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In This Issue:
Receiving Your Aid
Fall Term 2008 Financial Aid Disbursement
The first disbursement for Fall term is scheduled so that financial aid refunds will be deposited to bank accounts (for those with direct deposit) or mailed to students on:
Friday, August 29, 2008.
Financial aid funds are directly applied to tuition, fees, and residence hall charges appearing on your student account; any funds in excess of these charges are refunded (disbursed) to you in one of two ways:
1. Funds are directly deposited to your bank account if you have direct deposit. To sign up for direct deposit, or to make sure your bank account information is correct, go to the Student Business page of Wolverine Access (https://wolverineaccess.umich.edu). Log in and select Payroll and Compensation > Direct Deposit. To view the amount of your direct deposit, select View Checks. Allow up to 10 business days for direct deposit to take effect.
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2. Checks are mailed to your current (local) address listed on Wolverine Access. If you do not have a current address listed, the check will go to your permanent address. In order to receive your funds, be sure to update your address (using Wolverine Access) before August 25, 2008.
See below for a checklist of disbursement dates and requirements.
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Tips on Receiving Your Aid:
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Put your name on your mailbox! The post office will not deliver first class mail to mailboxes without names listed on them in apartment buildings, student rooming houses, etc. Be sure your name is on your mailbox before August 29, 2008.
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Did You Know?
You will receive your financial aid after you have ENROLLED (but not if you are wait-listed) for a credit hour load that is at least half-time (6 hours for undergraduates, 4 hours for graduate students). Note: Some scholarships require full-time enrollment before disbursement.
Moving from on-campus housing to off-campus housing DOES NOT affect your financial aid awards UNLESS you are living with your parents.
If you are enrolled at more than one college or university at the same time, you may receive financial aid from ONE of the institutions, not both.
Most of your questions can be answered by reading Required Reading (../../Financial_Aid_Library/Required_Reading/reqread.asp).
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Student eBills and Anticipated Aid: How Much Do I Owe?
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Visiting OFA? Bring Your UMID!
STUDENTS: As an added security measure and to enhance services, you will be required to bring your UMID card (or your UMID number) when you visit our office.
PARENTS: As always, you must provide your student's UMID number when you visit or call our office.
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Disbursement Checklist
If all the steps below have been completed, your refund will be available on one of the following dates:
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If Steps Completed Before: |
Refund Directly Deposited or Mailed On: |
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By August 25 |
August 29 |
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August 26-27 |
September 2 |
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August 28 -
September 2 |
September 5 | |
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Thereafter, students who register by Wednesday of a given week will receive their funds the following Monday. |
[ ] Credit Hours:
You must be enrolled (not wait-listed or "backpacked") for a credit hour load that is at least half-time (6 hours for undergraduate students and 4 hours for graduate students).
[ ] Award Notice:
You must have received a Fall/Winter 2008-2009 financial aid award notification and have provided all documents requested to the Office of Financial Aid. To decline or reduce your aid awards, go to Wolverine Access (https://wolverineaccess.umich.edu) > Student Business > log in > Student Center > Financial Aid > Awards > Accept/Decline.
[ ] Loan Promissory Notes:
See article below for what you need to do to receive your federal loan funds.
[ ] Academic Holds:
All academic holds must be resolved in order for you to receive your aid funds.
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Financial Planning Calculators: View Your Estimated Bill and Calculate Your Loan Eligibility
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Did you know that there are two financial planning calculators available on Wolverine Access? These calculators allow you to view an estimate of your University bill and show you how much private loan or PLUS loan you are able to borrow. |
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Go to https://wolverineaccess.umich.edu > Student Business >
login > Student Center > Financial Planning Calculators. |
Bill Estimator: Once at the site, answer a few questions, then select "Calculate Estimated Bill" to see what your bill will be for Fall term. Later in the term, you will be able to view an estimate of your Winter term bill. The bill estimator is not available for Spring/Summer bills.
Alternative/PLUS Loan Eligibility: Select "Calculate Alternative/PLUS Loan Eligibility" to see how much you would be able to borrow through an alternative loan or through the Federal Direct PLUS Loan Program for the Fall and Winter terms. This calculator is not available for calculating Spring/Summer term eligibility.
If you have authorized your parents or others to access your financial aid and/or student account information, they will be able to use these calculators (see www.finaid.umich.edu/guides/parents.asp for more information on the Friend Account for parents/family).
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Quick Budgeting Tips
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Be sure to arrive on campus with some cash in your pocket for books and other expenses you'll initially encounter.
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To start earning your Work-Study award, you must obtain a Work-Study job. Be prepared: It may take up to a month to receive your first paycheck!
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Housing costs vary; you'll save money by having roommates.
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You may save money by purchasing used books instead of new ones.
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Keep track of your personal and miscellaneous expenses. The financial aid budget allows about $65 a week for items such as transportation, phone calls, clothes, and entertainment.
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A Word of Caution to Private Loan Borrowers
U-M students should avoid lenders that do not require U-M certification of their loan application and, in general, 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."
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Comparing Private Loan Programs
Private student loans are offered through a variety of banks and other lenders. The best rates on private loans generally are offered to borrowers who have good credit and/or who have a cosigner with good credit.
When shopping for a private educational loan, look for a loan you can live with over the long haul. You may be repaying it for years to come. See the OFA Website (www.finaid.umich.edu/Types_of_Financial_Aid/Loans/privloans.asp) for a comparison of the terms typically offered by private loans programs with the terms of the federal PLUS and Grad PLUS Loan programs.
More than 3,500 University of Michigan students borrowed from nearly 20 different lenders in 2007. Among them, 68% borrowed through the CitiAssist program and 10% held Signature loans through Sallie Mae. Students also use other private loan providers.
For a comprehensive list of private lenders, see the listing at www.finaid.org/loans/privatestudentloans.phtml. For help comparing options, see the FinAid website loan analyzer at www.finaid.org/calculators/loananalyzer.phtml. Be sure to follow up with your lender to verify the current terms of their loans.
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New Financial Aid Program Available to Education Students in High-Need Fields
U-M is participating in the U.S. Department of Education's new Teacher Education Assistance for College and Higher Education (TEACH) Grant Program, which is being implemented for the 2008-2009 academic year.
The TEACH Grant Program provides up to $4,000 per year ($16,000 total for four-year undergraduate programs; $8,000 total for graduate studies) in grants to students who plan to teach full-time in high-need subject areas at designated schools that serve students from low-income families. High-need subject areas include bilingual education and English language acquisition, foreign languages, mathematics, reading, science, and special education.
TEACH Grant recipients must agree to teach full-time in a high-need subject area in a low-income school for at least four years within eight years of finishing their teacher preparation. If the teaching obligation is not met, the TEACH Grant converts to an unsubsidized student loan, which must be repaid with interest.
UM students who are actively enrolled in either a graduate or an undergraduate teacher certification program administered through the School of Education and who are majoring in an eligible critical need field are eligible to apply for the TEACH Grant.
To apply, students must (1) submit a Free Application for Federal Student Aid (FAFSA) at www.fafsa.ed.gov; (2) complete the TEACH Grant initial counseling requirement and sign and submit a statement of understanding to the Office of Financial Aid; and (3) sign an Agreement to Serve with the U.S. Department of Education.
For more information about eligibility requirements and how to apply, see www.finaid.umich.edu/types_of_financial_aid/teach.asp.
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What to Do to Receive Your Loan Funds: Sign Your MPN!
If you've been awarded a federal loan for the Fall term, don't forget to sign your master promissory note (MPN) by August 20, 2008, to ensure that you receive your funds before the term begins.
Direct Stafford Subsidized or Unsubsidized Loans:
Students receiving a Stafford loan for the first time must complete a Direct Loan master promissory note at https://dlenote.ed.gov/empn/index.jsp. For instructions, see the OFA website: www.finaid.umich.edu/types_of_financial_aid/loans/federal_loans/mpn.asp.
Note that the annual loan limit for unsubsidized Stafford loans has been increased by $2,000 this year (see below).
Perkins, Health Professions, and Nursing Student Loans:
If you have been awarded one of these loans, go to the Student Business section of Wolverine Access (https://wolverineaccess.umich.edu). Log in and select Financial Aid > 2009 > Loans from the Self Service menu to sign your loan documents.
You must sign an MPN if you are awarded a Perkins, Health Professions, or Nursing Loan for the first time at U-M. If you have previously signed a Perkins Loan MPN, you do not need to sign another one to receive your loan funds. Health Professions and Nursing Loan recipients must complete a Rights and Responsibilities Statement each year to receive their loan funds, even if they previously completed an MPN. For complete instructions, see www.finaid.umich.edu/types_of_financial_aid/loans/federal_loans/loandocs.asp.
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Still Need a Loan?
It's not too late to apply for Direct PLUS and Grad PLUS loans. For more information, see the following pages on the OFA website:
Remember: If you are borrowing through the PLUS program for the first time, you must sign a master promissory note at https://dlenote.ed.gov/empn/index.jsp. Grad PLUS borrowers must also complete Entrance Counseling for loans secured after July 1, 2008.
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New Direct Loan Limits
Recent federal legislation increased the annual limit for unsubsidized Stafford Loans (for U-M students, these are Direct Loans) by $2,000 for undergraduates.
If you are eligible for the additional loan for the 2008-2009 academic year, it will be added to your financial aid package in early August. You may decline or reduce the unsubsidized loan in Wolverine Access. After logging in, select Student Center > Financial Aid > Awards > Accept/Decline.
For a detailed listing of the loan limits for Stafford Loans, see www.finaid.umich.edu/Types_of_Financial_Aid/Loans/Federal_Loans/fedloans.asp.
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How Will I Receive My Private Scholarship Funds?
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If your private scholarship check is sent to the University, it will be directly applied to your student account, one-half in the Fall term and one-half in the Winter term, unless otherwise specified by the scholarship sponsor. Payments are usually processed within two weeks of the start of each term, upon full-time registration. If the payment creates a credit balance on your account, the credit will be refunded to you by check or direct deposit.
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If your scholarship check is sent directly to you, but it is made out to the University, you should take it to Teller Services (the Cashier's Office) for processing.
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If your scholarship check is sent directly to you, and it is made co-payable to you and the University, endorse the check and submit it to Teller Services for processing.
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If your scholarship check is sent to you and is made payable to you, it is your responsibility to report this resource to OFA and to apply any funds necessary to your University account.
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Teller Services
University of Michigan
515 E. Jefferson Street
2226 Student Activities Building
Ann Arbor, MI 48109-1611 |
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Update on the Michigan Competitive Scholarship
The State of Michigan released its list of recipients of the Michigan Competitive Scholarship (MCS) on July 22.
Continuing students:
If you are eligible for this scholarship, it should already be reflected as an estimated amount on your financial aid award notice; however, you will also receive a Revised Award Notice now that the state has made its official awards.
Entering students:
If you are an eligible student who has received the MCS, you will receive a Revised Award Notice showing the scholarship. If you have received an MCS and a Michigan Grant, your Michigan Grant will be reduced by the amount of the MCS.
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Certify Your State of Michigan Promise Scholarship as Soon as Possible!
| If the State of Michigan has notified you that you have been awarded a Michigan Promise Scholarship, you must complete online certification at: https://treas-secure.state.mi.us/michiganpromise/index.aspx in order to claim your award funds. Only students who have been awarded the Michigan Promise for the FIRST TIME must complete certification; if you previously certified, do not do so again. |
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OFA Gets Facelift
| A major renovation of the Student Activities Building in 2007-2008 has given a new look to the Office of Financial Aid. The reconstructed office space now includes a public computing site in the lobby, with four state-of-the-art computers for students to use to find information and complete documents related to their financial aid. Stay tuned for further changes in 2008-2009! |
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