• Loans
|
Attention undergraduate U-M students approaching graduation: If you are enrolled less than full-time during your final term, you may not be eligible to receive the full, annual maximum federal loan limit. Your loan eligibility may be subject to proration. Consult with an aid officer to discuss your specific situation or if you have questions.
|
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 for the loan based on their financial need. Students who do not qualify or who need additional resources to cover educational costs may apply for supplemental funds through other federal and private loan programs.
The Office of Financial Aid encourages students to compare the terms of supplemental loans and to borrow only what you need for school.
You may be able to 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.
Federal Loans awarded based on FAFSA (need-based)
- Direct Subsidized (Stafford) Loan
- Direct Unsubsidized (Stafford) Loan
- Perkins Loan
- Health Professions Loan
- Nursing Loan
Supplemental loans requiring separate application (non-need-based)
- Federal PLUS Loan (for parents of dependent undergraduates)
- Federal Grad PLUS Loan (for graduate and professional students)
- Private Education Loan
More information on these options can be found by following the links at right.
Following is a "How to be Credit Savvy" video from the U-M Office of Financial Aid CashCourse website. Visit us here for tips about managing finances while you're in school and after you graduate.