Managing loans and scholarships during your time at U-M will help establish responsible financial habits long after you leave campus. This section contains helpful information on:

• Necessary steps to receive funds from loans

• Reducing/canceling unwanted loans in Wolverine Access Self-service
• Advice on how to handle loans from private borrowers

• An overview of different loan types

Sign Loan Documents To Receive Federal Loans for Fall Term

Students awarded a federal loan for fall term must sign loan documents by mid-August, to ensure that funds are available before the term begins.

Reduce/Decline an Offered Loan Online

OFA assumes students are accepting all of the aid offered unless you take action to change the amount offered. You can decline an offered loan or reduce the amount you are accepting online in Wolverine Access. Navigate to Student Business, select Student Center > Financial Aid > Award Year > Awards > Accept/Decline. More details can be found on our Accept or Decline Your Offer webpage.

Direct (Stafford) Subsidized or Unsubsidized Loans

Students receiving a Federal Direct Loan for the first time at U-M must complete a Direct Loan Master Promissory Note and entrance counseling on the Federal Student Aid website. More details can be found on our Master Promissory Notes webpage.

Health Professions and Nursing Student Loans

Sign a Master Promissory Note if you are awarded a Health Professions or Nursing Loan (HPN) for the first time at U-M. Log in to Student Business on Wolverine Access and select Financial Aid > 2025 > Loans from the Self Service menu to sign your documents. (In subsequent years, HPN recipients must complete an annual Rights and Responsibilities Statement, also available in Wolverine Access.)

Note: Truth in Lending requires that borrowers of HPN and U-M institutional loans receive information regarding interest rates and the overall costs of their student loans. You must acknowledge receipt of this information to receive funds. You will receive emails when loan disclosures and self-certifications are available to view on Wolverine Access. E-sign the self-certifications for loans you wish to keep.

Compare Private Loans Carefully, Exhaust Federal Loan Eligibility

Before considering borrowing through a private lender, we encourage students to:

• Exhaust all other financial aid sources, including federal loans

• Look for ways to reduce expenses before deciding how much to borrow

• Borrow only what is needed for your educational costs

• Ask questions and compare rates and terms offered by different lenders

Federal student loan terms are often more favorable. Visit our Comparing Loan Types webpage for more information.

Private student loans are offered through a variety of banks and other lenders. The best rates are offered to borrowers with good credit or a solid cosigner. Remember: You will repay your loan for several years after graduation.

If you choose a private loan and need it for fall term, apply right away to allow time for approval and processing.

“Loan debt can accumulate quickly and result in a lifetime burden of high payments and credit denials for automobile purchases, credit cards, and home mortgages. Private loans also can reduce eligibility for more desirable federal, state, and college aid programs. To avoid these problems, read and understand the terms and conditions of all loans.”

-The Michigan Student Financial Aid Association

Don’t Want a Loan?

Instead of taking a loan, students may be able to pay their bill in installments. For information on U-M’s interest-free monthly budget payment plan, contact Student Financial Services or visit the U-M Payment Plan webpage.

Still Need a Loan?

It’s not too late to apply for Federal Direct PLUS and Federal Grad PLUS loans. First-time Grad PLUS borrowers must sign a Master Promissory Note and complete entrance counseling on the Federal Student Aid website.