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 and Federal Work Study aid.
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Although we recommend you submit your FAFSA by April 30 each academic year, you can continue to apply after this date.
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Students who complete the FAFSA will automatically be offered the Federal Direct Unsubsidized Loan.
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No additional application is necessary to receive this loan.
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A Master Promissory Note (MPN) must be completed before the loan will pay to your account.
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You must be enrolled at least half-time (in a degree program) to receive loans.
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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.
Steps to Apply for Federal Financial Aid
1. Complete the Free Application for Federal Student Aid (FAFSA) online.
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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.
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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.
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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.
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How often and when you complete the FAFSA is based on your academic program. See additional details here.
2. Submit additional documentation, if required.
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The Office of Financial Aid will send an email notification if additional documentation is needed.
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You may sign in to Wolverine Access for a list of requested documents. How to use Wolverine Access
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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.
4. Sign your Direct Loan Master Promissory Note (MPN) online. This is required to release your loan.
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5. Submit an alternative loan application if you plan to borrow additional funds up to the full cost of attendance.
6. Sign up for direct deposit in Wolverine Access.
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Funds in excess of tuition and fees will be refunded to you electronically.
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Without direct deposit, the refund check is mailed to your current address in Wolverine Access.
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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
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This loan is offered based on the FAFSA. No additional application is necessary.
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Maximum is $20,500 per academic year ($10,250 per term). Eligibility is not need based (determined by FAFSA).
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You must be enrolled at least half-time in a degree program to receive this loan.
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Interest begins accruing immediately upon disbursement.
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The loan origination fee is 1.066% deducted prior to disbursement.
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Fixed interest rate is 6.00%.
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You can choose to have the accrued interest capitalized (added to principal balance) or make periodic payments.
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Repayment is deferred until six months after you graduate or cease to be enrolled at least half-time in a degree program.
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Typical repayment period is 10 years; other repayment options may be available.
Federal College Work Study
Federal Direct Loan - Graduate PLUS
This loan requires an additional application (see below).
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Maximum is cost of attendance minus aid received. Eligibility is not need based (determined by FAFSA).
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You must be enrolled at least half-time in a degree program to receive this loan.
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Interest begins accruing immediately upon disbursement.
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The loan origination fee is 4.264% deducted prior to disbursement.
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Fixed interest rate is 7.00%.
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You can choose to have the accrued interest capitalized (added to principal balance) or make periodic payments.
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Repayment is deferred until six months after you graduate or cease to be enrolled at least half-time in a degree program.
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Typical repayment period is 10 years; other repayment options may be available.
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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