 |  |  |  |  |
 |  |
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:
- 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.
- 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.
- Receive your Financial Aid Award Notice via email. Accept or decline
financial aid offered to you.
- 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
- 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.
- 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.
 |
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.). |
 |
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). |
 |
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. |
|  |  |
 |  |  |  |  |
 |