Maintaining Your Aid
Receiving your financial aid for winter term
WHEN: First winter term payments will be deposited in bank accounts (if you have Direct Deposit) on or before: Friday, Jan. 15, 2020
If you do not have Direct Deposit, checks will be mailed on this date to your permanent address as listed on your Wolverine Access portal.
HOW: Follow these steps to ensure you receive your aid:
-Register at least half-time (6 hours for undergraduates and 4 hours for graduate students) by 5 p.m. EST on Jan. 8, 2021, to have expected aid funds directly deposited on January 15, 2021.
-After Jan. 11, students who register by 5 p.m. EST on Wednesday of any given week should receive their refunds the Monday following their registration.
-Put your name on your residence hall or apartment mailbox! Be sure your name is on your mailbox before Jan. 11, 2020.
-Financial aid funds are applied toward the current term tuition, fees, and residence hall charges appearing on your student account; any excess funds will be refunded to you by Direct Deposit (the university’s preferred method of payment; sign up in Wolverine Access) or by check mailed to your current (local) address listed on Wolverine Access.
• At the time of disbursement, if you are enrolled less than full-time but at least half-time, all of your financial aid funds (except Direct Loans) will be prorated and reduced based on your level of enrollment (you will receive aid proportional to the number of hours you take).
• Any refund you are owed resulting from cash payments will not automatically be sent to you. Instead, a credit will appear on your account. You can have the refund released to you by contacting Student Financial Services.
• Enroll by the three week Drop/Add date to be considered for aid for that course, even if your program or individual mini-course has a flexible enrollment policy.
Is winter term the first time you are receiving aid this academic year?
Be sure that you have:
• Received a 2020-2021 Financial Aid Notice.
• Provided all other documents requested by the Office of Financial Aid. Find the list in Wolverine Access (wolverineaccess.umich.edu).
• Completed entrance counseling at Studentaid.gov for your Direct Loan(s) if you are an entering undergraduate or graduate student. We are notified when this is completed.
• Completed a Direct Loan Master Promissory Note (at Studentaid.gov), if you were awarded Direct Loan funds. Note: If you have completed a Master Promissory Note at U-M and received a loan within the last 12 months, do not complete another.
• Completed a Health Professions and/or Nursing Student Loan Master Promissory Note and a Rights and Responsibilities Statement if you were awarded any of these loan funds (see Wolverine Access: Students > Student Business > Financial Aid > Aid Year 2020 > Loans).
• Resolved any academic holds. Aid cannot be paid until the holds are lifted.
Continuing U-M students: How to apply for aid
October 1, 2020: The Free Application for Federal Student Aid (FAFSA) at studentaid.gov/h/apply-for-aid/fafsa opened, and you can complete this to be considered for all aid programs. You will use your 2019 family income tax returns, so you may transfer IRS data directly to the FAFSA using the IRS Data Retrieval Tool. Continuing students do not complete a CSS Profile, unless requested.
You must submit your processed FAFSA from the federal processor by May 1 in order to consider you for all aid programs (allow three to four weeks for processing). Find out more about deadlines and timelines for continuing students on the OFA website.
Parent information and signatures: Dependent students and those applying for a Health Professions Loan must provide parents’ income information, birth dates, Social Security numbers, and one parent signature on the FAFSA. Failing to do this will result in a rejected FAFSA, which can jeopardize your priority for aid.
• Once you submit your FAFSA:
a. If you provide an email address on your FAFSA, the Department of Education will send your Student Aid Report (SAR) by email.
b. We will send an email to your Umich email address if additional application documents are required (you can also check Wolverine Access: Student Business> Financial Aid > Aid Year 2021 > Documents/Review). If additional documents are requested, we must receive them by May 1 (unless a different timeline has been specified to you in communication with the Office of Financial Aid).
c. Our office will send you an email when your financial aid notice is available in Wolverine Access.
• Update your scholarship profile and apply for scholarships:
Visit finaid.umich.edu/scholarships-at-u-m for information about need-based scholarships requiring an application and complete “My Scholarship Profile” in Wolverine Access to keep your information up to date.
COVID-19, Grading Policy Changes, and Satisfactory Academic Progress
As you may have learned, you have increased flexibility this term with your grades. However, as you consider your academic performance and options, we want to highlight a few important reminders for financial aid.
- We review your underlying grades submitted by the instructor for any “No Record-Covid” (NRC) or elected “Pass” grades to calculate your cumulative grade point average.
- If you receive a non-passing grade (whether a failing grade, a NR-No Report, or a W-Withdrawal) in any fall or winter class(es), you may be asked to verify attendance or class participation. If we ask for this and you cannot verify it, your aid may be reduced.
- If you are receiving financial aid under a Satisfactory Academic Progress Probation Agreement, the terms of that agreement remain active.
Please visit the Satisfactory Academic Progress (SAP) webpage for more information about SAP requirements, appeals, and other helpful resources. Also, please do not hesitate to contact our office with any questions. We are eager to help you understand all your options in re-establishing your eligibility for aid.