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WEEKEND MBA FINANCIAL AID PROGRAM GUIDE 2020 – 2021 Revised 07/29/2020
The Weekend MBA is a two-year program. Students attend 6 consecutive terms (Combined Spring/Summer, Fall, Winter, Combined Spring/Summer, Fall and Winter) and complete 57 credits to earn their degree. The Ross Financial Aid Office is a satellite office of the University of Michigan Central Financial Aid Office. Our job is to work directly with Ross graduate students, assisting with all aspects of financial aid, from initial application to entering loan repayment.
ADDRESS AND CONTACT INFORMATION
Ross Financial Aid Office University of Michigan Ross School of Business Phone: (734) 764-5139 700 East University, K3521 Fax: (734) 764-2129 Ann Arbor, MI 48109-1234 Email: [email protected]
Michelle Gurski, Assistant Director of Financial Aid Barbara Stevens, Financial Aid Coordinator
To be speak with our office, be sure to check our iMpact page for virtual drop-in times or phone/video appointments.
Please include your eight-digit student ID number when emailing our office.
Table of Content BILLING DUE DATES (for Tuition and Fees) 2 FINANCIAL AID RESOURCES 3-4
TYPES OF LOANS TUITION & COST OF ATTENDANCE 5-6 STEPS TO APPLY FOR FEDERAL FINANCIAL AID FOR U.S. CITIZENS OR PERMANENT RESIDENTS 7-8 OTHER FINANCIAL AID RELATED INFORMATION 9-10 Financial Aid Disbursements
Loans—Cancellation /Adjustments Loan Servicer Required Reading Residency Issues (In-State or Out-of-State) Veterans Students with Children
FINANCIAL AID CHECKLIST 11-12
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BILLING DUE DATES (for Tuition and Fees)
Term Due Date
Spring/Summer Term 2020 April 30, 2020
Fall Term 2020 August 31, 2020
Winter Term 2021 January 19, 2021*
Spring/Summer Term 2021 April 30, 2021
Fall Term 2021 August 31, 2021
Winter Term 2022 January 5, 2022
*Winter 2021 due date may be subject to change
Bills, Payments, Payment Plan, Credits and Refunds (including Enrollment Deposit) Students receive an e-bill from the University of Michigan Office of Student Financial Operations approximately 2 weeks prior to the tuition due date. Find information on paying bills, payment plans, late charges, and more on the Student Financial Services website. Student Financial Services 2226 Student Activities Building Phone: (734) 764-7447 515 E. Jefferson Fax: (734) 647-0061 Ann Arbor, MI 48109-1316 Email: [email protected] Toll Free: (877) 840-4738 (within U.S. and Canada only)
Credits and Refunds (Including Enrollment Deposit) If payments to your student account (financial aid and/or other payments) exceed the charges due, you may be eligible to receive a refund. Most refunds automatically process. However, some financial aid and cash payments in excess of student account charges (including electronic payments and budget plan payments) will not automatically refund—they become account credit. If your bill is paid in full and excess financial aid remains on the account as a credit, contact Ross Financial Aid to determine if the credit can be refunded. If your bill is paid in full and cash payments remain on the account as a credit, you may leave the credit on the account to apply toward future charges, or you may contact Student Financial Services to request the credit be sent to you as a refund. Direct Deposit We highly recommend all students set up direct deposit via Wolverine Access. Without direct deposit, refunds will be mailed to your current active address in Wolverine Access. Be sure your current active address is updated. To set up direct deposit, log into Wolverine Access > Students tab > Student Business > Payroll and Compensation > Direct Deposit. Direct deposit will remain in effect until you cancel it. Corporate Sponsorships If your company will pay the University of Michigan directly, contact Sandy Taylor at Student Financial Services for assistance: [email protected] or (734) 647-0062. If your company will reimburse you after the term ends, check out the Ross Short-Term Tuition Reimbursement Loan option.
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FINANCIAL AID RESOURCES
Scholarships Ross School of Business scholarship opportunities for the Weekend MBA program are limited and are included with the Offer of Admission letter. Prospective Part-time Weekend MBA students are not required to submit any additional application materials to be considered for these limited opportunities. For International Students International students with F-1, F-2, J-1, J-2 and G-series visas are required to show proof of enough resources to meet their expenses while attending U-M. Federal regulations limit financial assistance to most non-citizens. Learn more about qualified non-citizen student financial aid programs here.
For information about financial aid and private scholarships for international students contact:
The U.S. Department of State
The Consulate or Embassy of your home country
Private Loans. Some U.S. lenders will provide private education loans for international students who have a qualified U.S. co-signer. Some lenders require that the student have a Social Security number prior to applying. To browse a selection of approved lenders, please visit the University of Michigan's FASTChoice Private Education Loans – For International Students site. U-M has not endorsed these programs, but is making the information available to you.
The university adheres to a Code of Conduct for Student Loans that prohibits inducements or incentives by private lenders.
U.S. Citizens and Permanent Residents Students have the option of borrowing through federal loan programs or through a private loan lender of their own choosing. Students seeking federal loan borrowing, will need to complete three Free Application for Federal Student Aid (FAFSA) during your program:
2019 – 2020 FAFSA for Spring/Summer 2020 Deadline: June 30, 2020 **If you completed the 2019 - 2020 FAFSA as an undergraduate, do not complete again.
Contact Ross Financial Aid for assistance**
2020 – 2021 FAFSA to use towards the Fall 2020 and Winter 2021 terms.
2021 – 2022 FAFSA to use towards the Fall 2021 and Winter 2022 terms.
For 2021 Spring/Summer see the Spring/Summer Tuition section below.
FAFSA University of Michigan Title IV Code: 002325 Spring/Summer 2021 Tuition and Federal Aid Entering Spring/Summer 2020 Weekend MBA students who wish to borrow federal loans for the Spring/Summer 2021 term must have a 2020-2021 FAFSA previously on file, and complete the Spring/Summer Request for Financial Aid Form. The Spring/Summer 2021 Request for Financial Aid form will be available mid-February 2021 on the Ross Financial Aid iMpact website.
Complete the Spring/Summer Request for Financial Aid form to receive your Unsubsidized loan for Spring/Summer 2021 (available mid-February on iMpact)
Complete a new 2020-2021 Grad PLUS or Private loan application with the Spring/Summer borrowing term dates (5/2021-8/2021). We suggest to do this mid-February/March of 2021.
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TYPES OF LOANS Note: Federal loan interest rates adjust each July and origination fees adjust October each year.
Federal Direct (Stafford) Loan – Unsubsidized
Eligibility Criteria Loan Terms Additional Information/Requirements
Non-need-based Maximum borrowing amount $10,250 per
term.
Borrower can choose to have the accrued interest capitalized (added to principal
balance) or make periodic payments. No penalty for early pay off.
Student must be enrolled at least half-time in a degree program
4.30 % fixed interest rate for graduate students (Effective July 1, 2020. Rates
changes each 1st of July)
Typical repayment period is 10 years (other repayment options available).
Borrower must be a U.S. citizen or eligible noncitizen
1.059% for loans originated before October 1, 2020. (Effective Oct 1, 2019.
Fee changes each 1st of October)
More information is available from the U.S. Department of Education
Interest accrues immediately; paid
periodically or capitalized Can be consolidated with other federal
loans
Principal repayment deferred while
enrolled at least half-time
Federal Direct Loan - Graduate PLUS
Eligibility Criteria Loan Terms Additional Information/Requirements
Credit check approval process Students may borrow up to the cost of
attendance minus other financial assistance.
Borrower must complete the Free Application for Federal Student Aid (FAFSA)
Non-need-based 5.30% variable-fixed interest rate
(Effective July 1, 2020. Rates changes each 1st of July)
Borrower can choose to have the accrued interest capitalized (added to principal
balance) or make periodic payments. No penalty for early pay off.
The graduate student is the borrower 4.236% origination fee for loans originated
before October 1, 2020. (Effective Oct 1, 2019. Fee changes each 1st of October)
Typical repayment period is 10 years (other repayment options available).
Student must be enrolled at least half-time in a graduate-level program
Interest accrues immediately; paid periodically or capitalized
More information is available from the U.S. Department of Education
Borrower must be a U.S. citizen or eligible noncitizen
Loan is deferred while you are enrolled at least half-time and for an additional six
months after you are no longer enrolled at least half-time. Interest accrues during
deferment; you may pay accrued interests or allow it to capitalize when deferment
ends. Details at the U.S.Dept. of Education
Can be consolidated with other federal loans
Private Educational Loans Private loans may offer favorable rates. Most private loan lenders require half-time enrollment. Fees from 0-12%, depending on borrower’s credit. Some may have origination fees. Loan amounts often are cost of attendance minus financial aid offers. Private loan processing averagely takes 1 month to fully process. To browse a selection of approved lenders, please visit the University of Michigan's FASTChoice Private Education Loans site. For International Students please visit this FASTChoice Private Education Loans – For International Students web link. The University of Michigan does not endorse any specific private loan program.
Ross Short Term Tuition Reimbursement Loan The Ross School of Business offers a short-term loan option to students in Weekend MBA program who receive tuition reimbursement from their employer after a term is complete. Application required each term. Can only borrow the amount employer plans to reimburse for the term. An employer support confirmation letter required each academic year. Loan has a 3% interest rate that starts accruing once loan is credited towards student account. Learn more here.
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TUITION – Based on Cohort 2020 entering in Spring/Summer 2020
Term # of Credits Michigan Resident Non Michigan
SS 2020 9.00 $19,805 $21,299
Fall 2020 9.00 $20,462 $22,037
Winter 2021 10.50 $23,842 $25,679
SS 2021 9.00 $20,462 $22,037
Fall 2021 9.75 Available July 2021 Available July 2021
Winter 2022 9.75 Available July 2021 Available July 2021
COST OF ATTENDANCE
All federal budgets include the estimated costs for tuition and fees, books, and living expenses.
Estimated Fall 2020 - Winter 2021 Cost of Attendance Budget for entering 2020 Cohort Michigan Resident Non Resident
Tuition *** $44,304 $47,716
Registration Fees $428 $428
Books and Supplies $756 $756
Food and Housing $16,502 $16,502
Personal Expenses (including Health Care Insurance) $6,350 $6,350
Loan Fees $224 $224
TOTAL COA: $68,564 $71,976
***Tuition shown in the Cost of Attendance Budget are based on your program required enrollment. Visit Curriculum page for term-specific details. The 2020-2021 tuition rates were approved by the University of
Michigan’s Board of Regents in June 2020. Your financial aid is awarded based on the cost of attendance budget. You can borrow up to the Cost of Attendance budget; less other aid (such as scholarships and department aid) to cover the other budget expenses. If you completed a FAFSA, you will receive a $10,250 unsubsidized loan each term you are enrolled and apply. The balance of the Cost of Attendance, can be borrowed through a Grad PLUS or a private loan. NOTE: Federal loans have loan origination fees, and private loans may or may not have processing fees. The principal amount you borrow is applied toward total allowable Cost of Attendance budget, however only the amount of borrowed loan minus the loan origination fees will be applied towards your University charges. For example, the $10,250 unsubsidized loan has a 1.059% loan origination fee. The $10,250 is the amount we calculate as borrowing against the Cost of Attendance. The actual amount that will apply toward your tuition bill is $10,142. Keep fees in mind if you are borrowing only to cover tuition and fees or another specific amount that is less than the Cost of Attendance. The University of Michigan bills all students for tuition and registration fees. Housing is billed if you live in University of Michigan housing. International students are billed for insurance (part of personal expenses) each month and an additional student service registration fee of $500 per semester.
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For information on current tuition and fee rates, please visit the Office of the Registrar website. Sometimes the estimated Cost of Attendance does not realistically meet a student’s actual expenses. See below Budget Re-Evaluation – Increase Loan Funds section to learn more about how to increase your standard estimated Cost of Attendance budget to include actual expenses.
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STEPS TO APPLY FOR FEDERAL FINANCIAL AID FOR U.S. CITIZENS OR PERMANENT RESIDENTS
1. Complete the Free Application for Federal Student Aid (FAFSA) online at studentaid.ed.gov
You must complete a new FAFSA each academic year to receive your federal loans.
Use the University of Michigan Title IV School Code 002325 to apply for aid at the Ross School of Business.
Upon completion of the FAFSA, all students are eligible for $20,500 per academic year ($10,250 per term) in Federal Direct Unsubsidized (Stafford) Loans. See details of Unsubsidized loan below under the TYPES OF LOANS AND AID section.
2. Additional supplemental documentation may be required
You may be selected to submit additional supplemental documents, in order for us to finalize an Award Notice.
The Office of Financial Aid will send an email notification if additional supplemental documentation(s) are needed to complete the FAFSA award processing.
Students may sign in to Wolverine Access to view the status of their FAFSA application.
Please note that the award processing may take 2-3 weeks from receipt of the FAFSA AND any required supplemental documents. Note: we are unable to finalize an award until all supplemental documents have been received/reviewed.
3. Financial Aid Official Award Notice email notification
A notice will be sent to you via email that your Financial Aid Official Award Notice has been created.
You may view this on Wolverine Access.
Please read carefully over the Official Award Notice and review Required Reading.
Decline any unwanted financial aid offered per the instructions in the Award Notice, under the Accept/Decline section of Wolverine Access.
4. To fully Accept Unsubsidized loan offer
All aid is automatically placed to the assumption of “Accept” on Wolverine Access. However as a first time loan borrower at the University of Michigan, you may be required to complete additional documents to fully accept your loan offer. If this is your first time borrowing a loan at University of Michigan, you will be emailed instructions a month prior to scheduled disbursement to complete an online Entrance Counseling session, and to sign an unsubsidized Master Promissory Note (MPN). Or you may go to the following website and do this any time prior to receiving notification from our office at: studentloans.gov
The address below is required in the Master Promissory Note process:
University of Michigan - Ann Arbor 503 Thompson Street Ann Arbor, MI 48109-1340 - G02325
5. Need Additional Borrowing?
Alternative loans include the Federal Grad PLUS (see below section on TYPES OF LOANS AND AID) or Private Loan Programs. Please note that alternative loans require a credit check. Processing time is estimated at 4 weeks, but could be longer depending upon individual circumstances.
If approved for an alternative loan, the student will be able to borrow up-to the remaining Cost of Attendance that’s not met by University’s financial aid award.
A new applications must be submitted each academic year, student wishes to borrow these loans.
For Fall/Winter terms we suggest to apply for the Federal Grad PLUS or Private Loans after July 1 but ideally before August 1 if you wish to have funds before the Fall billing due date. We can still create a loan after this date for a term that is still active.
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o NOTE: Students that apply late and are using an alternative loan to pay for the remaining difference of their bill not covered by their Official Award Notice may be subject to a late fee assigned by Student Financial Services for unpaid balance after the initial billing due date.
o Unresolved past due balance will result in a hold against the student’s account. Holds will prevent students from graduation, requesting for transcripts, bidding and registering on future terms.
o Once the term ends, we will not be able to create a federal unsubsidized or Grad PLUS loan for a past term. Some private loan lenders offer Retroactive Educational Loans.
Need Alternative loans for Spring/Summer 2020? o Complete the Spring/Summer Request for Financial Aid form to receive your Unsubsidized loan
for Spring/Summer 2020 (available mid-February on iMpact) and a new 2019-2020 Grad PLUS or Private loan application with the Spring/Summer borrowing term dates.
o We suggest to do this around mid-February/March of 2020. 6. Sign up for Direct Deposit in Wolverine Access.
Funds in excess of tuition and fees refunded to you by Electronic Funds Transfer (EFT).
Without Direct Deposit, the refund check is mailed to the current active address in Wolverine Access. Be sure to updated or review your address on Wolverine Access two weeks before each term.
Once Direct Deposit is initiated, it remains in effect until you cancel it. To cancel, complete a Direct Deposit Authorization Form and submit it to the Payroll Office.
To set up Direct Deposit: Go to Wolverine Access > Student Tab> Student Business > Payroll and Compensation > Direct Deposit. You may set up direct deposit at any time during the year; however, allow 10 days for processing.
HOW TO APPLY FOR A FEDERAL DIRECT GRAD PLUS LOAN
1) First complete the Free Application for Federal Student Aid (FAFSA). 2) Than complete separate application for Grad PLUS.
Use Federal School Code 002325 – for University of Michigan Ann Arbor. 3) Follow instructions to complete Grad PLUS Master Promissory Note, if you have not completed one. If not
approved, select from the available options. First-time borrowers must also complete the Direct Loan Entrance Counseling session.
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OTHER FINANCIAL AID RELATED INFORMATION Financial Aid Disbursements Financial aid funds disburse approximately 10 days prior to the first day of the term. Financial aid pays tuition and fees first. If you have financial aid funds that exceed the charges on your student account at the time of disbursement, you will receive a refund, which may be used to pay other educationally related expenses. Note: that if subsequent charges are made to your account, you are responsible for paying them. Your refund will be issued in the form of either a direct deposit into your bank account or a check mailed to your current active address in Wolverine Access. We highly recommend that students set up direct deposit in Wolverine Access. (See information regarding Direct Deposits, above in the BILLING DUE DATE section) Loans—Cancellation /Decrease Should you need to cancel or adjustment your loan amount, please email [email protected]. Please be sure to include your eight-digit student ID number in the email. Note: Students can cancel federal loan offers any time prior to disbursement. Students are allowed 60 days after the first initial date of loan disbursement to cancelling or decreasing a federal loan amount. Private loans have greater restrictions with cancellation and adjustments. Private loans may not be adjusted at any point after loan certification. Cancellations must take place before we receive funds from Private loan lender. Budget Re-Evaluation—Increased Loan Funds Budget Re-Evaluations are only offered during the Fall and Winter terms. The Budget Re-Evaluation form becomes available October 1 and closes March 20. Budget adjustment considerations can only be for student expenses. Expenses for Family members or others cannot be included. Moving expenses, club fees, interview costs (including travel and clothing) also cannot be included. Some examples of allowable expenses are rent, phone, internet, travel expense to home state (out-of-state students only) and a one-time computer expense. There are limits to the adjusted amounts. Documentation is required for each expense you submit, and it takes approximately two to three weeks to process. Loan Servicer Federal loan borrowers are assigned a federal loan servicer to assist during borrowing and repayment. Go to the National Student Loan Data System for servicer information. Ross Short-Term Tuition Reimbursement Loans are managed by the University of Michigan Student Loan Collections.
Student Loan Collections 6000 Wolverine Tower Phone: (734) 764-9281 or 1-800-456-0706 3003 South State Street Fax: (734) 647-3804 Ann Arbor, MI 48109-1287 E-mail: [email protected]
Required Reading The Central Office of Financial Aid publishes Required Reading. Check it out for a wealth of information - from receiving your award notice to using Wolverine Access.
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Residency Issues (In-State or Out-of-State) Contact the Residency- Registrar’s Office at:
University of Michigan Office of the Registrar 5000 LS&A Building Phone: (734) 764-1400 500 S. State St Fax: (734) 615-2432 Ann Arbor, MI 48109-1382 Website: http://www.ro.umich.edu/resreg.php
Veterans The Stephen M. Ross School of Business is proud to support our veterans and military members. The Board of Regents at the University of Michigan offers in-state tuition status to all those who serve or who have served. Please reference our U.S. Veterans webpage for information on using your benefits at Ross. Students with Children The U-M Child Care Subsidy Program provides funds to students with children to assist in meeting the cost of licensed child care. International students may qualify. Multidisciplinary Action Projects (MAP) All Weekend MBA students starting in Spring/Summer 2020 are enrolled in MAP during their Winter 2021 term. During MAP, all students have payments made on their behalf. Per federal policy, all students must have all sources of financial aid payment reported. This includes any payment made on the student’s behalf toward his/her education expenses. Ross Financial Aid calculates an estimated MAP payment each academic year and uses this estimate for all Weekend MBA students. The estimate for Weekend MBA students attending Ross MAP in Winter 2021 is $1,078. To record these expenses, your Winter 2021 budget has been increased by $1,078, and a $1,078 placeholder has been added to your financial aid summary. These two actions record the estimated expenses you will incur during your MAP project and document the expenses paid on your behalf. Please note the $1078 is not refundable. This budget and the corresponding placeholder cancel each other out and create an equal balance of expenses and payments on your account. Please contact Ross Financial Aid if you have any questions regarding this process.
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U.S. CITIZEN AND PERMANENT RESIDENT FINANCIAL AID CHECKLIST
___/ Complete the Free Application for Federal Student Aid (FAFSA) online at: studentaid.ed.gov Use the University of Michigan Title IV School Code 002325 to apply for aid at the Ross School of
Business. ___/ Submit additional documentation, if required. Be sure to check your umich email regularly. You will be notified by email if additional documentation
is needed. ___/ Financial Aid Official Award Notice email notification. ___/ Complete the Entrance Counseling and sign your Direct Loan Master Promissory Note (MPN) online at:
https://studentloans.gov/myDirectLoan/index.action
The address below is required in the Master Promissory Note process: University of Michigan – Ann Arbor 503 Thompson Street Ann Arbor, MI 48109-1340 – G02325 ___/ Submit an alternative loan application if you plan to borrow additional funds to help with remaining
tuition, or remaining Cost of Attendance budget.
Processing time is estimated at 4 weeks, but could be longer depending upon individual circumstances. ___/ Set up Direct Deposit in Wolverine Access.
To set up direct deposit, log into Wolverine Access > Students tab > Student Business > Payroll and Compensation > Direct Deposit.
___/ Review your student account regularly in Wolverine Access. ___/ Questions regarding refunds from credits on your account contact Student Financial Services at
[email protected] or call (734) 764-7447. ___/ Complete Spring/Summer Request for Financial Aid form in mid- February ___/ Submit new alternative loan application for Spring/Summer 2019 in February or March if you plan to
borrow additional funds to help with remaining tuition, or remaining Cost of Attendance budget.
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INTERNATIONAL STUDENT FINANCIAL AID CHECKLIST
___/ Select a Private loan lender. ___/ Submit your loan application, and work with private loan lender
Processing time is estimated at four weeks, but could be longer depending upon individual circumstances. Check with Private Loan Lender for estimate of loan processing time and add 2 additional weeks for University processing time.
___/ Set up Direct Deposit in Wolverine Access.
To set up direct deposit, log into Wolverine Access > Students tab > Student Business > Payroll and Compensation > Direct Deposit.
___/ Review your student account regularly in Wolverine Access. ___/ Questions regarding refunds from credits on your account contact Student Financial Services at
[email protected] or call (734) 764-7447.
