Welcome to the University of Michigan Medical School Financial Aid Office

The Financial Aid Office is dedicated to ensuring that eligible students receive the financial resources necessary to cover their educational expenses. Applying for financial aid can sometimes feel like finding your way through a maze. We hope that the information contained within our website will alleviate some of the anxiety associated with the financial aid process. We welcome your suggestions and comments!

Important Dates to Remember:

January 1, 2012 2012-2013 Financial Aid Application available

March 31, 2012 2012-2013 Financial Aid Application deadline

2011-12 Financial Aid Disbursement Dates

  Fall Winter
M1 August 1, 2011 January 9, 2012
M2 August 15, 2011 January 9, 2012
M3 May 4, 2011 October 24, 2011
M4 May 9, 2011 October 24, 2011

2011-12 Tuition Due Dates

  Fall Winter
M1 August 31, 2011 January 4, 2012
M2 August 31, 2011 January 4, 2012
M3 May 31, 2011 October 31, 2011
M4 May 31, 2011 October 31, 2011

2011-12 Tuition Rates

Resident - $29,096.38 (includes mandatory fees)

Non-Resident - $46,420.30 (includes mandatory fees)

For payment information and options see Student Financial Services: http://www.finops.umich.edu/student

The Budget Control Act of 2011 – Direct Loan Provisions

The Budget Control Act of 2011 was signed into law on August 2, 2011. This Act makes two substantial changes to the Direct Loan Program that will affect students beginning next academic year.

Loss of Subsidized Loan Eligibility for Graduate and Professional Students – Effective for loans made for period of enrollment beginning on or after July 1, 2012, graduate and professional students will no longer be eligible to receive Federal Direct Subsidized Loans. The annual loan limit for graduate and professional students remain unchanged, but this amount will now be limited to Direct Unsubsidized Stafford Loans.

Termination of Direct Loan Borrower Repayment Incentives – With one exception as noted below, the Budget Control Act terminates the authority of the Department of Education to offer any repayment incentives to Direct Loan borrowers to encourage on-time repayment of loans, including any reduction in the interest rate or origination fee, effective for loans first disbursed on or after July 1, 2012. As a result of this change, the up-front interest rate rebate that has been provided to Direct Loan borrowers at the time of their loan disbursement will no longer be offered on any Direct Loan Program loan with a first disbursement date that is on or after July 1, 2012.

The law continues to authorize the Department of Education to offer interest rate reductions to Direct Loan borrowers who agree to have payments automatically electronically debited from a bank account.

NOTE: Clinical students will remain eligible for Federal Direct Subsidized Stafford Loans for the 2012-13 academic year, as long as their academic year begins in periods 1 or 2.

Events

Each year the Financial Aid Office hosts a number of seminars that we collectively call the Financial Wellness Series. These seminars are targeted toward helping students make informed decisions concerning their financial well-being. The title and short description of each of the seminars for this year is listed below. If you have other topics of interest that you would like to see in future years, please let us know.

If you are unable to attend, videos of the presentations will be available for viewing by clicking the link at the bottom of each section. After you have viewed the videos we would appreciate any feedback that you would like to offer.

Financial Wellness Series 2012 Seminars

January 31 - Identity Theft
Amy Parten, Community Relations and Education Specialist, Greenpath, Inc.

Click to View Video

If you or someone you know has ever been a victim of identity theft, you know how time consuming, costly and painful it can be. Identity theft is one of the fastest growing crimes in the United States. With some good knowledge and simple steps, you can protect your identity. Come and learn about topics such as:

January 31 - Understanding Your Credit Report
Amy Parten, Community Relations and Education Specialist, Greenpath, Inc.

Click to View Video This presentation starts at 36 minutes into the video.

If you're like many Americans, reading and understanding your credit report can be a challenging experience.  At the Understanding Your Credit Report workshop you will get the answers to these and may other questions:

February 28 - Wealth Planning for New Physicians
Bob Boutin, President, Midwest Financial Education L.C.

Click to View Video

March 7 - The Reckoning: What to Do When Your Student Loans Come Due
Paul Garrard, President, PGPresents, LLC

Click to View Video

This presentation will be specifically tailored to UMMS students, especially the Graduating Class of 2012, taking into consideration their anticipated upcoming Match results. Presentation will be designed to help borrowers not only better understand their student loan portfolios, but to prepare for the transition into residency with details on how to select a repayment strategy that meets their specialty, career, and financial goals and objectives.

Detailed review of the following: