Selected U-M students and families have been asked to submit an IRS Tax Return Transcript for their Fall-Winter financial aid application. This is part of the application verification process for federal student aid. This request will be listed on Wolverine Access where there is a link to instructions for requesting this transcript. You may also visit www.irs.gov/Individuals/Get-Transcript (Note than an IRS Tax Account Transcript is not the same document and will not meet this requirement.) All requested supplemental documents must be received in our office by June 1 for you to be considered for available aid.
Moving from on- to off-campus housing does not affect your financial aid. However, your housing costs will no longer be automatically deducted from your student account and you are responsible for making rent payments to your landlord.
Initial financial aid offers for some undergraduates no longer include Unsubsidized Federal Direct Loans, although they are available to eligible students through a new process which includes an online tutorial, calculating cumulative student debt and considering what it will cost to take out an additional loan. Visit www.finaid.umich.edu/SmartBorrowing for more information.
Part or all of a grant, scholarship, or fellowship may be taxable even if you do not receive a W-2 form. If you are in a degree program, amounts you use for expenses other than tuition and course-related expenses (e.g. amounts used for room, board, and travel) are taxable. To determine this taxable amount, add up all grant, scholarship, and fellowship awards received in a calendar year, then subtract all tuition, fees and book and supply expenses. If the remaining amount is a positive number, it must be reported as income. This amount must also be reported on your FAFSA. If you are not in a degree-seeking program, the full amount of grant, scholarship or fellowship is taxable.
Contact the Internal Revenue Service for more detailed information.
Yes. All need-based financial aid and some scholarships are renewable; however, you must reapply for financial aid each year. Renewal information and instructions are sent to all currently enrolled students in January for aid for the following year.
The composition of your aid "package" may vary depending on the funds available in individual aid programs. However, you are likely to receive similar financial aid awards throughout your undergraduate education if:
- Your scholarships and awards are not limited to one year.
- Your family's financial situation remains similar. (Dramatic changes in income and marital status and changes in the number of children college will affect your Expected Family Contribution and your eligibility for financial aid eligibility.)
- Federal, state, and institutional funding of financial aid programs remains similar.
- You submit the appropriate application materials by priority deadlines.
- You continue to meet enrollment level and Satisfactory Academic Progress requirements. Our office monitors enrollment levels (the number of credit hours you take) during each term. If you fall below the minimum credit hour requirements, you may be required to repay all or part of the aid you received.
- You report accurate information (income, assets, etc.) on your financial aid application(s).
No. If you are enrolled at more than one college or university at the same time, you may receive financial aid from one of the institutions but not both. Contact our office for more information.
No. Your award notice lists any scholarships, grants, loans, or Work-Study that you are eligible to receive. The Office of Financial Aid sends you an email letting you know when you have a Financial Aid Award Notice available on Wolverine Access. The Student Financial Services Office sends you an email when you have a student bill available to view and print on Wolverine Access. Your bill shows the amount you owe the university.
Financial aid administered by the Office of Financial Aid is applied directly to charges listed on your bill, usually during the first month of the term. You are responsible for paying any amount not covered by these awards. For more information, see the most current Required Reading on our Publications page. For details about your student bill or to reach the Student Financial Services Offices, visit their website.
According to the most recently reported numbers, 70 percent of resident undergraduate and graduate students and 53 percent of non-resident students receive some form of aid at U-M.