Since you are responsible for ensuring that your University bills are paid on time each term, you should monitor your student account, check your balance frequently, and become familiar with the way your financial aid appears on your account. This page provides information that will help you in that process.
Student Financial Services maintains a list of frequently asked questions about student accounts and billing that might be helpful. This slide show steps you through the bill and explains what pending financial aid is and how it works.
When you receive financial aid administered by our office, including scholarships, grants and loans, it appears on your student billing account and is applied against your charges, usually during the first month of the term. Other aid types, such as Michigan Competitive Scholarship, private scholarships, and Michigan Education Trust contracts, are also applied directly to account charges and reflected on your bill. (If you have a Michigan Education Trust (MET) contract, notify MET that you are attending U-M so your account will be credited with MET funds.)
- Some types of aid have restricted uses. For example, federal aid funds cannot be used to pay for orientation charges, lost ID fees, etc.). Some awards may only be applied to tuition. This may leave charges on your account and you are responsible for paying any balance due, even after receiving a financial aid refund. (See Terms and Conditions. page for details.)
- Expenses such as books, which are included in your estimated financial aid budget, do not appear on your account statement. You must allocate part of your aid refund to pay for these directly.
- Federal Direct Loan payments applied to your account will be lower than amounts listed on your Award Notice because loan origination fees are deducted.
- Work-Study funds do not appear on your account. You receive your Work-Study award by getting a part-time job with a qualified employer and earning a paycheck. You may receive your first paycheck after payment is due, so you need to be sure you budget enough to pay your bill using other sources.
- If a private scholarship check was sent to you, follow our instructions to ensure that it is applied to your account.
- If you have a credit balance on your account because of payments you made (including electronic payments and budget plan payments), they will remain as a credit (overpayment) unless you contact Student Financial Services to release the funds.
To determine how much you owe U-M:
- Summary of charges: Log in to Wolverine Access and view your Account Summary in the Finances section. The total amount you owe is listed there.
- Detailed charges: Select "Account Inquiry" from your Student Center in Wolverine Access. The Charges Due page that opens shows a running total of your charges due by date. You may view individual bills by clicking on the invoice number in the Invoices Due section.
- Invoice Detail: This shows the details of your monthly bill. The activity and amount due are current as of the date you review the bill and will change as payments and credits are posted to your account. Select "Print Bill" to make a copy or "Pay Now" to pay it. If you have questions, choose the Help button and visit Student Business Help.
You may wish to authorize a Friend Account for your parents so that they can also view/print your student bills.
Pending Financial Aid is the amount of aid the university expects to credit to your student account, based on your financial aid award.
Because student bills are issued before are disburses, Pending Aid is included to show you how much aid is anticipated and how much you will need to pay on your account balance. If you are enrolled full-time and you have signed the required documents (such as loan promissory notes), pending aid will appear on your first bill and will be subtracted from your total charges. When financial aid for the term is credited to your account, pending aid items will be removed.
Payment for each term is due on the date specified. You are responsible for paying by the due date to avoid late fees and have a financial hold put on your account. A financial hold will not allow you to receive transcripts, register for class or receive a U-M diploma.
Student Financial Services accepts payments online, by email, and in person. See the Student Financial Services website for information about how to make a payment. The University does not accept credit card payments. If you anticipate difficulty paying for charges, you may want to consider the U-M Payment Plan, which allows payments to be made over 5 or 10 months (for a fee). See the Student Financial Services website for information.
Log in and select Campus Finances > Financial Planning Calculator. Answer a few questions, then select "Calculate Estimated Bill." Later in the term, you will be able to estimate your Winter Term bill.
If you have authorized a Friend Account for your parents or others to access your financial aid and/or student account information, they will also be able to use the calculators.