Aid Payments & Your Bill | Financial Aid (2024)

Financial aid is paid out at the beginning of the term for which you have enrolled. Thereafter, students will receive aid within two weeks after they have:

• Submitted any requested documents and responded to our requests for additional information.
• Enrolled(not wait-listed) at least half time (six hours for undergraduates, four hours for graduate students). Students must be enrolled at least half-time in classes that count for degree credit to receive any aid.
• Completed all loan promissory notesso that your loans will disburse.
  • For Direct Loans, complete online atstudentaid.gov.Your note remains valid for 10 years and you do not need to sign another oneunless you have been out of school forone year or more.
  • For Health Professions or Nursing Loan, complete your MPN(s) usingWolverine Access. You must also complete an online Rights and Responsibilities Statement annually before disbursem*nt.
• Completed online Entrance Counseling:First-time, first-year Direct Loan borrowers and Grad PLUS borrowers must complete this atstudentaid.gov. For more about Direct Loan requirements, see the "Completing Your Loan Requirements" section of the Direct Loanspage.
• Resolved any academic holds:You must resolve any holds or your aid will not disburse.

Grants, scholarships, and loans administered by the Office of Financial Aid are first applied to your U-M student billing account to pay tuition, fees, university-operated housing, and other direct university charges. U-M grant funds are applied first to tuition, then to other on-campus charges. Aid awarded for a specific term can only be used to pay charges for that term and will only be disbursed during that term. See theStudent Account andeBill pagefor more information

Financial aid is paid to your U-M billing account weekly on Wednesday evenings. If your aid covers your billed charges and you are eligible for a financial aid refund, a refund will be generated the following Thursday morning. Students who have set up a direct deposit account between the university and their bank/credit union will typically receive their refund within two to three days. Students receiving refunds by check may experience more delayed delivery, depending upon where the check is being mailed. All students are highly encouraged to establish direct deposit.

Work-Study Funds

Students earn Work-Study fundsby working for eligible Work-Study employers and earning a paycheck, typically paid bi-weekly through the employer's payroll system. They do not appear as aid on your student account. Employers pay a percentage of students' wages and federal funds pay the remaining wages.

TheU-M Student Employment Officemaintains listings of eligible Work-Study jobs. Students contact employers directly to apply. Show the employer a copy of your financial aid notice and proof that you are enrolled at least half-time and inform them if your Work-Study eligibility changes.

For more information about the Work-Study program, see.

Private Scholarships

If you have a private scholarship check and the scholarship sponsor or donor sends funds to the university, the funds will be applied directly to your university student account, one-half in the fall term andone-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 your scholarship sponsor sends your scholarship check directly to you, follow the instructions on theScholarship Checkspage to make sure it is applied to your university student account.

If you have financial aid funds that exceed the charges on your student account at the time of disbursem*nt, you will receive a refund, which may be used to pay other educationally related expenses. (Note that if subsequent charges are made to your account, you are responsible for paying them. Be sure to read theTerms and Conditionspage.)

Your refund will be issued in the form of either a direct deposit into your bank account or a check mailed to your current local address. See below for information about what to do if you have excess funds but do not receive a refund check or deposit.

Direct Deposit Authorization

Direct Deposit is available through Wolverine Access and is the university's preferred way to pay your financial aid. It is also the best way to ensure your aid funds are received in atimely manner. To have your financial aid refunds deposited directly to your bank account:

• Visit Wolverine Access and navigate to the Payroll tile, select the "Direct Deposit"link to sign up. It will remain in effect until you cancel it.
• This authorization covers all money disbursed to you, including financial aid refunds and university employment wages (including Work-Study).
• Keep your bank account information up to date in Wolverine Access; if your bank account changes or the number is incorrect, your financial aid refund cannot be disbursed and your aid will be delayed.
• For Frequently Asked Questions about Direct Deposit and more information, visitU-M Financial Operations.
• If you do not have Direct Deposit, a paper refund check will be mailed to your local (current) address as listed on Wolverine Access. Always keep your address up-to-date with the university.

If You See a Credit on Your Student Account

Under some circ*mstances, your refund will appear as a credit on your student account. You will need to request that a refund check be issued to youfor this credit. A check for your refundwill notbe issued automatically. In this case, you may contactStudent Financial Servicesto request that the funds be released to you.

Likewise, Graduate Student Employees with full tuition waivers and students receiving assistance through the Michigan Education Trust or a ROTC tuition scholarship may need to request that their credit balances (excess aid) be released to them. These students should check their account onWolverine Accessand thencontact us.

A Note About Loans and Financial Aid Refunds

If your parents borrow through the PLUS Loan program, they may elect to have any excess funds refunded either to them or to you. If you receive a refund for a loan and you do not want it, notify us in writing. Not cashing the check does not cancel the loan. Here are your options:

• Return your uncashed check to us with a note of explanation.
• If you have cashed the check or received direct deposit, request in writing that the loan be reduced for the desired amount. Once the loan is removed from your Student Account, you can then make an ePayment through Wolverine Access, or write a check payable to "University of Michigan." Visit the Student Financial Services website for more detailed information on making payments to your Student Billing Account.

Some types of aid can only be used to pay for certain types of charges. For example, federal aid funds may not be used to pay for orientation charges, phone bills, lost ID fees, etc.; and some aid is designated to cover only tuition charges. Therefore, you could receive a refund even if you have outstanding charges on your student account from the current term or previous terms.

If a balance remains on your student account, you are responsible for paying it after receiving a financial aid refund.