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When Will I Receive My Financial Aid?
Financial aid is paid (disbursed) to you no sooner than the beginning of each term. Thereafter, students will receive their aid within two weeks after they have:
- Responded to all requests for additional information.
- Enrolled (not wait-listed) for a credit hour load that is at least half-time (6 hours for undergraduates, 4 hours for graduate students) and after they have begun attending classes for the term. Some scholarships require full-time enrollment before disbursement. Students must be enrolled at least half-time to receive any aid! See Terms and Conditions of Financial Aid Awards for more information. Note: Aid awarded for a specific term will only be disbursed to you during that same term.
- Completed/signed all applicable promissory notes; look for correspondence from the Office of Financial Aid (OFA) by email:
- If you have Direct Loans, you must complete your Direct Loan Master Promissory Note (MPN) online at https://dlenote.ed.gov/empn/index.jsp to receive your funds. Click here for information. Freshman, first-time Direct Loan borrowers must also complete Loan Entrance Counseling. If you previously signed a Direct Loan MPN, you do not need to sign another one to receive Direct Loan funds.
- If you have a Perkins Loan, Health Professions, or Nursing Loan, you must complete your MPN(s) using Wolverine Access to receive your funds. Health Professions and Nursing Loan recipients must also complete (on Wolverine Access) a Rights and Responsibilities Statement each year before disbursement. Click here for information. If you previously signed a Perkins Loan MPN, you do not need to sign another one to receive Perkins Loan funds.
How Will I Receive My Financial Aid?
DIRECT APPLICATION TO YOUR UNIVERSITY
STUDENT ACCOUNT
Grants, scholarships, and loans administered by the Office of Financial Aid (OFA) are first applied directly to your university student account to pay charges for tuition, fees, university-operated housing, and other university charges. Financial aid awarded for a specific term can only pay for charges for that same term. See Your Account Statement for more information.
AID THAT EXCEEDS YOUR UNIVERSITY
STUDENT ACCOUNT CHARGES
a. Release of Funds to You (Refund)
Students whose financial aid exceeds the charges on their 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 do not choose this option, the refund (in the form of a check) will be mailed to your local "current" address as listed on Wolverine Access. If your parents are borrowing through the PLUS Loan program, they should review the disbursement information on the PLUS Supplemental Application for Parents and Undergraduate Students.
- 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 on Wolverine Access and then contact OFA.
- Not cashing a refund check does not cancel any loans you have been awarded. To cancel a loan, you must notify OFA.
b. Direct Deposit Authorization
You may have your financial aid refunds deposited directly to your bank account. 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.
Keep in mind:
- The direct deposit authorization will cover all funds disbursed to you--financial aid and university employment wages (including Work-Study).
- The direct deposit authorization will remain in effect until you cancel it; to do this, complete a Direct Deposit Authorization Form and submit it to the Payroll Office.
Special Note to Students Enrolled Less than Full-Time : Your financial aid will be disbursed to you based on full-time enrollment. If you are not enrolled full-time by the end of the drop/add period, your aid will be adjusted at that time and you will receive a revised award notice reflecting your level of enrollment.
Work-Study
Work-Study awards are earned as wages by working in positions with eligible employers. Employers pay a percentage of students' wages while federal or state funds pay the remaining wages. Wages are typically paid bi-weekly through the employer's payroll system. Students who are interested in community service may find a number of positions available through the Work-Study program. The Student Employment Office maintains listings of eligible jobs and posts them on the web . Students contact employers directly for interviews. You will need to show the employer a copy of your award notice (available on Wolverine Access) and proof that your enrollment is at least half-time.
Private Scholarship Checks
your scholarship check is sent to the University, it will be directly applied to your University student account, one-half in the Fall Term, one-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 the payment creates a credit balance on your University student account, the credit will be released to you either by check or direct deposit to your bank account.
If your scholarship check is sent directly to you, but it is made out to the University, you should take it to the Teller Services (the Cashier's Office) for processing.
If your scholarship check is sent directly to you, and it is made co-payable to you and the University, endorse the check and submit it to the Teller Services (the Cashier's Office) for processing.
If your check is made payable to you only, it is your responsibility to report this resource to OFA and to apply any funds necessary to your University student account.
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