Managing Your Aid

Review what steps you need to take to finalize and manage your financial aid.

Your financial aid offer lists if you receive scholarships or grants (money that is not repaid) and subtracts this total from your cost to attend.

If your financial aid package includes federal loans, you will need to learn how to manage and meet the requirements of maintaining your loan.

Some students and their families experience unique circumstances that affect the ability to pay college costs. If your financial circumstances change, contact us as soon as possible. You may request a re-evaluation of your aid or an appeal of a financial aid policy or decision.

Continuing students must reapply for financial aid each year by completing a new Free Application for Federal Student Aid (FAFSA) and each winter term you will receive an email reminder from us to help you stay on track.

When and how you receive your aid depends on the type of aid and whether you have completed all of the requirements. Since you are responsible for ensuring that your university bills are paid on time each term, you should monitor your student account and check your balance frequently.

Satisfactory Academic Progress, or SAP, is a federal regulation requiring that the U-M Office of Financial Aid monitor the progress of each student who receives financial aid. If you fall behind in your coursework, fail to achieve minimum standards, or fail to complete classes in a maximum time frame, you may lose eligibility for aid administered by our office.

If circumstances require you to consider withdrawing from classes, contact our office and your academic advisor to understand the consequences of your decision on your financial aid. If you are graduating, leaving school, or dropping below half-time enrollment, federal loan programs require you to complete online Exit Counseling to prepare for the responsibilities of repaying your loan.