrolled at least half-time in UNIVERSITY If you choose to withdraw
classes that count for degree credit to be or are asked to leave the university, inform
eligible for aid. us immediately. If you have received a
b. Students enrolled at more than federal student loan, you will be sent
one institution concurrently may not Enroll in a course by the university’s information about completing online
receive financial aid from both institutions third-week drop/add date each term to be “exit counseling” for loan repayment.
unless on a pre-approved Study Abroad considered for financial aid for that course. Depending upon when you withdraw, you
consortium. If your program has a flexible enrollment may be required to repay all or part of
policy, register before the drop/add your aid (see page 14).
PREVIOUSLY
2
deadline. (Note: School of Business
RECEIVED TITLE IV students have a later deadline; however, d. ATTENDANCE The Office of
FEDERAL AID these students must be registered by the Financial Aid is required to verify that
earlier institutional deadline as published students who receive a non-passing grade
You must not be in default on any federal by the Office of the Registrar.) Not-for- (any grade other than A, B, C, D, or P) in
loans or owe any refunds on federal grants credit courses do not qualify for financial any class actually began attending the
from postsecondary institutions. aid. If you are repeating a course, take class. If you receive a non-passing grade in
care that your school or college has not a course or no grade is reported, we will
3
designated it as not-for-credit. If so, it follow up to determine whether or not
USE OF FUNDS is not eligible for aid and you may be you attended the class.
required to repay some of your already
disbursed financial aid. Note that: e. SATISFACTORY ACADEMIC
a. You may use your financial aid funds
PROGRESS To remain eligible for
only for education expenses incurred at • Some scholarships require financial aid, students must make
the UM-Ann Arbor for the fall/winter full-time enrollment before satisfactory progress toward completing
2021–2022 academic year. disbursement. their degrees (see
b. Some scholarships and grants, such • Wait-listed classes, not-for- page 13).
as the Michigan Competitive Scholarship, credit classes and classes that you f. UNDERGRADUATES WITH ONE
Michigan Indian Tuition Waiver, HAIL, are auditing do not count toward OR MORE BACHELOR’S DEGREE(S)
Wolverine Pathways, and the Go Blue enrollment. Undergraduate students who have
Grant are for tuition only.
• Less-than-full-time enrollment received one bachelor’s degree and are
c. We apply aid directly to charges on may reduce both current and future pursuing another will only be eligible for
your university student billing account aid eligibility and impact your loans. However, a student enrolled in an
(including tuition, some fees, housing, and Satisfactory Academic Progress approved dual-degree program or who is a
other charges). Excess funds are released requirements (see page 13). double major may qualify for all types
to you in the form of a “refund.” Any of aid.
Required Reading 2021–2022 10 finaid.umich.eduDISBURSEMENT: RECEIVING YOUR FINANCIAL AID
aid and university employment wages
WHEN will I receive my aid? (including Federal Work-Study). A NOTE ABOUT LOANS AND
FINANCIAL AID REFUND
Financial aid is paid out at the beginning • This authorization remains in effect
of the term for which you have enrolled. until you cancel it. To do this, complete
CHECKS
Thereafter, students will receive aid within a Direct Deposit Authorization Form If you receive a refund for a loan and
two weeks after they have: (finops.umich.edu/payroll/forms/ you do not want it, notify us in writing.
1. Responded to our requests for directdepositauthorizationform) and Not cashing the check does not cancel
additional information. submit it to the Payroll Office. the loan. Here are your options:
2. Enrolled (not wait-listed) at least half- u Return your uncashed check to
time (six hours for undergraduates, 3. FEDERAL WORK-STUDY
us with a note of explanation.
four hours for graduate students). EMPLOYMENT
Some scholarships require full-time Students earn Federal Work-Study by u If you have cashed the check
enrollment before payment. working for Federal Work-Study employers or received direct deposit, request
and earning a paycheck, typically paid the loan reduction in writing for
3. Completed/signed all promissory
bi-weekly through the employer’s payroll the desired amount. Once the loan
notes; see “What to expect later”
system. This does not appear as aid on is removed from your Student
(page 4) for details.
your student account. Employers pay a Account you can then make an
Disbursement dates are published in ePayment through Wolverine
student newsletters: percentage of students’ wages and federal
funds pay the remaining wages. Access, or write a check payable to
finaid.umich.edu/tools-resources/ “University of Michigan.”
publications-newsletters The Student Employment Office maintains
Visit sfo.umich.edu for more detailed
listings of eligible Federal Work-Study
information on making payments to
jobs at studentemployment.umich.edu.
your Student Billing Account.
Students contact employers directly to
HOW will I receive my aid? apply. Show the employer a copy of your
1. DIRECTLY APPLIED TO YOUR Financial Aid Notice and proof that you
UNIVERSITY STUDENT BILLING are enrolled at least half-time and inform
ACCOUNT them of your Federal Work-Study eligibility
changes. SPECIAL NOTE TO
Grants, scholarships, and loans STUDENTS ENROLLED
administered by the Office of Financial
Aid are first applied to your U-M student
4. PRIVATE SCHOLARSHIP LESS THAN FULL-TIME
CHECKS Your financial aid is based on full-time
billing account to pay tuition, fees, enrollment. If you are not enrolled
university-operated housing, and other • If your scholarship check is sent to the
full-time by the end of the drop/
university charges. U-M grant funds are university, it will be applied to your add period, your aid will be adjusted
applied first to tuition, then to other on- student account half in fall term and at that time and you will receive a
campus charges. half in winter term, unless otherwise revised notice reflecting your level of
specified by the scholarship sponsor. enrollment.
2. FINANCIAL AID REFUNDS Payments are processed within two If you enroll in a class, do not attend,
weeks. Any credit will be refunded to and later withdraw, your aid will be
If financial aid exceeds these account adjusted if withdrawing results in less-
you by direct deposit or check.
charges, students will receive either a than-full-time enrollment.
refund or a credit on their account. You • If the provider makes the check
Your eligibility for financial aid will be
may have your refund direct deposited to payable to U-M and sends it to you, finalized based upon your enrollment
your bank account or have a check mailed submit the check to our office for the day after the third week drop/add
to your current (local) address as listed on processing (include U-M ID). deadline. Courses added after
this deadline are NOT eligible for
Wolverine Access. For direct deposit: • If the provider makes the check co- financial aid.
• Select Direct Deposit from your payable to you and U-M and sends it Students whose initial enrollment
self-service menu in Wolverine Access. to you, endorse it (include U-M ID) and occurs after the drop/add deadline
Allow up to two business days for it to be submit to our office. will have their financial aid eligibility
calculated based upon their initial
processed. • If the provider makes the check enrollment and coursework added
• The direct deposit authorization will payable to you and sends it to you, report after their initial enrollment will
this resource to us and apply any funds not be considered when calculated
cover all funds paid to you — financial financial aid eligibility.
necessary to your student account.
Required Reading 2021–2022 11 finaid.umich.eduYOUR UNIVERSITY eBILL: HOW MUCH IS DUE & WHEN
Your university student billing account is maintained by Student Financial Services, which
notifies students by email STUDENT FINANCIAL SERVICES – STATEMENT OF ACCOUNT
PENDING FINANCIAL AID mid-month when there is Please make payment online by Payment Due Date at:
Page 1
an eBill available to view/ https://wolverineacess.umich.edu
Because initial student bills for a term
Online Payment is U-M’s preferred payment menthod.
print on Wolverine Access
Online Payments are posted to the student account in real-time.
are issued before financial aid, a special (wolverineaccess.umich. Samuel Student
section – Pending Aid B – is included edu).
UMID: 00000000 Invoice Date: 12/14/2020 12/14/2011
*
showing any financial aid funds that
Amount Due: NONE
the university expects to credit to your Financial aid, including Payment Due
Date:
01/05/2011
01/09/2021
account based on your aid package. If private scholarships and MET As of today, 12/14/2020
12/14/2011, your unpaid charges due on or before 1/8/2021
1/4/2012 are:
you are enrolled full-time and you have accounts, is applied directly A Charges Due
to the charges, usually
Due Date Charge Term Due Amount Running Total
signed the required documents (such 0.00
during the first month of the
AMOUNT DUE NONE
as loan documents), pending aid will
appear on your bill. term. PAY NOW
Some types of aid have
Disbursement of financial aid funds Student Account Activity as of Invoice Date 12/14/2020.
12/14/2011.
restrictions. For example, Transactions after this date will be included on your next invoice.
to students’ accounts begins shortly
federal aid cannot pay for Charges and Adjustments Find | View All First 1-6 of 6 Last
before the start of fall term 2021. When Item Description Term Date Posted Amount
orientation and lost ID ITD COMPUTING CHARGES FA 2019
FA 2011 12/08/2011
12/08/2019 2.04
funds are credited to your account, MICHIGAN STUDENT ASSEMBLY WN 2020
WN 2012 12/04/2011
12/04/2019 7.19
card fees. Some university REGISTRATION FEE WN 2012
WN 2020 12/04/2011
12/04/2019 80.00
pending aid is removed. SCHOOL & COLLEGE GOV’T FEE WN 2020
2012 12/04/2011 1.50
scholarships can only pay for
WN 12/04/2019
STUDENT LEGAL SERVICES WN 2020
WN 2012 12/04/2011
12/04/2019 6.00
tuition, fees, and/or housing
TUITION-UGRD-EDUC-UP-RES WN 2012
WN 2020 12/04/2011
12/04/2019 6,577.00
and meals. So, you could
Credits, Payments and Financial Aid
receive a refund even with
You have no transactions this period.
SOME IMPORTANT outstanding charges; you are
EXCEPTIONS responsible for paying those
B Pending Aid
*Pending Aid may be subtracted from the Amount Due shown above unless you are
enrolled in the U-M Payment Plan. See the Student Financial Services web site for
charges using your refund or more information about Pending Aid.
Some sources of aid – such as other resources. Item Description Term Amount
graduate student instructor/research * UNIVERSITY
MICHIGANOF MICHIGAN GRANT
GRANT WN
WN 2020
2012 -4,914.00
Student eBills for fall 2021
* M-PACT
M-PACTGRANT
SCHOLARSHIP WN
WN 2020
2012 -250.00
assistant tuition waivers, private and * FED
FEDPELL
PELLGRANT
GRANT WN
WN 2020
2012 -1,500.00
PLUS loans, and third-party credits term will be issued to * FED
FEDPERKINS
* FED
PERKINSLOAN
FEDSUBSIDIZED
SUBSIDIZED
LOAN
DIRECT LOAN LOAN
DIRECT
WN
WN 2020
WN
2012
WN 2020
2012
-250.00
-3,522.00
and private scholarships not yet students in mid-August. To * FED
FEDUNSUB
UNSUB DIRECT LOANLOAN
DIRECT WN
WN 2020
2012 -210.00
received – will not appear on your see how much you owe,
bill as pending aid. They will show visit Wolverine Access and view the Account Summary in the Student Center > Finances
on your student account after we section.
receive the funds. To view your charges in detail, select Account Inquiry from your Student Center. The
If funds you are expecting have Charges Due A page that opens shows a “running total” of your charges by due date.
not appeared on your account by View individual bills by selecting an invoice number in the Invoices Due section.
the time you pay your bill, pay the The Invoice Detail page shows details of your monthly bill. The activity and amount due
amount due to avoid incurring a late will change as payments and credits are posted to your account.
fee. Once funds are applied to your
account, you will see a credit on your If you have questions about the bill, select the Help button
monthly bill. on the page and visit Student Business Help.
A FEW NOTES ABOUT YOUR BILL
• Expenses such as books do NOT appear on your eBill.
• Federal Direct Loan (Subsidized, Unsubsidized, and PLUS) payments applied to
your account will be lower than amounts awarded because loan origination fees are
deducted.
• Federal Work-Study is not reflected on the eBill: Federal Work-Study funds are
earned by working and receiving paychecks (page 11).
• Late payment fee for an unpaid balance on your student account is $30 per
month.
Required Reading 2021–2022 12 finaid.umich.eduSATISFACTORY ACADEMIC PROGRESS POLICY
Satisfactory Academic Progress (SAP) describes a student’s successful completion of
coursework toward a degree and is a requirement of receiving financial aid. To maintain
SAP, a student must:
SAP APPEALS
1. Maintain a minimum cumulative • For transfer students: The number of A student may appeal aid eligibility
grade point average (GPA) – The transfer hours accepted at the point termination if extenuating circumstances
minimum for undergraduates is based of admission are used to calculate a prevented normal academic success or
upon the academic level and ranges student’s remaining eligibility under successful completion of SAP terms. The
from a 1.6 at the end of the first year to the 150% standard and will be included SAP Appeal Form allows the student
a 2.0 by the end of the senior year. (GPA in the quantitative calculation which to document these circumstances and
requirements for scholarships may be includes number of credits attempted develop an Academic Recovery Plan with
higher.) For graduate-level programs, the and completed. an academic advisor. Examples include:
minimum GPA requirement is determined • For students returning to college for a personal/family critical illness (physical/
by the academic unit. The GPA is reviewed second undergraduate degree: These mental health), natural disaster impacting
annually, after winter term grades are students are eligible to receive only loan the family home, assault, etc. If an appeal
posted and the overall GPA must be equal funds. They will be given 150% of stated is approved, the student will be placed on
to or greater than the required minimum credit hours required for the second SAP financial aid probation.
for the student’s academic level. degree program.
• Double majors/minors: These students
2. Complete at least 67% of all will be funded with aid based upon a
150% of one major program.
SAP FINANCIAL AID
attempted credit hours – This is also PROBATION
reviewed annually at the end of each • For graduate students on detached
Financial aid probation means you have
winter term and the aggregate percentage study: Detached study semesters
one semester (or timing as specified by
of coursework attempted and passed count as the equivalent of eight credit
the Academic Recovery Plan) to meet SAP
must equal 67% or greater at each hours attempted and completed when
requirements in order to retain financial
review. (For example, an undergraduate calculating both pace and 150% of
aid eligibility. Students on probation
student enrolled for 12 credit hours and program length completion.
continue to receive aid.
completing only 8.5 credit hours has
completed an acceptable percentage of You will be asked to sign a Term-by-
attempted credit hours, 67% or greater.) IMPORTANT NOTES: Term SAP Probation Agreement that
will explain the requirements of your
Note: Graduate students enrolling in • University of Michigan Grant is probation. Students on SAP financial aid
undergraduate level courses should verify available to eligible U-M undergraduate probation are monitored for improvement
that they will receive credit toward their students who are enrolled in their first and adherence to the probation terms
graduate degree for this coursework. Not- bachelor’s degree during the first 10 including the Academic Recovery Plan.
for-credit classes will not be counted as terms of enrollment in a college or While on probation, an undergraduate
satisfactory completion, regardless of the university. This includes attendance at student is expected to achieve a semester
grade received for the course(s). U-M or any other institution. grade point average of 2.0 (or as
• Non-credit classes are not eligible determined by academic unit), may not
for financial aid. receive an “I” in any coursework, and must
3. Complete a degree program receive a “P” in each Pass/Fail course.
in a maximum time frame of no
more than 150% of the average A student is removed from SAP financial
length of the program – For example, aid probation after successfully
it takes an average of 120 credit hours completing the Academic Recovery Plan,
to complete a Literature, Science, and SAP MONITORING as demonstrated by obtaining a GPA
the Arts (LSA) undergraduate degree. So, consistent with the minimum requirement
At the end of each winter term, students and completing an aggregate percentage
180 credit hours would equal 150% and
who have not met all three of the of 67% or more of all attempted credit
would be the maximum number of credit
requirements listed above for all terms hours.
hours for which an LS&A student could
in which they are enrolled (not just those
receive financial aid from federal sources. Any student placed on academic probation
terms for which the student received aid)
(The 150% standard applies to graduate by his or her school or college is also
will be notified in writing that their aid
students based on average program length considered to be on SAP financial aid
eligibility has been terminated.
defined by a student’s academic unit.) (continued on next page)
Required Reading 2021–2022 13 finaid.umich.eduYou can also read
