Fellowships, GSRA/GSI Funding, and Financial Aid

At the graduate level, scholarships, fellowships, and GSRA/GSI appointments are administered by the individual programs and schools/colleges. This means that you and your program’s scholarship office may know about funding before it is officially reported to the Office of Financial Aid (OFA). It also means that you may receive refunds on a monthly basis instead of as a lump sum at the beginning of the term. Knowing the details of your aid will ensure that you can plan ahead for receiving your money.

OFA is required to consider all of your funding sources when reviewing your aid eligibility. These include: departmental scholarships, outside fellowships, and GSRA/GSI tuition waiver amounts. Total financial aid cannot exceed a student's budget which includes tuition and fees along with allowances for books/supplies, personal miscellaneous expenses, food, and rent. Since OFA is often unaware of these other funding sources until after the term begins (ex: GSRA/GSI appointments until they are processed by University Human Resources), your loans may be approved initially at an amount that is more than you are eligible to receive. We monitor all financial aid on a daily basis and adjust it, as required.

Tips to ensure you receive your aid successfully:

• Confirm ALL anticipated funding is recorded in your financial aid summary. If you do not see a scholarship, fellowship, or GSI/GSRA benefit listed, report this additional funding to OFA immediately (Wolverine Access Student Business > Financial Aid > Award Year > Awards > Report Additional Aid). This ensures you are eligible to keep the financial aid that you are issued.
• Educate yourself about your funding. Generally, scholarships and fellowships are paid in a lump sum at the beginning of each term along with other aid, like loans. If the total lump sum aid exceeds your charges at that time, you are issued a lump sum refund. It is your responsibility to budget that refund during the term and use it as needed for your expenses. In these cases, refunds are generally released by the start of classes each semester. But, if your funding is a stipend it may be scheduled to pay you monthly. Stipends are paid towards the end of each month. If your funding is a stipend, you will want to budget for these installments. 
• Set up direct deposit. OFA strongly recommends setting up direct deposit. This ensures that you receive refunds as quickly and securely as possible. If you haven’t done so already, log into Wolverine Access and set up direct deposit today.