This loan program is a special, low-interest, invitation-only loan program designed to assist undergraduates whose need is not met with traditional financial aid programs offered at U-M.

You are not automatically considered for this loan when applying for financial aid. To be eligible for this loan, you must be recommended for the program by an Office of Financial Aid staff member who will counsel you about the obligations of this loan and then ask you to complete an application for it. This is a U-M loan program and not affiliated with any federal loan program.

Students are encouraged to seek alternate forms of aid, including federal PLUS Loans and private lending, before being considered for this program. If a student is unable to obtain alternative loans, they may apply for this loan up to the level of unmet need, but not to exceed $5,500, whichever is less. You may borrow a minimum of $200. Your referring financial aid administrator will provide the application form.

Special notes about your loan:

  • If you are awarded a U-M Institutional Loan, it will not appear on your Student Billing Statement as "pending aid" but will be applied to the balance on your bill as funding is disbursed.
  • This loan is separate from your federal loans and will require a separate repayment schedule directly through the University of Michigan after you leave college. These loans cannot be consolidated with your federal loans.
  • The university will allow you to consolidate any U-M Institutional Loans you have borrowed into one, consolidated payment when you leave college.