Financial aid is paid (disbursed) to students no sooner than the beginning of each term. When and how you receive your aid depends on two things: (1) the type of aid you are receiving and (2) whether you have completed the requirements for receiving your awards. Read the information on this page carefully to find out how and when different types of financial aid are disbursed and what you must do to receive your funds.

Financial aid is disbursed to students at the beginning of each term. Before your aid can be disbursed to you, you must have a financial aid award notice and you must complete the requirements below. 

 SUBMIT ANY REQUESTED DOCUMENTS: If you were asked to submit any follow-up documents for verification, you must provide them to the Office of Financial Aid.

 CREDIT HOURS: Enroll for a credit hour load that is at least half-time (6 hours for undergraduates, 4 hours for graduate students). Students must be enrolled at least half-time to receive any aid. Keep in mind that (1) some scholarships require full-time enrollment and (2) being wait-listed for a course does not count toward your enrollment level. (See Terms and Conditions of Your Aid for more information.)

 LOAN PROMISSORY NOTES: Complete/sign any applicable promissory notes for your loans. Look for email from the Office of Financial Aid (OFA) about your promissory notes.
 

If you have Direct Loans, you will need to complete your Direct Loan Master Promissory Note (MPN) online at StudentLoans.gov. If you have previously signed a Direct Loan MPN at U-M, you do not need to sign another one to receive Direct Loan funds, unless you have been out of school for a year or more. For more information about your Direct Loan requirements, see the Completing Your Loan Requirements section of the Direct Stafford Loans and/or Direct PLUS Loan page. If you have a Perkins Loan, Health Professions Loan, or Nursing Loan, you will need to complete your MPN(s) using Wolverine Access.  Health Professions and Nursing Loan recipients must also complete (on Wolverine Access) a Rights and Responsibilities Statement each year before disbursement. See the Perkins Loans and Health Professions and Nursing Loans pages. If you previously signed a Perkins Loan MPN, you do not need to sign another one to receive Perkins Loan funds.

  ENTRANCE COUNSELING: First-time, first-year Direct Loan borrowers and Grad PLUS borrowers must complete loan entrance counseling at StudentLoans.gov. For more information about your Direct Loan requirements, see the Completing Your Loan Requirements section of the Direct PLUS Loans page and/or the Direct Subsidized and Unsubsidized (Stafford) Loans page. 

 ACADEMIC HOLDS: If there are any academic holds on your account, you must resolve them before your aid will be disbursed.

Once you have completed the requirements above, you will receive your aid within two weeks.

• GRANTS, SCHOLARSHIPS, AND LOANS 

Grants, scholarships, and loans administered by the Office of Financial Aid are 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 be used to pay for charges for that term and will only be disbursed to you during that term.  (See Your Student Account and eBill for more information.)

• WORK-STUDY FUNDS

Students earn their Work-Study funds by working in positions with eligible employers. Wages are typically paid bi-weekly through the employer's payroll system. For more information about the Work-Study program, see Work-Study & Other Jobs.

• 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 and 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 your scholarship sponsor sends your scholarship check directly to you,  follow the instructions on the Scholarship Checks page to make sure it is applied to your University student account.

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If you have financial aid funds that exceed the charges on your student account at the time of disbursement, 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 Terms and Conditions of Your Aid.)

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. However, 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

The Office of Financial Aid strongly recommends that students use the electronic Direct Deposit system available through Wolverine Access. It is the best way to ensure you receive your funds in most timely manner. To have your financial aid refunds deposited directly to your bank account:

• Select Direct Deposit from the Student Business page under the "student" tab at Wolverine Access. You may complete this form at any time during the year; however, allow 10 days for the form to be processed. (Note: The most efficient way to sign up for Direct Deposit is via Wolverine Access. We discourage students from using paper forms for this.)
• The direct deposit authorization will cover all funds disbursed to you -- financial aid and university employment wages (including Work-Study).

This direct deposit authorization will remain in effect until you cancel it. To cancel it, complete a Direct Deposit Authorization Form and submit it to the Payroll Office.

• A CHECK MAILED TO YOU

If you do not have Direct Deposit, you will be issued a refund check, which will be mailed to your local (current) address as listed on Wolverine Access. Be sure to keep your address up to date.

• IF YOU SEE A CREDIT ON YOUR STUDENT ACCOUNT

Under some circumstances, your refund will appear as a credit on your student account, but you will need to request that a check be issued to you for your refund. If, for example, you have ever made a cash payment (including electronic payments and budget plan payments) to your account, a check for your refund will not be issued automatically. In this case, you may contact Student Financial Services to 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 on Wolverine Access and then contact us.

 If your parents are borrowing through the PLUS Loan program, they may elect to have any excess funds refunded either to them or to you. 

 Not cashing a refund check does not cancel any loans you have been awarded. To cancel a loan, you must return the check to the Office of Financial Aid with an explanation that you do not want the loan.

 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 awards are 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. You are responsible for paying the balance on your account, if one remains even after you receive a financial aid refund.

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