Students at the University of Michigan are typically awarded three types of financial aid:

 Scholarships and grants are funds contributed from the university and/or donors to acknowledge students’ past achievements or talents, academic potential, or financial need. Scholarships and grants do not have to be repaid.

 Loans are funds that students borrow from the federal government or other lenders and that must be repaid when students are out of school. Repayment begins six months after you graduate, withdraw, or drop below full-time status. The Office of Financial Aid recommends that students borrow only what they need.

 Work-Study is a government-sponsored program through which students may earn funds for college by working a limited number of hours (usually 10-20) in a job on or off campus.

When students apply for financial aid, they receive an aid offer (or “package”) that includes a combination of these types of aid, based on individual financial need and eligibility.

You can learn more about the types of aid by following the links on this page or by reading OFA's Required Reading, which contains a complete listing of the university's major financial aid programs. To find out how to apply for aid, visit the How to Apply for Aid section of the website.