Follow the Smart Path When Considering Loans

We’re asking all students to be smart about borrowing. Consider options to reduce the need for loans and borrow only what is necessary to achieve the goal of a U-M college education:

  • Review your lifestyle. Trim costs and consider needs vs. wants.
  • Consider part-time employment. Stretch your dollars without borrowing.
  • Pace your payments. Check out the U-M Payment Plan for fall/winter semesters.
  • Use personal or family assets. Do this when possible before considering a loan.
  • Considering summer school? Take classes closer to home and incur less cost or consider a roommate.

These online resources may also help:

How Much Should I Borrow?

  • Many students wisely maintain a lower-cost student lifestyle in order to borrow the least amount necessary to cover college costs. For budget tips, visit Your Money Your Life.
  • If you are borrowing federal loans, visit the Federal Student Aid portal to see how much you have borrowed to date. Find cumulative borrowing for Health Professions and Nursing loans on Wolverine Access. Login is required for both websites.
  • Also in Wolverine Access is the Student Eligibility Information Portal panel, allowing students to track grant and scholarship eligibility, time left on federal loan subsidies, and whether they are meeting Satisfactory Academic Progress. Find the tab on the right-hand side of the Financial Aid section in your student portal.
  • To see how much a loan in repayment will cost, use the Repayment Estimator on the Federal Student Aid website.
  • To cancel or reduce your loans before they are disbursed, visit Wolverine Access and go to: Student > Student Business > login > Financial Aid > Awards > Accept/Decline Financial Aid. To cancel or reduce loans after they are paid to you, contact our office.