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Information for Families Affected by the U.S. Financial Crisis
With the recent downturn of the U.S. economy, many students and families are wondering whether they will have the fiinancial resources they need to continue paying for college.
The University of Michigan wants to assure UM students and their families that students will continue to have access to financial aid. If your family has been affected by the financial crisis and your college funds are in question, please contact the UM Office of Financial Aid to discuss the available options.
It is not too late to apply for financial aid for the current academic year. See Current Undergraduates: How and When to Apply for Aid for information and applications. Although the posted application deadlines for 2009-2010 have passed and resources are limited, funding is still available through many aid programs. If you have not applied for aid in the past, we urge you to do so as soon as possible.
FAMILIES WITH SEVERE FINANCIAL CIRCUMSTANCES:
Families facing severe financial problems due to job loss, foreclosure, or business declines should contact the Office of Financial Aid for a review of their financial aid eligibility. If you have experienced a significant and prolonged decline in family income, you might be eligible for additional financial aid funds for the current academic year. Financial aid officers can work with your family to find the best mix of resources to keep you enrolled. If your decline in income is recent, you may not be eligible for more aid in 2009-2010, but your eligibility may increase next year.
ACCESS TO STUDENT LOANS:
For many students and parents the best available option for this year will be a federal loan. Federally funded educational loans such as the PLUS Loan are still a viable source of funding with favorable terms, including low interest rates and the option to defer payments until six months after the student graduates. The PLUS Loan is available to any parent who is less than 90 days delinquent on any debt, with additional flexibility for mortgage or medical debt. In addition, students whose parents cannot borrow a PLUS Loan are eligible for additional unsubsidized Direct Loan funds. For more information, see the Direct PLUS Loan page.
The University cares deeply about how the U.S. financial situation is affecting our students. We know that some students will need additional assistance to cover their costs. We encourage you and your family to make the University your first point of contact for help with options for financing your education.
Contact the Office of Financial Aid in person, by phone at (734) 763-6600, or by email at financial.aid@umich.edu.
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