Students may be eligible for two types of federal government loans:

Federal Direct Unsubsidized Loan

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	4.3% fixed interest rate for graduate students (Effective July 1, 2020. Rates changes each 1st of July)	Typical repayment period is 10 years (other repayment options available).
Borrower must be a U.S. citizen or eligible noncitizen	1.059% for loans originated before  October 1, 2020. (Effective Oct 1, 2019. Fee changes each 1st of October)	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.

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Federal Direct Grad PLUS Loan

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	5.3% variable-fixed interest rate (Effective July 1, 2020. Rates changes each 1st of July)	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	4.236% origination fee for loans originated before October 1, 2020. (Effective Oct 1, 2019. Fee changes each 1st of October)	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.

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Private Loans

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:

• Exhaust all other possible sources of financial aid first, including federal loans and Work-Study.
• Reduce your expenses and borrow only what you need.
• Ask questions and compare rates and terms offered by different lenders.

If you pursue a private loan, apply directly through the lender you select. Choose any lender and the university will certify your application.

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Beware of suspicious or unsolicited loan offers.

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:

University of Michigan's FASTChoice

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.

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Short-term Tuition Reimbursement Loans

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.

Short-Term Loan information and application

 

Assistantships

Appointments for Graduate Student Research Assistantships, Graduate Student Instructors, and Graduate Student Staff Assistants are considered separately from the financial aid application process.  

General Appointment Information

Graduate Student Appointment Postings

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U-M Child Care Subsidy

The U-M Child Care Subsidy Program provides funds to students with children to assist in meeting the cost of licensed child care.

Child Care Subsidy Program

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Loan Repayment Assistance Program

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).

• View LRAP Program Guidelines and Application Process (pdf).
• View a table of historical LRAP award amounts (pdf).
• LRAP applications are available every year in early September. Application deadline is November 1 and late applications will not be accepted.
• 2020 LRAP Application Form is now closed.

Federal Aid for Graduate International Students

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:

• If you are a U.S. permanent resident with an Alien Registration Receipt Card (I-151, I-551, or I-551C)
• If you have only a Notice of Approval to Apply for Permanent Residence (I-171 or I-464), you are not eligible for federal student aid.
• If you are a U.S. national (includes natives of American Samoa or Swain's Island)
• If you are an eligible noncitizen with an Arrival-Departure Record (I-94) from U.S. Customs and Border Protection showing one or more of the following designations:
  • Refugee
  • Asylum granted
  • Indefinite parole and/or humanitarian parole
  • Cuban-Haitian entrant, status pending
  • Conditional entrant (valid only if issued before April 1, 1980)

If you meet the above criteria, you may qualify for federal assistance.

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Private Educational Loans

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 approved lenders, please visit the  FASTChoice Private Education Loans – For International Students site. U-M 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:

• The U.S. Department of State  
• The Consulate or Embassy of your home country
• If you have been admitted to U-M, contact your program office for other possible funding sources.

Chapter 33/Post-9/11 GI Bill Program

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:

University of Michigan Veterans and Military Services Program

University of Michigan VA educational benefits information

Veterans benefits certification policies and procedures 

Scholarships for veterans, service members, and dependents

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

Michelle Henderson
Tara McQueen

Office of the Registrar
Veterans Certification Department
LSA Suite 5000, 500 S. State Street
Phone: (734) 763-9066
Fax: (734) 764-5556