[International students: Please see Private Loans tab]

Federal Loans for US Citizen and Permanent Resident Students

Federal Direct Loan - Subsidized
Federal Direct Loan - Unsubsidized
Federal Direct Loan - GRAD PLUS
Federal Direct Loan - Perkins
Federal Work Study


U.S. citizens and permanent residents must file a Free Application for Federal Student Aid to be considered for Federal Assistance. The FAFSA can be completed online at www.fafsa.ed.gov
* Ross School of Business Title IV code is 002325

Ross School of Business Financial Aid will receive your FAFSA results electronically, approximately 2 weeks after submission. You will receive an electronic Financial Aid Award Notice once your FAFSA data has been received and all other document requests satisfied. Notification will be sent to you electronically if any other documents are required.

►  Direct Loan eMPN  If you were awarded Federal Direct Loans (Subsidized and/or Unsubsidized) for the first time, you MUST complete an online Master Promissory Note (MPN) in order to receive your loan funds.

Federal Direct Loan - Subsidized

(offered based on FAFSA; no additional application required)

	Maximum $8,500 per academic year, eligibility based on financial need
	0% interest while enrolled at least half-time
	No interest accrues during deferment period
	Repayment deferred until 6 months after you graduate or cease to be enrolled at least half-time
	Typical repayment period is 10 years (can be up to 25-30 years based on repayment plan)
	0.5% origination fee charged (2.0% with a 1.5% rebate if first 12 monthly payments are made on time)
	Fixed interest rate 6.8%

Federal Direct Loan - Unsubsidized

(offered based on FAFSA; no additional application required)

	Maximum is $12,000 per academic year, eligibility is non-need-based
	Interest begins accruing immediately upon disbursement
	Repayment deferred until 6 months after you graduate or cease to be enrolled at least half-time
	Typical repayment period is 10 years (can be up to 25-30 years based on repayment plan)
	0.5% origination fee charged (2.0% with a 1.5% rebate if first 12 monthly payments are made on time)
	Fixed interest rate 6.8%

If you do not qualify for all or part of the maximum subsidized Direct Loan, the difference will be awarded in unsubsidized Direct Loan, thus increasing the maximum Direct Loan eligibility to $20,500 per year

Federal Direct Loan - Graduate PLUS

(Additional loan available if you plan to borrow the full cost of attendance; separate application required. Students also use other private loan providers.)

GRAD PLUS Application & instructions

	Maximum is Cost of Attendance less aid received, eligibility is non-need-based
	Interest begins accruing immediately upon disbursement
	Borrower can choose to have the accrued interest capitalized (added to principal balance) or make periodic payments
	2.5% origination fee charged (4.0% with a 1.5% rebate if first 12 monthly payments are made on time).
	Repayment begins 30-60 days after graduation
	Typical repayment period is 10 years (up to 20 year maximum repayment period)
	Fixed interest rate 7.9%
	Borrower must first accept all Federal Direct Subsidized and Unsubsidized loans before borrowing from Graduate PLUS
	Basic credit check required
	Must complete a GRAD PLUS Master Promissory Note (MPN) Be sure to click on Complete New MPN for Student Loans from the left menu bar. Select Graduate PLUS under the MPN type selection.
	Must complete 2009-2010 Borrower Confirmation Form
	Direct Loan Entrance Counseling: If you are borrowing through the Grad PLUS program for the first time, you must complete the Entrance Counseling requirement on the Direct Loan Servicing website

Federal Perkins Loan

(offered based on FAFSA; no additional application required)

	Annual maximum award depends on institutional funding levels
	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 halftime
	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 College Work-Study

	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 email