Program	Description	Eligibility	Terms
Academic Competitiveness Grant (ACG) Information from the Department of Education	Federally funded Gift aid	U.S. citizens and permanent residents only Need-based Awarded only to Federal Pell Grant eligible applicants Entering freshmen who have completed a "rigorous secondary school program," as designated by the state in which the student resided when completing the program Sophomores with a cumulative 3.0 GPA during freshman year	$750 for freshmen $1,300 for sophomores Must be enrolled full-time Students will have an estimated ACG on their award notice if their academic credentials indicate they will most likely be offered this scholarship.  The amount of ACG, in combination with Federal Pell Grant and other financial aid, cannot exceed demonstrated financial need.
Children of Veterans Tuition Grant	Funded by the State of Michigan Gift aid	Eligibility requirements for both the student and the veteran found at State of Michigan Student Financial Aid website	Up to $1,400 per year for half-time; $2,100 per year for three-quarters time; and $2,800 per year for full-time OR an amount equal to all of the studen'ts eligible tuition in the academic year, whichever is less Must reapply each year; see Michigan Student Financial Aid website or call 1-888-447-2687 Renewable up to 4 years, subject to available and approved funding Must maintain cumulative GPA of 2.25
Federal Pell Grant Information from the Department of Education	Federally funded Gift aid	Need-based (awarded only to the lowest income families) Undergraduate, first bachelor's degree	Awards vary from $400 to $4,600, based on need Must be enrolled at least half-time; less than half-time enrollment allowed in certain circumstances
Federal Supplemental Educational Opportunity Grant (FSEOG) Information from the Department of Education	Federally funded Gift aid	Awarded only to federal Pell Grant eligible applicants Need-based; dependent students with Expected Family Contributions of $0 or independent single parents with Expected Family Contributions of $200 or less Undergraduate, first bachelor's degree Must meet the financial aid priority application deadline (April 30)	Award amounts vary, based on available funding Must be enrolled at least half-time
Michigan Educational Opportunity Grant (MEOG)	Funded by the State of Michigan Gift aid	Need-based Undergraduate Michigan resident Single parent	Award amounts vary, based on available funding Awarded only to federal Pell Grant eligible applicants Must be enrolled at least half-time
Michigan Grant	Funded by the university Gift aid	Need-based Must meet the financial aid priority application deadline (April 30) Undergraduate, first bachelor's degree Award amounts vary, based on available funding	Must be enrolled at least half-time Students cannot receive the Michigan Grant for more than 10 full-time semesters.
Michigan Indian Tuition Waiver/American Indian Grant (AIG)	Funded by the State of Michigan	Must be at least 1/4 blood North American Indian as certified by the Native American Inter-Tribal Council Nonresidents must prove 12 months continuous Michigan residency	One-year award; renewability depends on state funding each year Full tuition
M-PACT For more information about the program, see the OFA Grants page. For UM press releases about the program, click here and here.	University gift aid	Need-based (Expected Family Contribution of $6,000 or less) First bachelor's degree Entering freshmen Michigan residents Must meet financial aid priority application deadline (April 30)	Renewable for up to four years (must apply for aid and meet eligibility criteria each year) Students with Expected Family Contributions of $0 have their loan awards replaced by grants.
National SMART (Science and Mathematics Access to Retain Talent) Grant Information from the Department of Education	Federally funded Gift aid	U.S. citizens and permanent residents only Need-based Awarded only to federal Pell Grant eligible applicants Juniors and seniors Major in physical, life, or computer science; engineering; mathematics; technology; or a critical foreign language 3.0 GPA in coursework required for major	$4,000 each year Must be enrolled full-time The amount of SMART grant, in combination with federal Pell Grant and other financial aid, cannot exceed demonstrated financial need.
TEACH Grant More information on the TEACH Grant	Federally funded Gift aid that reverts to a loan if service requirements are not satisfied	U.S. citizen or eligible non-citizen Undergraduate, post-baccalaureate, or graduate student Enrollment in or plan to complete coursework to teach in high-need field Academic requirements: cumulative GPA of at least 3.25 Sign a TEACH Grant Agreement to Serve	Must agree to teach in a high-need field serving low-income students Must teach for 4 full years within 8 years of receiving grant Grant reverts to Federal Direct Unsubsidized Loan (with interest from the date the grant was disbursed) if recipient does not complete service obligation

LOANS (FEDERAL):   

Program	Description	Eligibility	Terms
Federal Direct Stafford Loan, Subsidized Information from the Department of Education Students accepting Direct Loan funds for the first time must complete an online Direct Loan Master Promissory Note before receiving their loan funds.  Click here for information. First-time borrowers who are first-year college students must also complete Direct Loan entrance counseling.	Federally funded 5.6% fixed interest rate after July 1, 2009, for undergraduate loan (interest rate for graduate student loan is 6.8%) See Borrowing Maximums Chart below Existing Direct Loans can be consolidated. Because U-M participates in the Direct Loan program, we do NOT process Stafford Loans through private lenders.	Need-based Enrolled at least half-time in a degree or certificate program	Repayment is deferred and there is no interest while enrolled at least half-time Limited deferment provisions; see the Repaying Your Student Loans and the Dept. of Education website (information specifically for teachers) 1.5% origination fee, with a 1.0% rebate if first 12 monthly payments made on time.  Because of this fee, the actual Direct Loan amount applied to your University account will be lower than that  listed on your award notice.
Federal Direct Stafford Loan, Unsubsidized Information from the Department of Education Students accepting Direct Loan funds for the first time must complete an online Direct Loan Master Promissory Note before receiving their loan funds.  Click here for information. First-time borrowers who are first-year college students must also complete Direct Loan entrance counseling.	Federally funded 6.8% fixed interest rate  See Borrowing Maximums Chart below. Existing Direct Loans can be consolidated. Because U-M participates in the Direct Loan program, we do NOT process Stafford Loans through private lenders.	Non-need-based Enrolled at least half-time in a degree or certificate program	Interest begins accruing immediately, may be paid periodically or capitalized (see promissory note) Repayment of principal deferred while enrolled at least half-time Limited deferment provisions; see the Repaying Your Student Loans and the Dept. of Education website (information specifically for teachers) 1.5% origination fee, with a 1.0% rebate if first 12 monthly payments made on time.  Because of this fee, the actual Direct Loan amount applied to your University Account will be lower than that listed on your award notice.
Federal Direct PLUS Loan Information from the Department of Education If you are accepting PLUS Loan funds for the first time, you must complete an online Master Promissory Note before receiving your loan funds.  Click here for information.	Federally funded 7.9% fixed interest rate. For information on rates, click here. Existing PLUS Loans can be consolidated. Because U-M participates in the Direct Loan program, we do NOT process PLUS Loans through private lenders.	Non-Need-based (cost of attendance minus other aid) Student must be enrolled at least half-time in degree or certificate program  Parent borrows on behalf of undergraduate student (recent legislation allows graduate students to also borrow PLUS) Borrower cannot be 90 days or more delinquent on the repayment of any debt (180 days delinquent on mortgage loan or medical bill payments) or the subject of a default determination, bankruptcy discharge, foreclosure, repossession, tax lien, wage garnishment, or write-off of a Title IV debt during the last five years. Borrower must be a U.S. citizen or eligible non-citizen of the U.S.	This loan will be listed on your award notice only if a separate application is submitted and approved. Student does not need to complete the FAFSA if he/she is only applying for the PLUS Loan. Repayment of principal and interest begins 60 days after loan disbursed.  For PLUS loans first disbursed after July 1, 2008, parents have the option of deferring repayment until six months after the dependent student is no longer enrolled at least half-time. To request deferment, call 1-800-848-0979. 4% origination fee, with a 1.5% rebate if the first 12 monthly payments made on time. Because of this fee, the actual Direct Loan amount applied to your university account will be lower than that  listed on your award notice.
Federal Direct PLUS Loan for Graduate Students (Grad PLUS)  Information from the Department of Education  Borrowers accepting Grad PLUS Loan funds for the first time must complete an online Master Promissory Note before receiving their loan funds.  Click here for information.	Federally funded 7.9% fixed interest rate   Interest begins accruing immediately; may be paid periodically or capitalized.  PLUS Loans can be consolidated. Because U-M participates in the Direct Loan program, we do NOT process PLUS Loans through private lenders.	Only available to students enrolled in graduate-level programs Non-need-based; may borrow the cost of attendance minus other aid Enrolled at least half-time in degree or certificate program  Borrower must meet credit-worthiness standards. Borrower must be a U.S. citizen or eligible non-citizen of the U.S.	Borrower must complete the Free Application for Federal Student Aid (FAFSA) to apply Repayment of principal and interest begins 60 days after loan disbursed; however, payments can be deferred while borrower is enrolled at least half-time (borrower must request an in-school deferment). 4.0% origination fee, with a 1.5% rebate if first 12 monthly payments made on time
Federal Perkins Loan Information from the Department of Education You must complete a Perkins Loan Master Promissory Note to receive your loan funds.  Click here for information.	Federally funded, supplemented by university funds 5% fixed interest	Need-based:  Eligibility based on student's Expected Family Contribution (EFC); allowable EFC  determined by federal funding levels. Not available if student has a bachelor's degree and is pursuing subsequent bachelor's degrees Enrolled at least half-time in a degree program Must meet the financial aid priority application deadline (April 30)	Award amounts vary, based on available funding Repayment is deferred and there is no interest while enrolled at least half-time. Six- or nine-month grace period before repayment begins (see promissory note) Minimum monthly repayment $40 Special deferment and cancellation provisions for volunteer service (Peace Corps, Armed Services, etc.); see the Repaying Your Student Loans and the Dept. of Education website (information specifically for teachers) Please see the Perkins Loan Rights and Responsibilities
Health Professions Loan: Pharmacy and Dental You must complete a Health Professions Loan Master Promissory Note to receive your loan funds.  Click here for information.	Federally funded 5% fixed interest	Need-based (parental financial information required) Enrolled at least half-time in a Pharmacy or Dental program Must meet the financial aid priority application deadline (April 30)	Repayment is deferred and there is no interest  while enrolled at least half-time Twelve-mnth grace period before repayment begins Minimum monthly repayment $40 Special deferment provisions for volunteer service, etc.  Must complete a Rights and Responsibilities documents on Wolverine Access each year before disbursement
Nursing Student Loan and Graduate Nursing Student Loan You must complete a Nursing Student Loan Master Promissory Note to receive your loan funds.  Click here for information. Students must complete their Rights and Responsibilities documents on Wolverine Access each year before funds can be disbursed.	Federally funded 5% fixed interest	Need-based Enrolled at least half-time in a Nursing program Must meet the financial aid priority application deadline (April 30)	Repayment is deferred and there is no interest while enrolled at least half-time in a nursing program Nine-month grace period before repayment Minimum monthly repayment $40 Special deferment provisions for volunteer service, etc.  Must complete a Rights and Responsibilities Statement each year before disbursement

Direct Loan Borrowing Maximums  

	Subsidized Base Loan Amount		Additional Unsubsidized Loan Amount (as of July 1, 2008)
	For All Undergraduates	For Graduate Students	For Dependent Undergraduates*	For Independent Undergraduates**	For Graduates Students
First Year	$3,500	$8,500	$2,000 ($5,500 total)	$6,000 ($9,500 total)	$12,000
Second Year	$4,500	$8,500	$2,000 ($6,500 total)	$6,000 ($10,500 total)	$12,000
Third Year and Beyond	$5,500	$8,500	$2,000 ($7,500 total)	$7,000 ($12,500 total)	$12,000
	Subsidized Loan Debt Limit		Total Loan Debt Limit (Subsidized + Unsubsidized)
	$23,000	$65,500; limit includes Direct Loans received as an undergraduate	$31,000 (only $23,000 can be subsidized)	$57,500 (only $23,000 can be Subsidized Loan)	$138,500 (only $65,500 can be Subsidized Loan); limit includes Direct Loans received as an undergraduate

*Excluding students whose parents are unable to obtain a PLUS Loan.
**Or dependent students whose parents are unable to obtain a PLUS Loan.

WORK-STUDY: