When will I receive my aid?
Financial aid is paid (disbursed) to you no sooner than the beginning of each term. Thereafter, students will receive their aid approximately two weeks after they have:
- Responded to all requests for additional information
- Enrolled for a credit hour load that is at least half-time and begun attending classes
- Completed/signed all applicable promissory notes
How Will I Receive My Aid?
Direct application to your University Student Account.
Grants, scholarships and loans administered by the Financial Aid Office are first applied directly to your University Student Account to pay charges for tuition and fees. Financial aid awarded for a specific term can only pay for charges for that same term. Only charges that are currently on your account at the time of disbursement will be paid. Future charges will not be paid.
Aid that exceeds your tuition/fee charges
Students whose financial aid exceeds the charges on the University Student Account will receive these funds (referred to as a "refund") to pay other educationally related expenses. You may choose to have these excess funds deposited directly into your personal bank account. If you choose to not take advantage of this option, your refund will be mailed to your local address, as indicated in Wolverine Access.
To take advantage of direct deposit, select Direct Deposit from the Student Business page of Wolverine Access. You may complete this form at any time during the year; however, allow 10 days for the form to be processed.
The Direct Deposit Authorization form will cover all funds disbursed to you — financial aid and any University employment wages.
The direct deposit authorization will remain in effect until you cancel it. To do this you must complete another copy of the form and mail it to the Payroll Office.
How is Eligibility Determined?
Financial aid programs were created with the idea that the primary responsibility for paying college costs rests with the students and his or her family. Need-based financial aid is available to families who demonstrate a need for additional resources to help pay college costs.
Your financial aid offer was based on the following factors that determine financial need:
Budget: The Financial Aid Guideline Budget represents a reasonable estimate of a student's average total of educational costs at U-M for an academic year, including tuition and fees; room and board; books and supplies; and personal/miscellaneous expenses. Your actual costs may vary, so you should calculate your own estimated expenses to help you better manage your budget for the academic year.
Parental Contribution: The parental contribution is calculated with a formula developed by the U.S. Congress called Federal Methodology. This formula considers factors such as parental financial resources (income, savings, and other assets), family size and number of family members in college. Allowances for family living expenses and retirement income are built into the formula.
Student Contribution: Your contribution toward your educational costs is calculated using Federal Methodology, and includes a review of the income and assets you (and your spouse, if married) reported on the Free Application for Federal Student Aid (FAFSA).
Eligibility for Assistance: The formula used to determine whether you are eligible for need-based aid is Budget - Family Contribution (Parental Contribution + Student Contribution) = Eligibility for Assistance.
How is Aid Awarded?
Financial need is packaged with a combination of Federal Direct Stafford Loans, institutional and/or other federal loans, and institutional grants to the extent of the student's eligibility. An unmet need component (i.e. Individual Resource) is also built into packaging. This item can be covered, at the student's request, by borrowing additional Federal Direct Stafford Loan and/or Federal GradPLUS. The Individual Resource as well as the institutional and/or other federal loan to grant ratio can change yearly, and is determined based on funding availability.
For institutional funds, the University of Michigan Medical School adheres to the traditional premise that the family bears the first responsibility to contribute toward college expenses to the extent that it is able to do so.
Outside Scholarships: Students are encouraged to seek scholarships from private sources. Although federal regulations and University policies require that these forms of assistance be counted as financial resources when determining eligibility for need-based financial aid, they will improve your overall aid package. These scholarships will first be used to meet any gap between the budget, the EFC and the financial aid offered. Next, they will be used to reduce the amount of loan offered, beginning with the highest interest loan. Only if all loan is replaced with private scholarship will the amount of your grant aid be reduced.
Terms and Conditions of Your Financial Aid Offer
When you accept the offer of financial aid specified in your Financial Aid Notice, you agree to accept and fulfill all of the following responsibilities, including the terms and conditions set by the federal regulations for financial aid.
- Additional Assistance. If you received additional funds not listed on your Financial Aid Notice, report them immediately to the Medical School Financial Aid Office, in writing, even if the office making the award will notify us directly.
- Previously Received Title IV Aid. You must not be in default on any federal educational loans, or owe any refunds on federal grants received at any post-secondary institution.
- Use of Funds. You may use funds listed on your Financial Aid Notice only for educationally related expenses incurred at the University of Michigan Medical School for the academic year in which the aid was provided.
- Enrollment Requirements. As a rule, you must be enrolled full-time to receive financial aid. Full-time for medical students is at least 14 credit hours per term. Student enrolled less than full-time but at least half-time will have their budget reduced accordingly. Students enrolled less than half-time are reviewed individually. If you withdraw or are asked to withdraw from medical school, you must inform the Financial Aid Office immediately. If you received a federal student loan, you must arrange for an exit interview by contacting the Financial Aid Office. Depending upon when you withdraw, you may be required to repay all or part of the aid you receive (see Tuition Refund Policy/Return of Title IV Aid).
Satisfactory Academic Progress Policy
All students receiving federal student financial aid must adhere to the Policies and Procedures for Medical Student Evaluation, Advancement and Graduation as amended and approved by the Medical School Executive Committee.