 |
|
ESTIMATING YOUR BILL:
Did you know that there are two financial planning calculators available on Wolverine Access? After logging on, select Campus Finances > Financial Planning Calculator to view an estimate of your University bill and to see you how much private loan or PLUS loan you are eligible to borrow.
Bill Estimator: Once at the site, answer a few questions, then select "Calculate Estimated Bill" to see what your bill will be for Fall term. Later in the term, you will be able to view an estimate of your Winter term bill. The bill estimator is not available for Spring/Summer bills.
Alternative/PLUS Loan Eligibility: Select "Calculate Alternative/PLUS Loan Eligibility" to see how much you would be able to borrow through an alternative loan or through the Federal Direct PLUS Loan Program for the Fall and Winter terms. This calculator is not available for calculating Spring/Summer term eligibility.
If you have authorized your parents or others to access your financial aid and/or student account information, they will be able to use these calculators too. See the Parent Guide for more information on the Friend Account for parents/family.
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).
|
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:
 |
- Payment can be made online, by mail to Student Financial Services, or in person at 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!
Because student bills are generated before financial aid funds for the semester are disbursed to student accounts, the student bill includes a list of Pending Financial Aid items. Pending aid is the amount of aid the University expects to credit your student account, based on your financial aid award. If you are enrolled full-time and you have signed the required documents for your award (e.g., loan documents), your pending aid will appear on your your first eBill for the semester and will be subtracted from your total charges. The Amount Due on your student bill is the sum of the charges on your student account minus the pending aid. This is the amount you must pay by the Payment Due Date. When your actual financial aid for the term is credited to your student acccount, the pending aid items will be removed.
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.
| |
|
|
