Loan programs

Tools offer college planning help

• The Financial Awareness Counseling Tool is interactive loan counseling with topics ranging from managing a budget to avoiding loan default (under Complete Counseling link). 
The Repayment Estimator allows borrowers to compare estimated monthly payments.

Visit, with federal FSA ID, date of birth and Social Security number.

Undergraduates approaching graduation: If you are enrolled less than full-time in your final term, you may not be eligible for the full, annual maximum federal loan limit due to proration. Call us to discuss your specific situation.

The federal government sponsors several low-interest loan programs to help students pay for college and the Office of Financial Aid administers these programs for U-M students.

Most federal loans are awarded to students who have completed a Free Application for Federal Student Aid (FAFSA) and who qualify based on financial need. Students who do not qualify or who need additional resources to cover educational costs may apply for supplemental federal and private loan programs.

Compare the terms of supplemental loans and to borrow only what you need for school.  You can minimize the amount you borrow by reducing miscellaneous spending or by working a few hours a week. Some families can avoid additional borrowing by participating in the University of Michigan’s interest-free payment plan.  

Remember: Be smart about borrowing!

Following is information about various federal loan programs:

Federal Loans awarded based on FAFSA

Direct Subsidized (Stafford) Loan (need-based)
Direct Unsubsidized (Stafford) Loan (non-need-based)*
Perkins Loan
Health Professions Loan
Nursing Loan

Supplemental loans requiring separate application

Federal PLUS Loan (for parents of dependent undergraduates)
Federal Grad PLUS Loan (for graduate and professional students)
Private Education Loan

*Some undergraduates complete additional steps to obtain an Unsubsidized Direct Loan

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Office of Financial Aid * 2500 Student Activities Building, 515 E. Jefferson, Ann Arbor, MI 48109-1316 * Tel 734-763-6600 * Fax 734-647-3081 *