Scholarships, Loans, and Other Financial Aid For Graduate Students

For information on financial aid for undergraduates, see the BBA Tuition & Financial Aid Page.

Scholarships

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.

Awards are based on academic ability, professional and personal achievements, and potential to contribute to our community. We do not negotiate scholarship offers.

  • 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 $10,000 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 studentaid.ed.gov/sa/ 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:

  • 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.

  • 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

Online 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.

Loans

Federal Aid

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.

  • Although we recommend you submit your FAFSA by March 31 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.

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

Types of Federal Aid

Federal Direct Loan - Unsubsidized

  • This is loan is offered based on the FAFSA. No additional application is necessary." to "Must complete a FAFSA

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

  • 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 1.066% deducted prior to disbursement. (October 1, 2018 this changes to 1.062%)

  • Fixed interest rate is 6.60%.  

  • 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 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 4.264% deducted prior to disbursement. (October 1, 2018 this changes to 4.248%)

  • Fixed interest rate is 7.60%.  

  • 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.
     

Private Loans

Private student loans are offered through a variety of banks and other lenders. Students wanting private loan 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 4 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.

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 the University of Michigan's FASTChoice Private Education Loans site.


For International Students please visit this FASTChoice Private Education Loans – For International Students web link. 

Please note that U of M has not endorsed these programs, but is making the information available to you. The university does also adhere to the Code of Conduct for Student Loans that prohibits inducements or incentives by private lenders.

 

ROSS 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. Learn more by downloading information and application here

Other Aid

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.

 

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.

  • Download a table of historical LRAP award amounts.

  • The 2018-2019 LRAP Information and Application Form is now closed for 2018 - 2019. For 2019 - 2020, the LRAP Application will be open in early September of 2019.

 

International Students

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)

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

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:

U.S. Veterans

Chapter 33 -- Post 9/11 GI Bill Program

Ross is proud to support veterans and military members. Effective January 2014, The Board of Regents at the University of Michigan offers in-state tuition* status to all those who serve or who have served. You must apply for in-state tuition and provide the appropriate supporting documentation regarding your service. Information is located on the University of Michigan Office of the Registrar's website in the Residency section (web link is located at the end of this paragraph). 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.
  • Accessing your benefits—Chapter 33 application information.
    Includes information on:  Post-9/11 GI Bill Chapter 33, Transfer of Entitlement to Spouse/Dependent Child; Montgomery GI Bill, Veterans, Active Duty Military, Reservist, and National Guard Members; Chapters 30, 1606 and 1607; Survivors/Dependents Educational Assistance Program (DEA), Chapter 35.
  • Certification at the University of Michigan.  You must submit your Certificate of Eligibility (COE) to the University of Michigan.  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 will cover tuition for courses and mandatory fees only. Chapter 33 will pay also a monthly housing allowance to the student so the remaining nonacademic costs (books, technology, accommodations and dining) are the student's responsibility.

Contact Ross Financial Aid for more information.

The Ross School of Business Office of Financial Aid is a satellite office of the University of Michigan Office of Financial Aid.  Disclaimer.

The Ross School of Business Office of Financial Aid is a satellite office of the University of Michigan Central Financial Aid Office. Our job is to work directly with Ross graduate students, assisting with all aspects of financial aid, from initial application to entering loan repayment.