The University of Michigan is a top-ranked research institution. Becoming a Wolverine is an accomplishment, but it won’t be easy on your bank account. The cost of attendance at the university was estimated at $47,476 for nonresident freshmen and sophomores for the 2017-18 school year.
Finding the money to attend the University of Michigan may seem impossible, but it’s not. There are many options available to help you afford the cost. For example, the university estimates that 2 out of 3 undergraduate students receive financial aid.
If you’re serious about attending the University of Michigan, here are some options to help you pay for it.
Fill out the Free Application for Federal Student Aid (FAFSA)
Before you do anything related to paying for college, fill out the FAFSA. This form compiles your financial information and sends it to the schools you designate. Each school’s financial aid office will then use that information to determine the aid you qualify for.
The FAFSA is critical in determining what your federal financial aid package will look like. Here are some options you might see in your financial aid package after you fill out the FAFSA.
Depending on certain factors, you could qualify for federal grants. Like scholarships, grants are free money you don’t need to repay.
Pell Grants, for example, typically are awarded to undergraduate students who demonstrate financial need. The maximum award for the 2018-19 school year is $6,095.
Federal student loans
There are two federal student loan programs:
- The William D. Ford Federal Direct Loan Program: Under this program, your lender is the U.S. Department of Education. Direct Loans can be subsidized or unsubsidized.
- The Federal Perkins Loan Program: Under this program, your lender is your school.
Depending on certain factors, undergraduate students can borrow up to $5,500 per year in Perkins Loans and between $5,500 and $12,500 per year in Direct Loans. Graduate students can borrow up to $8,000 per year in Perkins Loans and up to $20,500 a year in Direct Unsubsidized Loans, also depending on certain factors.
In some cases, you might be able to participate in the Federal Work-Study Program. Through this program, you can get a part-time job to help you offset the cost of your education.
Parent PLUS Loans
Scholarships from the University of Michigan
Your application for admission to the University of Michigan also will be your application for a variety of scholarships at the school, including those issued by individual departments. However, you also should complete the CSS Profile if you want to be considered for need-based aid from the school.
Some scholarships at the school require additional information. The university suggests you complete the My Scholarship Profile in the Wolverine Access student portal.
Outside grants and scholarships
Don’t limit yourself to scholarships from the University of Michigan. There are many other local and national scholarships and grants you can apply for to help cover the cost of your education.
Finding them might require some research, but it’s worth the effort.
First, take a look at our ultimate guide to state grants to see if you qualify for any of the Michigan grants listed. Then, set aside some time to find scholarships through sites such as Scholly and Scholarships.com. Make sure to look for aid from community sources too.
Private student loans
If you don’t have enough money to attend the University of Michigan after exhausting your federal financial aid and other funding options, the next step is to consider private student loans.
When you apply for a private student loan, you must meet your lender’s credit and income requirements. If you have bad or unestablished credit, you might not qualify for a private student loan. Look for lenders that allow cosigners so your parents can help you get approved.
As you evaluate your private student loan options, compare interest rates, terms, and fees. Some lenders charge prepayment penalties or origination fees, for example.
Before you borrow money, it could be helpful to estimate your monthly payments with our student loan payment calculator.
Paying for the University of Michigan
It might be frustrating to piece together the funds you need to attend the University of Michigan, but if you plan properly, the financial picture will come together.
One helpful step is to estimate your cost of attendance using the University of Michigan’s net price calculator. It will give you a rough estimate of how much you can expect to pay for your education. Afterward, you can create a to-do list and start finding funding. For example, you can schedule time to fill out the FAFSA and research scholarships.
Figuring out how to pay for school can be difficult. But by knowing your funding options and taking the time to apply for scholarships and grants, you may be able to reduce the cost.
Need a student loan?Here are our top student loan lenders of 2018!
|1 Important Disclosures for CollegeAve.
College Ave Student Loans products are made available through either Firstrust Bank, member FDIC or M.Y. Safra Bank, FSB, member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.
2 Important Disclosures for Discover.
3 Important Disclosures for Ascent.
Before taking out private student loans, you should explore and compare all financial aid alternatives, including grants, scholarships, and federal student loans and consider your future monthly payments and income. Applying with a cosigner may improve your chance of getting approved and could help you qualify for a lower interest rate. Ascent Student Loans may be funded by Richland State Bank (RSB) or Turnstile Capital Management, LLC (TCM), which are not affiliated entities. Certain restrictions and limitations may apply. Ascent Student Loan products are subject to credit qualification, completion of a loan application, verification of application information and certification of loan amount by a participating school. All loan products may not be available in certain jurisdictions. Other terms and conditions apply. Ascent is a federally registered trademark of TCM and may be used by RSB under limited license. Richland State Bank is a federally registered service mark of Richland State Bank.
* Application times vary depending on the applicants ability to supply the necessary information for submission.
* The Sallie Mae partner referenced is not the creditor for these loans and is compensated by Sallie Mae for the referral of Smart Option Student Loan customers.
4 = Sallie Mae Disclaimer: Click here for important information. Terms, conditions and limitations apply.
5 Important Disclosures for PNC.
PNC Bank is one of the nation’s largest education loan providers. For over 40 years, PNC has been committed to helping students and their families make possible the adventure of college.
6 Important Disclosures for SunTrust.
Before applying for a private student loan, SunTrust recommends comparing all financial aid alternatives including grants, scholarships, and both federal and private student loans. To view and compare the available features of SunTrust private student loans, visit https://www.suntrust.com/loans/student-loans/private.
Certain restrictions and limitations may apply. SunTrust Bank reserves the right to change or discontinue this loan program without notice. Availability of all loan programs is subject to approval under the SunTrust credit policy and other criteria and may not be available in certain jurisdictions.
SunTrust Bank, Member FDIC. ©2018 SunTrust Banks, Inc. SUNTRUST, the SunTrust logo and Custom Choice Loan are trademarks of SunTrust Banks, Inc. All rights reserved.
7 Important Disclosures for LendKey.
Additional terms and conditions apply. For more details see LendKey
8 Important Disclosures for CommonBond.
A government loan is made according to rules set by the U.S. Department of Education. Government loans have fixed interest rates, meaning that the interest rate on a government loan will never go up or down.
Government loans also permit borrowers in financial trouble to use certain options, such as income-based repayment, which may help some borrowers. Depending on the type of loan that you have, the government may discharge your loan if you die or become permanently disabled.
Depending on what type of government loan that you have, you may be eligible for loan forgiveness in exchange for performing certain types of public service. If you are an active-duty service member and you obtained your government loan before you were called to active duty, you are entitled to interest rate and repayment benefits for your loan.
A private student loan is not a government loan and is not regulated by the Department of Education. A private student loan is instead regulated like other consumer loans under both state and federal law and by the terms of the promissory note with your lender.
If your private student loan has a fixed interest rate, then that rate will never go up or down. If your private student loan has a variable interest rate, then that rate will vary depending on an index rate disclosed in your application. If the interest rate on the new private student loan is less than the interest rate on your government loans, your payments will be less if you refinance.
If you don’t pay a private student loan as agreed, the lender can refer your loan to a collection agency or sue you for the unpaid amount.
Remember also that like government loans, most private loans cannot be discharged if you file bankruptcy unless you can demonstrate that repayment of the loan would cause you an undue hardship. In most bankruptcy courts, proving undue hardship is very difficult for most borrowers.
9 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
|3.69% – 10.94%1||Undergraduate, Graduate, and Parents||Visit CollegeAve|
|3.97% – 12.97%3||Undergraduate and Graduate||Visit Ascent|
|4.34% – 12.99%2||Undergraduate and Graduate||Visit Discover|
|4.12% – 10.98%*,4||Undergraduate and Graduate||Visit SallieMae|
|5.03% – 11.23%5||Undergraduate and Graduate||Visit PNC|
|4.00% – 13.00%6||Undergraduate and Graduate||Visit SunTrust|
|4.72% – 9.81%7||Undergraduate and Graduate||Visit LendKey|
|3.72% – 9.68%8||Undergraduate, Graduate, and Parents||Visit CommonBond|
|4.19% – 12.06%9||Undergraduate, Graduate, and Parents||Visit Citizens|