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|Michigan Residents||Non-Michigan Residents|
|MM Tuition for Cohort Starting Summer 2022||
Tuition rates for the MM program are defined for students entering Summer 2022, and include Summer 2022, Fall 2022, and Winter 2023 terms.
The 2022 Cohort tuition rates were approved by the University of Michigan Board of Regents in June 2021. 2022-2023 tuition rates will be posted in July 2022. All tuition rates are subject to Regents’ approval and change.
Mandatory Fees: $410 total for the program
International Student Services Fee: $500 per term enrolled for students studying under F or J visa status
Estimated costs for financial aid purposes (entire program).
Books & Supplies $2,014
Food & Housing $21,248
Loan Fees $280
The cost of attendance budget was finalized by the University of Michigan Regents in June 2021 for the 2021 cohort. Cohort 2022, that enters summer 2021, will have finalized Cost of Attendance budgets in June 2022.
TERM TUITION DUE DATES
Fall 2021: August 31, 2021
Winter 2022: January 31, 2022
Spring 2022: April 30, 2022
Spring/Summer 2022: April 30, 2022
Summer 2022: June 30, 2022
Due dates are subject to change - see finance.umich.edu/finops/student/billing
Bills are sent approximately two weeks prior to the due date. You must be enrolled in a term to be billed for tuition and fees.
Students may be eligible for two types of federal government loans:
|Eligibility Criteria||loan terms||Additional Information/Requirements|
|Non-need-based||Maximum borrowing amount $10,250 per term.||Borrower can choose to have the accrued interest capitalized (added to principal balance) or make periodic payments. No penalty for early pay off.|
|Student must be enrolled at least half-time in a degree program||5.28% fixed interest rate for graduate students (Effective July 1, 2021. Rates changes July 1 of each year)||Typical repayment period is 10 years (other repayment options available).|
|Borrower must be a U.S. citizen or eligible noncitizen||Loan originated on or after Oct. 1, 2020 will be subject to 1.057% origination fee. (Fee changes Oct. 1 of each year)||More information is available from the U.S. Department of Education|
|Interest accrues immediately; paid periodically or capitalized|
|Principal repayment deferred while enrolled at least half-time|
To apply for your federal Direct Unsubsidized Loan complete the Free Application for Federal Student Aid (FAFSA) using U-M's federal code 002325. This can be completed online at studentaid.ed.gov or by downloading the mobile app myStudentAid.
The FAFSA is available on Oct. 1, at no cost to students. Although we recommend you complete this by March 31, you can continue to apply after this date.
|Eligibility Criteria||loan terms||Additional Information/Requirements|
|Credit check approval process||Students may borrow up to the cost of attendance minus other financial assistance.||Borrower must complete the Free Application for Federal Student Aid (FAFSA)|
|Non-need-based||6.28% variable-fixed interest rate (Effective July 1, 2021. Rates changes July 1 of each year)||Borrower can choose to have the accrued interest capitalized (added to principal balance) or make periodic payments. No penalty for early pay off.|
|The graduate student is the borrower||Loan originated on or after Oct. 1, 2020 will be subject to 4.228% origination fee. (Fee changes Oct. 1 of each year)||Typical repayment period is 10 years (other repayment options available).|
|Student must be enrolled at least half-time in a graduate-level program||Interest accrues immediately; paid periodically or capitalized||More information is available from the
U.S. Department of Education
|Borrower must be a U.S. citizen or eligible noncitizen||Loan is deferred while you are enrolled at least half-time and for an additional six months after you are no longer enrolled at least half-time. Interest accrues during deferment; you may pay accrued interests or allow it to capitalize when deferment ends. Details at the U.S.Dept. of Education||Can be consolidated with other federal loans|
Students apply separately for the Grad PLUS Loan in addition to completing a FAFSA if additional funds are needed to cover remaining tuition and/or other cost of attendance items. Students may borrow up to the amount of their cost of attendance, minus any other financial assistance a student receives. Note that it takes an average of four weeks to process loans through our office.
Private student loans are offered through a variety of banks and other lenders. Students seeking private loans must apply separately from their financial aid application through an individual lender. The best rates on these loans are generally offered to borrowers with good credit and/or who have a cosigner with good credit.
When shopping for a private loan, look for a loan you can live with in both the short term and long term. You may be repaying it for multiple years after graduation. Many loan providers will lend up to the student’s cost of attendance minus any financial aid received. Often there is a yearly and/or cumulative cap on the amount the student may borrow; sometimes this cap is set by the student’s school. Note that it takes an average of four weeks to process loans through our office.
If you are considering borrowing through a private lender, we encourage you to:
If you pursue a private loan, apply directly through the lender you select. Choose any lender and the university will certify your application.
U-M students should avoid lenders that don't require U-M to certify their loan application and should be suspicious of unsolicited loan offers. The Michigan Student Financial Aid Association cautions students that "loan debt can accumulate quickly and result in a lifetime burden of high payments and credit denials for automobile purchases, credit cards, and home mortgages. Private loans also can reduce eligibility for more desirable federal, state, and college aid programs. To avoid these problems, read and understand the terms and conditions of all loans.
To browse a selection of approved lenders, please visit:
To browse a selection of approved lenders for International Students: FASTChoice Private Education Loans–International Students
The university adheres to a Code of Conduct for Student Loans that prohibits inducements or incentives by private lenders.
The Ross School of Business provides short-term loans to Executive MBA, Evening MBA, Online MBA, and Weekend MBA students whose employers provide tuition reimbursement only after a term is completed. The Ross Short Term Tuition Reimbursement Loan has a 3% interest rate, and a 0% loan origination fee.
Appointments for Graduate Student Research Assistantships, Graduate Student Instructors, and Graduate Student Staff Assistants are considered separately from the financial aid application process.
The U-M Child Care Subsidy Program provides funds to students with children to assist in meeting the cost of licensed child care.
The Ross Loan Repayment Assistance Program (LRAP) provides financial assistance to Ross graduates who are currently pursuing careers in nonprofit and public sector organizations. Qualified applicants will receive financial assistance to help pay for a portion of Ross-related, need-based loan obligations while employed full-time in a position within the nonprofit or public sectors (subject to annual re-application, review, and approval).
Federal regulations and University of Michigan policy limit the types of U.S. federal financial assistance available to international students. Specifically, international students with F-1, F-2, J-1, J-2, and G series visas are not eligible for federal student aid.
You may qualify for student financial aid programs if you meet one of the following criteria:
Some U.S. lenders will provide private education loans for international students who have a qualified U.S. co-signer. Some lenders require that the student have a Social Security number prior to applying.
To browse a selection of lenders, please visit the University of Michigan's FastChoice Private Education Loans websites for International MBA students:
The University of Michigan has not endorsed these programs, but is making the information available to you. The university adheres to a Code of Conduct for Student Loans that prohibits inducements or incentives by private lenders.
Other Possible Funding Sources:
For information about financial aid and private scholarships for international students contact:
Ross is proud to support our veterans and military members.
The University of Michigan offers in-state tuition status to those who serve. You must apply and provide the appropriate supporting documentation. Information is located on the University of Michigan Office of the Registrar's website in the residency section. Here are some additional sources of information:
Note: Executive MBA students pay a set inclusive tuition that includes tuition for courses, mandatory fees, plus other nonacademic costs (books, technology, accommodations during residence, and dining). Chapter 33 will cover tuition for courses and mandatory fees only. Chapter 33 will also pay a monthly housing allowance to the student; the remaining nonacademic costs (books, technology, accommodations and dining) are the student's responsibility.
School Certifying Officials for VA Benefits
Office of the Registrar
Veterans Certification Department
LSA Suite 5000, 500 S. State Street
Phone: (734) 763-9066
Fax: (734) 764-5556
The Ross School of Business Office of Financial Aid is a satellite office of the central University of Michigan Office of Financial Aid. The office assists with all aspects of financial aid, from initial application to entering loan repayment.