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Learn more about student bills and payments, including new payment due dates beginning in Winter 2008, from Student Financial Services. |
YOUR STUDENT ACCOUNT:
- Your University student account is maintained by Student Financial Services.
- Student Financial Services will send an email notification to your umich email account in th emiddle of each month when there has been activity on your account. The email lets you know that an electronic account statement ("eBill") is available for you to view and print on Wolverine Access (go to https://wolverineaccess.umich.edu, select Student Business, log in, then select View Bills).
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You can authorize a Friend account for your parents to that they view/print your eBills. Click here for more information. |
Payment for each term's charges is due on the date specified in the account statement. Financial aid (scholarships, grants, and loans) administered by the Office of Financial Aid (OFA) will be applied directly to the charges on your eBill, usually during the first month of the term. Other aid, such as Michigan Competitive Scholarships, private scholarships sent to the University for disbursement, and Michigan Education Trust contracts, will also be directly applied to charges on your account and they will appear on your eBill. Note: If you have purchased a Michigan Education Trust (MET) contract, notify MET that your student is attending U-M so that your account will be credited with the MET funds.
At the time of disbursement, if you are enrolled less than full-time but at least half-time, all your financial aid funds will be prorated (except Direct Loans) based on your level of enrollment. Some scholarships require full-time enrollment before disbursement.
For questions and answers about your student account bills and payments, see www.sfo.umich.edu/faqs.html.
PAYING FOR YOUR ACCOUNT CHARGES:
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- Payment can be made online, by mail to Student Financial Services, or in person at the Teller Services (the Cashier's Office).
- If you are sending a private scholarship check, please see instructions here.
- Please note that the University does not accept credit card payments, because the service fee that is charged by financial institutions for accepting credit cards is a tremendous expense that the University does not wish to absorb nor pass on to students and parents.
- If you anticipate that you will have difficulty paying for a whole term's charges at once, there are 10-month and 5-month payment plans available for a fee through Academic Management Services (AMS). If you have a monthly payment plan that is underbudgeted, any shortfalls must be paid by the end of the term. Contact Student Financial Services for more information on these special payment plans.
- Another alternative to help pay for your charges is to apply for federal, state, and institutional financial aid and/or to apply for an private loan.
- If you do not pay for your charges by the due date, a financial hold will be placed on your account, plus a $30 late fee is assessed monthly. The financial hold prohibits release of transcripts, future registration, and the issuance of a diploma.
- If there is an amount remaining on your student account as a result of payments that you made (including electronic payments and budget plan payments), these funds will remain on your account as a credit (overpayment) unless you contact Student Financial Services for a credit release to receive the funds.
A FEW NOTES ABOUT YOUR eBILL:
Expenses such as books (which are included in your estimated financial aid budget) do NOT appear on your account statement.
Federal Direct Loan (Subsidized, Unsubsidized, and PLUS) payments applied to your account will be lower than the amounts listed on your award notice because the origination fees are deducted. Subsidized and Unsubsidized Loans have a 2% fee with 1.5% rebate if the first 12 monthly payments are made on time, and PLUS Loans have a 4% fee with a 1.5% rebate if the first 12 monthly payments are made on time.
Work-Study awards are NOT reflected on the account statement; Work-Study funds are earned by working for eligible employers and receiving paychecks. Your account payment is due at the end of the first month of each term, even if you do not receive your first Work-Study paycheck until after payment is due!
ANTICIPATED AID: A NEW ENTRY ON THE eBILL:
In 2007-2008 the university implemented a new billing cycle in which student billing statements are issued a month earlier than they were in the past and bills are due a month earlier too. For the Fall 2008 semester, billing statements will be issued on August 10 and bills will be due on August 31.
Although student bills are now issued earlier, financial aid disbursement dates have not changed, which means that bills are generated before financial aid funds are disbursed to student accounts. To help students know how much aid they will have and how much of their bill they must pay by the due date, the university has added an "anticipated aid" entry to the student billing statement.
Your anticipated aid is the amount of the funds that are expected to be credited to your student account, based on your financial aid award. As long as you are enrolled full-time and you have signed the required documents, your anticipated aid will appear on your eBill when it is issued on August 10.
To determine the amount of your Fall term bill that you must pay by the August 31 due date, subtract the anticipated aid from the current charges on your eBill. When your actual financial aid for the Fall term is credited to your student account on
August 28, 2008, the anticipated aid will expire. eBills for the Winter term will be issued in mid-December and will be due on January 7, 2009.
SPECIAL FINANCIAL AID SITUATIONS:
Some types of aid have stipulations as to what charges they may cover (for example, orientation charges, ITCom phone bills, lost ID fees, etc. cannot be paid for with federal aid funds and some aid awards can only be applied to tuition). This situation may result in a refund to you even if you have outstanding charges on your student account from the current term or previous terms. If this situation occurs, you are responsible for making payments to your account if a balance is still owed even after receiving a financial aid refund.
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