PLAN, Manage Your Professional Development as a Graduate Student
The best way to answer all of your financial aid questions is to read the Required Reading PDF on the Office of Financial Aid's (OFA) website. But if that seems like too much trouble, see the tips below.
Which financial aid office you utilize depends on what school or college you are enrolled in. Most schools and colleges use the same financial aid office as undergraduate students, located at 2500 Student Activities Building. The Medical, Dental, Law, and Business Schools each have their own financial aid office. Links to each office are below.
Financial Aid Websites Specific to Your School:
Need to know when everything is due? Check out the calendar for updated Financial Aid Application Deadlines.
Wondering about the pros and cons of the kinds of loans you can receive? In general the Office of Financial Aid recommends accepting federal loans over private loans. Federal loans have a fixed interest rate, whereas private loans usually have variable rates. So even if a private loan has a lower rate now, you may pay a much higher rate than the fixed federal rate in the future. If you are in need of additional funds consider the Grad Plus Loan first, before private loans. See the links below for more information and clarification for each type of loan.
What happens if my financial situation changes or if I want to appeal the OFA's decisions? If you have a change in your financial status (or find you need more money given your circumstances), and need OFA to re-review your financial aid awards, you can ask them to re-evaluate your status. Only certain circumstances qualify for re-evaluating a financial aid decision. A list can be found on the OFA website. If you do not agree with your financial aid awards, you can appeal the decision. The steps of the appeal process are listed on the OFA website.
If I am supporting a family with children, can I receive any extra financial help? The University of Michigan offers a Childcare Subsidy Program, which provides free child care as long as you and your family qualify. Almost all students can qualify for this financial assistance. There are also funding opportunities through the University of Michigan's Work/Life Resource Center.
First time really in control of your own finances? Want some tips on everything from possible tax credits to credit card management. Check out the links below to the OFA's website.
Text adapted from the University of Michigan Office of Financial Aid.
