This page explains common line items found on your U-M Financial Aid Notice. For more detailed financial aid terms and definitions, visit the U.S. Department of Education Federal Student Aid website.

Cost of Attendance:  The cost to attend U-M, typically including fall and winter terms for undergraduate programs. This includes direct costs such as tuition and fees; indirect costs such as books, supplies, personal expenses; and housing costs, whether on or off campus.

Tuition & Fees: Direct costs billed to your student account and paid through your financial aid.

Housing: A direct cost billed to your student account if you live on campus. If you live off-campus, aid may cover some of this cost, but you are responsible for paying monthly rent.

Other Costs: Estimated costs you should expect to pay that are not included on your student account. Although financial aid may cover some of these, you are responsible for paying them. They can include  books, supplies, personal expenses and off-campus housing.

Institutional (UM-funded) Grants/Scholarships:  Funded through U-M and are gift aid, which is not repaid. Examples of these could include University of Michigan Grant, M-Pact and the Fairfax, Tappan or Presidential scholarships.
 
Federal Pell Grant:  Funded through the U.S. Department of Education. They are awarded to undergraduate students who have not earned a bachelor’s or professional degree and are based on a student's need. Pell Grants are gift aid, which is not repaid.

Federal FSEOG Grant:  Funded through the U.S. Department of Education and awarded to students with the most need. These are gift aid, which is not repaid.

Scholarship:  Gift aid, which is not repaid. They are awarded on merit, need or other criteria set by the scholarship donor which may be a school of college, university department or private entity. If your scholarship is not administered through the Office of Financial Aid, you must confirm or decline this funding with the fund provider and report any inaccuracies to our office.

Cost to attend less gift aid: The cost to attend U-M, minus any grants and scholarships (all money that is not repaid). To pay this balance, families must consider using personal assets, work-study employment and student loans.

Federal Perkins Loan:  Low-interest federal student loans for students with exceptional financial need. These are borrowed funds which must be repaid with interest after you graduate or leave school.

Federal Direct Subsidized Loan: Low-interest loans for undergraduates subsidized by the federal government. These are borrowed funds which must be repaid with interest after you graduate or leave school. They are based on a student's need.

Federal Direct Unsubsidized Loan: Low-interest loans from the federal government. These are borrowed funds which must be repaid with interest after you graduate or leave school. There is no subsidy on these loans and eligibility for them is not based on need.

Federal Work-Study:  Provides jobs for students, allowing them to work part-time and earn money to defray college costs. It does not reduce the student bill. To receive this, a student must apply for a Work-Study job, be hired and earn a paycheck. (Visit the Student Employment Office website at https://studentemployment.umich.edu to look for jobs.)