Scholarships, Loans & Financial Aid

Full-Time MBA Students

You are considered for scholarships when you apply to the Full-Time MBA Program, and you are notified of any award when you are admitted. This applies to U.S. citizens, permanent residents, and international students.

• No separate application is required.

• Awards are based on academic ability, professional and personal achievements, and potential to contribute to our community.

• Scholarships range from $5,000 to full tuition.

The Ross Financial Aid office also posts various specific scholarship opportunities throughout the year. Many of the scholarships are need based. Ross MBA students (U.S. citizens and permanent residents) are encouraged to complete the Free Application for Federal Student Aid (FAFSA) online at www.fafsa.ed.gov to be considered for all scholarships. Target email notifications will be sent to students when scholarship opportunities are available.

In addition to these general scholarships, Ross also offers scholarships for admitted students interested in specific areas:

• The Tauber Institute for Global Operations offers a number of scholarships to students in that program.

• No separate application is required (although you must be admitted to the program).

• All students are considered.

• Award recipients are notified of selection after admission to the program.

• The Erb Institute for Global Sustainable Enterprise offers various funding opportunities.

• For recruitment scholarships, you may apply once you have been admitted to either Ross or the School of Natural Resources and Environment, and have submitted a complete application to the other school.  Award notifications are usually made within one month of application.

We encourage you to review the U-M scholarship/fellowship opportunities as well as the private scholarship link, which includes a listing of free web-based scholarship search services.

For additional information or questions regarding financial aid, please contact the Ross Financial Aid Office at:  rossfinaid@umich.edu.

Other Degree Programs

Executive MBA

Weekend MBA

Master of Accounting

Master of Supply Chain Management

Master of Management

Bachelor of Business Administration

 

 

DISCLAIMER: The information and external links in this scholarship listing are provided to the University of Michigan Stephen M. Ross School of Business Financial Aid Office and reprinted here as a service to our website users. Ross Financial Aid does not routinely screen, approve, review, or endorse the content, products, or services that may be offered on the external websites in this listing. In no event shall Ross Financial Aid be responsible or liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any such content, goods, or services available on or through any such site or resource. Please be advised that some of the links on this web page use social media applications and use of these websites is subject to privacy rules and policies of those website operators.

Federal Aid

You must be a U.S. citizen or permanent resident in order to apply for federal loans. (International students: See the “International Students” section below.)

The University of Michigan participates in the Federal Direct Lending Program, in which the federal government is the lender. The Free Application for Federal Student Aid (FAFSA) is the application for the Federal Direct Unsubsidized Loan, Federal Direct Perkins Loan and Federal Work Study aid.

• Although we recommend you submit your FAFSA by April 30 each academic year, you can continue to apply after this date.

• Students who complete the FAFSA will automatically be offered the Federal Direct Unsubsidized Loan.

• No additional application is necessary to receive this loan.

• A Master Promissory Note (MPN) must be completed before the loan will pay to your account.

• You must be enrolled at least half-time (in a degree program) to receive loans.

• Work study:  based on the FAFSA but not automatically offered to students who qualify to receive it.  You must contact Ross Financial Aid to request work study funds.

• Perkins loans:  offered only to continuing students who qualify to receive the loan.  U.S. Congress ended the Perkins program for all other students effective 12/18/15.

 

Steps to Apply for Federal Financial Aid

1.  Complete the Free Application for Federal Student Aid (FAFSA) online.

• Use the University of Michigan Title IV School Code: 002325. The Ross School of Business does not have a separate school code for the FAFSA.

• Upon completion of the FAFSA, all students are eligible for $20,500 per academic year ($10,250 per term) in Federal Direct Unsubsidized Loans. See details below.

• The Federal Perkins Loan is also offered to qualifying continuing students. See details below.

• All students requesting federal loans must apply for the FAFSA each academic year. An academic year includes the fall, winter, spring, and summer or combined spring/summer terms.

• How often and when you complete the FAFSA is based on your academic program. See additional details here.

2.  Submit additional documentation, if required.

• The Office of Financial Aid will send an email notification if additional documentation is needed.

• You may sign in to Wolverine Access for a list of requested documents. How to use Wolverine Access

• The award processing may take up to two weeks from receipt of the FAFSA and any required documents.

3.  Receive your Financial Aid Award Notice via email.

• Accept or decline financial aid offered to you per the instructions in the award notice.

4.  Sign your Direct Loan Master Promissory Note (MPN) online. This is required to release your loan.

• Select the address below in the MPN process:

University of Michigan - Ann Arbor

503 Thompson Street

Ann Arbor, MI  48109-1340 - G02325

5.  Submit an alternative loan application if you plan to borrow additional funds up to the full cost of attendance.

• Alternative loans include the Federal GRAD PLUS or private loan programs. Information on these alternative loans is detailed below. Note that these loans require a credit check.  Processing time is estimated at three to four weeks, but could be longer depending upon individual circumstances.

6.  Sign up for direct deposit in Wolverine Access.

• Funds in excess of tuition and fees will be refunded to you electronically.

• Without direct deposit, the refund check is mailed to your current address in Wolverine Access.

• To set up direct deposit:  Select "Direct Deposit" from the "Student Business" page under the "Students" tab in Wolverine Access. You may complete this form at any time during the year; however, allow 10 days for the form to be processed. Once direct deposit is initiated, it remains in effect until you cancel it.  To cancel, complete a Direct Deposit Authorization Form and submit it to the Payroll Office.

Types of Federal Aid

Federal Direct Loan - Unsubsidized

• This loan is offered based on the FAFSA. No additional application is necessary.

• Maximum is $20,500 per academic year ($10,250 per term). Eligibility is not need based (determined by FAFSA).

• You must be enrolled at least half-time in a degree program to receive this loan.

• Interest begins accruing immediately upon disbursement.

• The loan origination fee is 1.069% deducted prior to disbursement.

• Fixed interest rate is 5.31%.  Effective 07/01/17: 6.00%

• You can choose to have the accrued interest capitalized (added to principal balance) or make periodic payments.

• Repayment is deferred until six months after you graduate or cease to be enrolled at least half-time in a degree program.

• Typical repayment period is 10 years; other repayment options may be available.

Federal Perkins Loan

• This loan is offered based on the FAFSA only to eligible continuing students. No additional application is necessary.

• Maximum award is $2,000 (need based, determined by FAFSA, EFC $15,000 or less).

• You must be enrolled at least half-time in a degree program to receive this loan.

• Long-term, low-interest loan awarded to qualifying applicants with the highest financial need.

• Repayment deferred until nine 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 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, visit http://www.studentemployment.umich.edu.

• Contact Ross Financial Aid if you are interested in this program at 734-764-5139, or email rossfinaid@umich.edu.

Federal Direct Loan - Graduate PLUS

This loan requires an additional application (see below).

• Maximum is cost of attendance minus aid received. Eligibility is not need based (determined by FAFSA).

• You must be enrolled at least half-time in a degree program to receive this loan.

• Interest begins accruing immediately upon disbursement.

• The loan origination fee is 4.276% deducted prior to disbursement.

• Fixed interest rate is 6.31%.  Effective 07/01/17: 7.00%

• You can choose to have the accrued interest capitalized (added to principal balance) or make periodic payments.

• Repayment is deferred until six months after you graduate or cease to be enrolled at least half-time in a degree program.

• Typical repayment period is 10 years; other repayment options may be available.

• You must first accept all Federal Direct Unsubsidized loans before borrowing from Grad PLUS.

To Apply For a GRAD PLUS Loan:

1. Complete Free Application for Federal Student Aid (FAFSA).

2. Go to studentloans.gov to complete the GRAD PLUS application. First-time borrowers must also complete a GRAD PLUS Promissory Note and Entrance Counseling.

3. Go to the bottom of the web page to the section entitled "$$ Obtain Aid."

4. Select "Apply for PLUS Loans." 

5. Follow steps to complete GRAD PLUS application and credit check.  (Federal School Code 002325)

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 borrowers must complete Direct Loan Entrance Counseling at studentloans.gov.

If you prefer a paper version of the Graduate PLUS loan application, you may contact Ross Financial Aid at rossfinaid@umich.edu. Processing time is significantly longer for paper application. Credit check results will not be known until the paper application has been processed.

Federal loan borrowers are assigned a federal loan servicer to assist during borrowing and repayment.  Go to the National Student Loan Data System for servicer information.  Perkins loans and Ross short-term loans are managed by the University of Michigan Student Loan Collections.

Private Loans

The University of Michigan provides information for several private lender options. Note that international students will need to provide a U.S. citizen or permanent resident co-signer. For help comparing loan options, see the UM FinAid website loan analyzer.

For loan applications, use Department of Education (DOE) school code 002325-00. This code is for the University of Michigan; the Ross School of Business does not have a separate code. The address for the Ross School is:

Stephen M. Ross School of Business

University of Michigan

701 Tappan

Ann Arbor, MI  48109-1234

 

ROSS SHORT-TERM TUITION REIMBURSEMENT LOANS

The Ross School of Business provides short-term loans to Executive MBA, Evening MBA, and Weekend MBA students whose employers provide tuition reimbursement only after a term is completed.

Download details of the Ross Short-Term Loan Program

Assistantships

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

General Appointment Information

Graduate Student Appointment Postings

 

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. International students may qualify.

Budget Reevaluations

All students receive financial aid based on an estimated cost of attendance (COA). The COA includes tuition and fees, book and supplies, housing, and personal/miscellaneous expenses. Expenses for family members cannot be included.

• Sometimes the estimated COA does not realistically meet a student’s actual expenses. The budget reevaluation process assists in meeting these additional needs.

• Budget reevaluations are offered Oct. 1 through March 15.

• Documentation is required for each expense you submit, and it takes approximately two to three weeks to process. You will receive an email when your budget reevaluation has been completed.

• To qualify, submitted expenses must be for the current academic year. The submitted expenses must be school-related. Not all expenses are eligible. Examples of some excluded expenses include:  M-trek, car expenses, and recruiting expenses.

• Additional loans may be borrowed to cover the increased budget expenses. Please note that Ross Financial Aid has the authority to cap the total amount allowed in the budget reevaluation process.

Steps for completing the budget reevaluation process:

1. Print the form. The Ross Graduate Educational Expenses Worksheet 2016-2017 is no longer available.

2. Complete the form.

3. Attach supporting documentation as stated on the form.

4. Drop the form and supporting documentation off at the Ross Financial Aid Office (Room K3521, Kresge Hall) for processing. You may also email the form as an attachment to rossfinaid@umich.edu.

Loan Repayment Assistance Program

The Ross Loan Repayment Assistance Program provides financial assistance to graduates who pursue careers in nonprofit and public-sector organizations. It pays a portion of a qualifying graduate’s Ross-related, need-based loan obligations while the graduate is employed full-time in a position within the public or nonprofit sectors (subject to annual re-application and review).

• U.S. citizens and U.S. permanent residents are eligible for the program.

• Applicants must be employed full-time in the nonprofit/public sector.

• The program provides assistance in repaying educational loan obligations.

• Applications are accepted beginning Sept. 1. All applications must be received by the Ross Financial Aid Office by Nov. 1.

• Download a table of historical LRAP award amounts.

• The 2017-2018 LRAP Information and Application Form will be available September 1.

Tuition Refund Insurance

Please note: The cost for this insurance is not considered a financial aid budget expense.

The cost of education today is a substantial investment. Students and/or parents may face significant financial loss if students are unable to complete a term due to illness. Tuition Refund Insurance significantly extends and enhances the university's published withdrawal policy and provides funds that can help to pay back loans, grants, and scholarships if necessary.

• TRI is an inexpensive, voluntary form of tuition reimbursement insurance protection.

• It protects against significant financial loss should a student have to withdraw from classes for medical reasons.

• Information about the program, premiums, and the ability to sign up online directly are available at this website.

International Student Funding Options

Many countries provide loans or scholarships specific to their citizens. Michigan Ross admitted candidates and current students can review a list of funding options for international students. The University of Michigan does not endorse any specific program.

International students in the Full-Time MBA Program are considered for Ross scholarships (see “Scholarships” section above).

Federal Aid for Graduate International Students

Federal regulations and University of Michigan policy severely 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.

Non-U.S. citizens may qualify for student financial aid programs if they are one of the following:

• 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.

• A U.S. national (includes natives of American Samoa or Swain's Island)

• An eligible non-citizen with an Arrival-Departure Record (I-94) from the U.S. Immigration and Naturalization Service 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)

Note:  Citizens of the Federated States of Micronesia, the Republic of the Marshall Islands, and the Republic of Palau are eligible only for Federal Work-Study.

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

Private Educational Loans

The University of Michigan provides information for several private lender options. Note that these will require a U.S. citizen or permanent resident co-signer. For help comparing loan options, see the University of Michigan FinAid website loan analyzer.

Chapter 33 -- Post 9/11 GI Bill and Yellow Ribbon Program

Ross is proud to support our veterans as a Yellow Ribbon school. For those who are 100 percent eligible under Chapter 33 / the Post-9/11 GI Bill, the University of Michigan and Ross will cover most of your unmet tuition needs.

The Board of Regents at the University of Michigan has extended our participation in Yellow Ribbon by offering in-state tuition* status to all 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. Look for the section on "Establishing Eligibility Through Service."  The "Application for In-State Tuition on the Basis of Service" is located at the bottom of the page. Details and application steps are here.

• Visit the University of Michigan Student Veterans Assistance Program website—your first stop for student veteran information.

• Access your benefits—Chapter 33 application information.

• Complete certification at the University of Michigan. You must submit your Certificate of Eligibility to U-M. You must also submit a Veterans Certification Request Form each term to receive your benefits. See complete information here.

* 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 and Yellow Ribbon will cover tuition for courses and mandatory fees only.  The remaining nonacademic costs are the student's responsibility. Contact Ross Financial Aid for more information.