[International students: Please see our International Students page]

Federal Loans for US Citizen and Permanent Resident Students

The University of Michigan participates in the Federal Direct Lending Program. The federal government is the lender for all federal loans offered through U of M. Students who complete the Free Application for Federal Student Aid (FAFSA) will automatically be offered the Federal Direct Perkins and/or Unsubsidized loans they qualify to receive. No additional application is necessary to receive these loans. A Master Promissory Note (MPN) must be completed before the loans will pay to your account. Please read the Steps to Apply for Federal Financial Aid to complete the borrowing process.

Work study is also based on the FAFSA, but is not automatically offered to students who qualify to receive it. You must contact Ross Financial Aid to request Work Study funds.

The Federal Graduate PLUS loan requires an additional application. Please refer to the Federal Direct Loan – Graduate PLUS for further information and application steps.

Steps to Apply for Federal Financial Aid:

1. Complete the Free Application for Federal Student Aid (FAFSA) online.
   
   The University of Michigan Title IV School Code is: 002325.
   Eligible for $20,500 (annually) in Federal Direct Unsubsidized Loans.
    
2. Submit additional documentation, if required. The Office of Financial Aid will send an email notification if documentation is needed.
   
   June 1:  If the Office of Financial Aid requests that you submit additional documents, they must be received by June 1 to consider you for all aid programs. (Students may sign in to Wolverine Access for a list of requested documents.)
   
   Meeting the above priority dates ensures consideration for all financial aid.
    
3. Receive your Financial Aid Award Notice via email. Accept or decline financial aid offered to you.
    
4. Sign your Direct Loan Master Promissory Note (MPN) online
   Select Address:
   University of Michigan - Ann Arbor
   503 Thompson Street
   Ann Arbor, MI  48109-1340 - G02325
    
5. Submit an alternative loan application, after July 1, if you plan to borrow the full cost of attendance.  Alternative loans include the Federal GRAD PLUS or Private Loan Programs. 
   The 2012-2013 cost of attendance budget will be finalized by the University of Michigan Regents in June 2012.  We recommend that you submit an alternative loan application after July 1 to ensure you request the funding you will need to meet your cost of attendance.
    
6. Sign up for Direct Deposit to have funds in excess of tuition & fees refunded to you by Electronic Funds Transfer (EFT).
   Direct Deposit: Wolverine Access -> Student Business -> Payroll and Compensation -> Direct Deposit
   Without Direct Deposit, refund check is mailed to the current address in Wolverine Access.

▼ Federal Perkins Loan (Terms)

	This loan is offered based on the FAFSA. No additional application is necessary.
	Maximum award is $500 (need based, determined by FAFSA, EFC $15,000 or less).
	Must be enrolled at least half-time (in a degree program) to receive this loan.
	Long-term, low-interest loan awarded to applicants with the highest financial need.
	Repayment deferred until 9 months after you graduate or cease to be enrolled at least half-time in a degree program. No interest accrues during deferment period.
	Interest rate is 5%, and there are no fees.
	Maximum repayment period is 10 years - repayment managed by ECSI (Educational Computer Systems, Inc.).

▼ Federal Direct Loan - Unsubsidized (Terms)

	This loan is offered based on the FAFSA. No additional application is necessary.
	Maximum is $20,500 per academic year, eligibility is non-need-based (determined by FAFSA).
	Must be enrolled at least half-time (in a degree program) to receive this loan.
	Interest begins accruing immediately upon disbursement.  1.5% origination fee charged. Fixed interest rate 6.8%.
	Repayment deferred until 6 months after you graduate or cease to be enrolled at least half-time in a degree program. Typical repayment period is 10 years (can be up to 25-30 years based on repayment plan).

▼ Federal Direct Loan - Graduate PLUS (Terms and Application)

	Maximum is Cost of Attendance less aid received, eligibility is non-need-based.
	Must be enrolled at least half-time (in a degree program) to receive this loan.
	Interest begins accruing immediately upon disbursement.
	Borrower can choose to have the accrued interest capitalized (added to principal balance) or make periodic payments.
	4.0% origination fee.
	In-school deferment while enrolled in school at least half-time.
	Repayment begins 45 days after deferment ends (graduation date or when you cease to be enrolled half-time).
	Typical repayment period is 10 years (up to 20 year maximum repayment period).
	Forbearance allows temporary postponement of payments.  Contact the Direct Loan Servicer for details:  1-800-848-0979.
	Fixed interest rate is 7.9%.
	Borrower must first accept all Federal Direct Unsubsidized loans before borrowing from GRAD PLUS.

TO APPLY FOR A GRAD PLUS LOAN FOR FALL 2011 - WINTER 2012

1. Complete 2011-2012 Free Application for Federal Student Aid (FAFSA).
2. Go to studentloans.gov.
3. Sign in (under Manage My Direct Loan).
4. Select Complete PLUS Request Process (Federal School Code 002325).
5. Follow steps to complete GRAD PLUS application and credit check.
6. Credit check results immediately available. Follow instructions to complete GRAD PLUS Master Promissory Note, if you have not completed one. If not approved, select from the available options.
7. First time borrower's must complete Direct Loan Entrance Counseling at studentloans.gov.

If you prefer a paper version of the 2012-2013 Graduate PLUS loan application, you may contact our office. Processing time is significantly longer for paper application. Credit check results will not be known until the paper application has been processed.

▼ Federal College Work Study (Terms)

	Financial need must be demonstrated to be eligible for this program (determined by FAFSA).
	Awards are earned as wages by working for eligible employers on and off campus.
	For more information, please visit http://www.studentemployment.umich.edu.
	Please contact Ross Financial Aid if you are interested in this program at 734-764-5139, or e-mail rossfinaid@umich.edu.