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In This Issue:
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Winter Term Bill Due January 7, 2009:
How Much Do I Owe?
Student eBills for the winter 2009 term will be issued to students on December 12. Because bills are issued before financial aid funds for winter term are credited to student accounts, a special item--Pending Financial Aid--is displayed on the bill to represent the forthcoming aid funds. |
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Your pending aid is the amount of aid the University expects to credit to your account, based on your financial aid award. If you are enrolled full-time and you have signed the required documents for your awards (e.g., signed your loan documents), the pending aid will appear on your bill and will be subtracted from your charges.
To figure out how much you must pay by the payment due date of January 7, 2009, go to Wolverine Access and select Account Inquiry from your Student Center. On the Account Summary page, click on the link for the most recent invoice in the Invoice Number column. This is your student bill. The Amount Due shown on the bill is the sum of the charges on your student account minus your pending aid. This is the amount you must pay. (Note that this is not the same as the amount listed as due on your Account Summary page.)
Disbursement of financial aid funds to students' accounts begins on December 29 for winter 2009. When your actual funds are credited to your account, the pending aid items will be removed.
SOME IMPORTANT EXCEPTIONS:
Please note that some sources of financial aid--such as graduate student instructor/research assistant tuition waivers, private and PLUS loans, and third-party credits and private scholarships for which funds have not yet been received--will not appear on your December bill as pending aid. However, they will be shown on your student account as soon as the funds have been credited to your account, and they will appear on your monthly bill in the period in which they are received. If the funds you are expecting have not appeared on your account by the time you pay your bill, you should pay the Amount Due on your bill to avoid receiving a late fee. After the funds are credited to your account, a credit will be displayed on your monthly bill.
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Winter Term 2009 Financial Aid Disbursement: Receiving Your Aid
WHEN:
The first disbursement for winter term is scheduled so that financial aid checks will be mailed to students or aid funds will be deposited to bank accounts (for those with direct deposit) on: Monday, January 5, 2009
HOW:
Financial aid funds are directly applied toward your current term tuition, fees, and residence hall charges appearing on your student account; any funds in excess of these charges are released (refunded) to you in one of two ways (listed below). NOTE: At the time of disbursement, if you are enrolled less than full-time but at least half-time, all of your financial aid funds (except Direct Loans) will be prorated (reduced) based on your level of enrollment (you will receive aid awards proportional to the number of hours you take).
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Refunds are directly deposited to your bank account if you have direct deposit. If you do not have direct deposit, select Direct Deposit from the Wolverine Access Student Business menu ( https://wolverineaccess.umich.edu).
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A check is mailed to your current (local) address listed on Wolverine Access. If you do not have a current/local address listed, the check will go to your permanent address. Be sure your address is updated on Wolverine Access by December 28, 2008.
NOTE: If you have ever made a cash payment to your account, any refund you are owed will not automatically be sent to you. Instead, a credit (negative balance) will appear on your acount. You can have the refund released to you by contacting Student Financial Services.
WHAT TO DO TO RECEIVE YOUR WINTER AID:
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Be sure you are registered at least half-time (6 hours for undergraduates and 4 hours for graduate students) by 5:00 p.m. on December 28, 2008, in order to have your aid funds directly deposited or mailed to you on January 5, 2009. Wait-listed courses do NOT count when determining your enrollment level.
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After January 5, students who register by Wednesday of a given week, should receive their refunds the Monday following their registration.
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If you are receiving aid for the first time this academic year, also see the requirements listed in the box at right.
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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 January 5, 2009.
If Winter Term Is the First Time You Are Receiving Aid This Academic Year, to Receive Your Aid You Must Also Have:
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Received a 2008-2009 award notification.
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Provided to the Office of Financial Aid all other documents requested.
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Completed a Direct Loan Master Promissory Note (at http://dlenote.ed.gov/empn/index.jsp), if you were awarded Direct Loan funds. Note: If you completed a Direct Loan Master Promissory Note at U-M and received a loan within the last 12 months, do not complete another one.
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Completed a Perkins, Health Professions, and/or Nursing Student Loan Master Promissory Note and a rights and responsibilities statement if you were awarded any of these loan funds (see Wolverine Access: https://wolverineaccess.umich.edu > Student Business > Financial Aid > Aid Year 2009 > Loans).
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Resolved any academic holds (disbursement cannot occur until the holds are lifted).
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Graduating Direct Loan Borrowers
If you are graduating in December and you borrowed through the Federal Direct Stafford Loan (Unsubsidized and/or Subsidized) program, you are required to complete Direct Loan Exit Counseling online at www.dl.ed.gov. The counseling session provides essential information about loan repayment and it is also how you select your repayment plan and payment date.
Parent PLUS Loan Borrowers: Did You Know . . .
If you received your PLUS loan after July 1, 2008, you can request a deferment on the loan while your student is still in school. If the student is enrolled at least half-time, you may defer repayment until six months after he or she graduates or is no longer enrolled half-time.
Please note that you must wait until the full amount of the loan has been disbursed before requesting a deferment. To request deferment, call the Direct Loan Servicing Center at 1-800-848-0979.
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Continuing U-M Students: How to Apply for 2009-2010 Fall/Winter Aid
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January 2009: The Office of Financial Aid (OFA) will send you an email directing you to an application website with links to the 2009-2010 application forms, deadline dates, and so on.
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January 1 - March 1, 2009: Complete the Free Application for Federal Student Aid (FAFSA) at www.fafsa.ed.gov to be considered for the Michigan Competitive Scholarship (MCS) and all other aid programs. March 1 is the deadline for the MCS. If you submit your FAFSA after March 1 but before April 30, you will be considered for all aid programs other than the MCS. Note, however, that OFA recommends that you file your FAFSA early (by February 15) to allow for federal processing time and to ensure that you meet the deadlines for every source of aid.
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Parent Information and Signatures: Dependent students and those applying for the Health Professions Loan must provide their parents' income information, birth dates, social security numbers, and one parent signature on the FAFSA. Failing to provide information or signatures will result in a rejected FAFSA, which can jeopardize your priority for aid.
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Once You Submit Your FAFSA: a. If you provide an email address on your FAFSA, the Department of Education will send your Student Aid Report (SAR) by email. b. OFA will send you an email if additional application documents are required to process your aid (you can also check Wolverine Access: https://wolverineaccess.umich.edu > Student Business > Financial Aid > Aid Year 2010 > Documents/Review). If additional documents are requested, OFA must receive them by May 30.
c. OFA will send you an email when your financial aid award notice is available on Wolverine Access.
Note: Continuing students are not required to complete the CSS/Financial Aid PROFILE application.
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3 Options for Filling Out the FAFSA
The 2009-2010 Free Application for Federal Student Aid (FAFSA) will be available soon. Students who want to apply for financial aid for the 2009-2010 school year will have three options for completing the application:
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FAFSA on the Web: We encourage students to take advantage of this option to save time and reduce possible filing errors. You can complete the FAFSA online at www.fafsa.ed.gov. "FAFSA on the Web" worksheets will be available in our office (or online at www.fafsa.ed.gov/before012.htm) to assist with the online application process.
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Print a PDF: For students who prefer to submit a paper FAFSA, the Department of Education has created a PDF version of the application that can be completed (electronically or manually), printed, and mailed to the Department of Education for processing. You can find the PDF at www.federalstudentaid.ed.gov/fafsa/fafsa_options.html.
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Request a paper FAFSA: You can call the Federal Student Aid Information Center (FSAIC) directly at 1-800-4-FEDAID to request up to three paper FAFSAs to be mailed to you.
Note that federal processing time is considerably longer for the paper application than for the online form.
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Financial aid funds for Spring/Summer are very limited, so be sure to apply by the priority deadline date of March 6, 2009!
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If you will be studying abroad for Spring/Summer, be sure to complete the RFF as soon as possible after January 31.
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You must complete the RFF to apply for Spring/Summer aid; it informs our office that you will be attending and it collects other information such as your enrollment (we do not receive information about your enrollment from the FAFSA).
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You must register for classes in order to receive a financial aid offer. If you will enroll in Spring and Summer term classes, you must enroll for both terms during your specified enrollment time in order to be considered for aid for both terms.
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Thinking of Dropping?
When and how many classes you drop will affect your financial aid.
Complete Withdrawal: If you withdraw completely from Winter Term 2009 before March 29, your aid will be prorated based on the length of time you were enrolled. If you need to repay any financial aid funds that you received, your student account will be charged. For more information on withdrawal, see www.finaid.umich.edu/apply_and_receive_aid/receiving_your_aid/refund.asp.
Attend Less than Full-Time: You must attend at least half-time (6 hours for undergraduates, 4 hours for graduate students) to receive most types of financial aid. If you are attending at least half-time, but less than full-time (6 to 11 hours for undergraduates, 4 to 7 hours for graduate students), you might not be eligible for the amount of financial aid you were originally offered.
If you do not enroll full-time or you drop to less than full-time before January 27, the Office of Financial Aid will adjust your cost of attendance and your financial aid. If you drop to less than full-time after January 27 and there is no adjustment to your tuition charges, your need-based financial aid will not be adjusted. However, if you have a merit-based scholarship or award that requires full-time enrollment, you should check with the scholarship provider to determine whether dropping under full-time will affect your scholarship.
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Holiday Office Hours and Services
Some University of Michigan offices have special hours and/or limited services before the holiday break. We encourage you to resolve any situations and/or receive answers to your questions with regard to student services and financial aid (including emergency aid funds) by Friday, December 5, 2008. If you are not sure whether a particular office may be open or may be able to serve your needs before the holiday break, it is best to call first. The Office of Financial Aid will be closed the following days:
- December 10 at noon
- December 25 - January 1 (closing early on December 24, and reopening on January 2 at 8:00 a.m.)
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Friend Account/Guest Account
Have you authorized your parents/family the ability to view your personal financial aid and student account information on Wolverine Access ?
If not, go to https://wolverineaccess.umich.edu > Student Business > Student Center > Parent/Family Authorization. You can also sign them up to receive this newsletter by email.
Students and Parents: Get a PIN!
If you don't already have a Department of Education Personal Identification Number (PIN), you should get one! A PIN allows you to apply for aid and make corrections to your FAFSA at www.fafsa.ed.gov. A PIN is also essential to obtaining online information about your federal loans.
Work-Study Students: Don't Forget to File a New W-4
Students who claimed themselves exempt from payroll taxes on their 2008 Work-Study wages must file new W-4 forms in January to continue this exemption for 2009. Otherwise, taxes will be deducted from paychecks beginning in February 2009. Questions? Contact the U-M Payroll Office at (734) 615-2000.
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