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.
The following slide show steps you through the student bill and explains what pending financial aid is and how it works (see more about pending aid in the menu below).
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 restrictions. For example, federal aid funds cannot pay for orientation charges and lost ID card fees. Some university awards/scholarships may only pay for tuition, fees and/or housing and meals. So, you could receive a refund even with outstanding charges; you are responsible for paying those charges using your refund or other resources. (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 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 made payments and have a credit balance on your account (including electronic payments and budget plan payments), they will remain as a credit, or overpayment, unless you contact Student Financial Services to release the funds.
To determine how much you owe U-M:
- Summary of charges: To see how much you owe, visit Wolverine Access and view the Account Summary in the Student Center > Finances section.
- 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 by due date. View individual bills by selecting an invoice number in the Invoices Due section.
- Invoice Detail: This shows details of your monthly bill. The activity and amount due change as payments and credits are posted to your account. 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 initial student bills for a term are issued before financial aid, 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 have signed the required documents (such as loan documents), pending aid will appear on your first bill. When financial aid funds are credited to your account, pending aid items will be removed.
Some important exceptions
Some sources of aid (such as graduate student instructor/research assistant tuition waivers, private and PLUS loans, and third-party credits and private scholarships not yet received) will not appear on your bill as pending aid. They will show on your student account after we receive the funds. If funds you are expecting have not appeared on your account by the time you pay your bill, pay the Amount Due to avoid incurring a late fee. Once funds are applied to your account, you will see a credit on your monthly bill.
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.