Student Loans for University of Michigan Students
About University of Michigan
One of the Public Ivies, Michigan was founded in 1817, before the state itself. 26,000+ brainy undergrads live and study on the campus in Ann Arbor, with another 15,000+ postgrads alongside them. The university sits on a massive campus of 21,000 acres when including their university arboretum, and while we’re on the topic of size, their Wolverines play football in The Big House, the largest football stadium in the world.
When receiving University of Michigan Financial Aid, it’s important to be pretty careful with your cash. You never want to spend a dollar more than you need to, as it might mean borrowing another dollar more. Of course, spending money on things like student tickets (football, basketball, even hockey if you’re so inclined) is totally worthwhile, as is the occasional meal off-campus; just don’t go crazy. Try your best to stick to your budget and you’ll find yourself in good financial standing at the end of each semester.
Applying for University of Michigan Financial Aid
Michigan is a public university, so it’s a little unusual that students who want to receive financial aid have to submit not only the FAFSA (Free Application for Federal Student Aid) but also the CSS/PROFILE, a form used at many private colleges and universities to provide a second perspective on the financial situation of a student and their family. Submitting these two forms is the meat of the application process for University of Michigan Financial Aid, but in addition to doing this, you should talk to an aid advisor at the University of Michigan Financial Aid office about ‘free money’ awards and the possibility of having to borrow.
University of Michigan Student Loans
Michigan has a pretty healthy endowment, and as such, is able to support a relatively strong financial aid program. That said, a University of Michigan Financial Aid award will consist of the four typical ingredients: student loans, grants, scholarships, and work-study programs. These four pieces will take care of financial need for most of the students who attend Michigan, but for some, additional funding is needed. In these cases, private student loans are often a good option, but only when all other sources of funding have been exhausted. To find the student loan that’s right for you, just check out our student loan comparison tool right on this page. It lets you search and compare loans from a variety of top national and local lenders in order to find the loan that best fits your needs.
The UMich financial aid office offers a number of federal loan options. In order to receive any federal student loans, students must first submit the Free Application for Federal Student Aid (FAFSA). Federal loans that are offered by the UMich financial aid office include Stafford loans (both subsidized and unsubsidized), Perkins loans, and Parent PLUS loans, among others. All of these loans offer low interest rates and favorable repayment terms.
Regarding taxes, do I have to report the money I earn from work-study at UMich?
Any and every kind of financial assistance you receive is taxable and needs to be reported to the IRS, including money earned from work-study.
Pay for University of Michigan*
|Total Avg. Cost||$23,721|
|Room & Board||$9,198|
|Financial Aid Information|
|Students Receiving Fin Aid||79%|
|Typical Grant Amounts|
|Avg. Other Stud. Loans||$12,707|
|%Receiving Other Loans||6%|
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*Data source is the Integrated Postsecondary Education Data System (IPEDS) the data collection program for the National Center for Education Statistics