FOLLOW THE SMART PATH WHEN CONSIDERING LOANS
We’re asking all students to Be Smart About Borrowing. Consider options to reduce the need to for loans and borrow only what is necessary to achieve the goal of a U-M college education:
- Review your lifestyle. Trim costs and consider needs vs. wants
- Consider part-time employment to stretch your dollars without borrowing
- Stretch your dollars: Check out the U-M Payment Plan for fall-winter semesters
- Use personal or family assets when possible before considering a loan
- Considering summer school? Take classes closer to home and incur less cost or consider a roommate
These online resources may also help:
- Financial Awareness Counseling (under Complete Counseling)
- U-M Payment Plan (Fall-Winter)
- U-M Student Employment Office
- Personal federal student loan history through nslds.ed.gov (access with your federal FSA ID)
- Visit this page for Federal loan borrowing limits
HOW MUCH SHOULD I BORROW?
- Many students wisely maintain a lower-cost student lifestyle in order to borrow the least amount necessary to cover college costs. For budget tips, visit Your Money Your Life.
- If you are borrowing federal loans, visit the National Student Loan Data System to see how much you have borrowed to date. Find cumulative borrowing for Health Professions and Nursing loans on Wolverine Access. Login is required for both websites.
- Also in Wolverine Access is the Student Eligibilty Information Portal panel, allowing students to track grant and scholarship eligibility, time left on federal loan subsidies and whether they are meeting Satisfactory Academic Progress. Find the tab on the right-hand side of the Financial Aid section in your student portal.
- To see how much a loan in repayment will cost, use the Repayment Estimator on the Federal Student Aid website.
- To cancel or reduce your loans before they are disbursed, visit Wolverine Access and go to: Student > Student Business > login > Financial Aid > Awards > Accept/Decline Financial Aid. To cancel or reduce loans after they are paid to you, contact our office.