Financial aid is paid out at the beginning of the term for which you have enrolled. When and how you receive your aid depends on the type of aid you receive and whether you have completed requirements for receiving your funding.

Your aid will be disbursed based on full-time enrollment. Read the information on this page carefully to find out about how different types of financial aid are disbursed, when you can expect to receive them, and what you must do to receive your funds.

Enrolled Less Than Full-time?

If you are not enrolled full-time by the end of the drop/add period, your aid will be adjusted at that time and you will receive a revised financial aid notice reflecting your level of enrollment.

In some cases, even credits that you have on your schedule at add/drop will not count for financial aid purposes. The following enrollment is ineligible for aid and does not count toward full-time enrollment:

  • Not-for-credit or audited courses
  • Repeating a course for which you've already earned credit more than once
  • Dropping or withdrawing from a class that you were enrolled in at add/drop but never attended

You could lose already received aid if any of these unique enrollment situations are applicable. Even if you add classes or change your enrollment after the add/drop date, your aid will not be reinstated.

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Requirements for Receiving Your Aid

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Financial aid is paid out at the beginning of the term for which you have enrolled. Thereafter, students generally receive aid within two weeks after they have:

  • Submitted any requested documents and responded to our requests for additional information.
  • Enrolled (not waitlisted) at least half time (6 hours for undergraduates, 4 hours for graduate students). Students must be enrolled at least half time in classes that count for degree credit to receive any aid.
  • Completed all loan promissory notes so that your loans will disburse.
    • For Direct Loans, complete on the Federal Student Aid website. Your note remains valid for 10 years and you do not need to sign another one unless you have been out of school for one year or more.
    • For Health Professions or Nursing Loan, complete your MPN(s) using Wolverine Access. You must also complete an online Rights and Responsibilities Statement annually before disbursement.
  • Completed online Entrance Counseling: First-time, first-year Direct Loan borrowers must complete this on the Federal Student Aid website. For more about Direct Loan requirements, see the "Completing Your Loan Requirements" section of the Direct Loans page.
  • Resolved any academic holds: You must resolve any holds or your aid will not disburse.

How Aid Is Paid to Students (Disbursements)

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Financial aid managed by the Office of Financial Aid — including grants, scholarships, and loans — is first applied to your U-M student billing account. It pays charges such as tuition, fees, university housing (if applicable), and other university charges.

Aid awarded for a specific term can only be used to pay charges for that same term. Aid will only be paid during the term for which it was awarded.

For more information about student account billing, visit the Student Financial Services page.

Generally, financial aid is paid to your U-M billing account weekly on Wednesday evenings. If your aid covers your billed charges, or if you have aid that is specifically restricted to only refund to you, a refund will be generated. Students who have set up a direct deposit account between the university and their bank/credit union will typically receive their refund within two to three days. Students receiving refunds by check may experience more delayed delivery, depending upon where the check is being mailed. All students are highly encouraged to establish direct deposit.

Work-Study Funds

Students earn Work-Study funds by working for eligible Work-Study employers and earning a paycheck, typically paid biweekly through the employer's payroll system. They do not appear as aid on your student account. Employers pay a percentage of students' wages and federal funds pay the remaining wages.

The U-M Student Employment Office maintains listings of eligible Work-Study jobs. Students contact employers directly to apply. Show the employer a copy of your financial aid notice and proof that you are enrolled at least half time and inform them if your Work-Study eligibility changes.

For more information about the Work-Study program, see Work-Study & Other Jobs.

Private Scholarships

If you have a private scholarship check and the scholarship sponsor or donor sends funds to the university, the funds will be applied directly to your university student account, one-half in the fall term and one-half in the winter term, unless otherwise specified by the scholarship sponsor. Payments are usually processed within two weeks of the start of each term, upon full-time registration.

If your scholarship sponsor sends your scholarship check directly to you, follow the instructions on the Scholarship Checks page to make sure it is applied to your university student account.

If Your Aid Exceeds Your Charges (Refunds)

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If you have financial aid funds that is more than the charges on your student account when aid is paid, you may receive a refund. You can use this refund to help pay other education costs, such as books, supplies, food, or personal expenses. (Note that if subsequent charges are made to your account, you are responsible for paying them. Be sure to read the Terms and Conditions page.)

Your refund will be issued in the form of either a direct deposit into your bank account or a check mailed to your current local address. We strongly encourage all students to set up direct deposit to guarantee the refund is received as quickly and securely as possible.

If You See a Credit on Your Student Account

Under some circumstances, your refund will appear as a credit on your student account. If it has been longer than two weeks and the credit has not been refunded automatically to you, you can request that it is released by contacting Student Financial Services. If you do not request the credit, it will remain on your student billing account to help pay future charges.

A Note About Loans and Financial Aid Refunds

If your parents borrow through the PLUS Loan program, they may elect to have any excess funds refunded either to them or to you. If you receive a refund for a loan and you do not want it, notify us in writing. Not cashing the check does not cancel the loan. Here are your options:

  • Return your uncashed check to us with a note of explanation.
  • If you have cashed the check or received direct deposit, request in writing that the loan be reduced for the desired amount. Once the loan is removed from your Student Account, you can then make an ePayment through Wolverine Access, or write a check payable to "University of Michigan." Visit the Student Financial Services website for more detailed information on making payments to your Student Billing Account.

Some types of aid can only be used to pay for certain types of charges. For example, federal aid funds may not be used to pay for orientation charges, phone bills, lost ID fees, etc., and some aid is designated to cover only tuition charges. Therefore, you could receive a refund even if you have outstanding charges on your student account from the current term or previous terms.

If a balance remains on your student account, you are responsible for paying it after receiving a financial aid refund.