Requirements for Disbursements & Refunds
Find details on how different types of financial aid are disbursed and received.
Financial aid is paid out at the beginning of the term for which you have enrolled. Term start dates are posted on the UMMS Academic Calendars. When and how you receive your aid depends on the type of aid you receive and whether you have completed requirements for receiving your funding.
Read the information on this page carefully to find out about how different types of financial aid are disbursed, when you can expect to receive them, and what you must do to receive your funds.
You will be packaged based on full-time enrollment, unless we have been notified of reduced enrollment plan (such as an LOA). Should your enrollment change, your aid will be adjusted shortly thereafter and you will receive a revised financial aid notice reflecting your level of enrollment.
Financial aid is paid out at the beginning of the term for which you have enrolled, or the beginning of the first class within term for which you have enrolled – whichever comes later. Thereafter, students will receive aid after they have:
- Submitted any requested documents and responded to our requests for additional information.
- Enrolled (not wait-listed) at least half time (six credit hours).
- Completed all loan promissory notes so that your loans will disburse.
- For Direct Loans, complete online at studentaid.gov. Your note remains valid for 10 years and you do not need to sign another one unless you have been out of school for one year or more.
- For LDS, complete your MPN(s) using Wolverine Access. You must also complete an online Rights and Responsibilities Statement annually before disbursement.
- Completed online Entrance Counseling: First-time, first-year Direct Loan borrowers and Grad PLUS borrowers must complete this at studentaid.gov. For more about Direct Loan requirements, see the "Completing Your Loan Requirements" section of the Direct Loans page.
Grants, scholarships, and loans administered by the UMMS Financial Aid Office are first applied to your U-M student billing account to pay tuition, fees, university-operated housing, and other direct university charges. U-M grant funds are applied first to tuition, then to other on-campus charges. Aid awarded for a specific term can only be used to pay charges for that term and will only be disbursed during that term. See the Wolverine Access Student Account Activity help page for more information.
Financial aid is paid to your U-M billing account weekly on Wednesday evenings. If your aid covers your billed charges and you are eligible for a financial aid refund, a refund will be generated the following Thursday morning. Students who have set up a direct deposit account between the university and their bank/credit union will typically receive their refund within two to three days. Students receiving refunds by check may experience more delayed delivery, depending upon where the check is being mailed. All students are highly encouraged to establish direct deposit.
If you have a private scholarship check and the scholarship sponsor or donor sends funds to the university, the funds will be applied directly to your university student account, one-half in the fall term and one-half in the winter term, unless otherwise specified by the scholarship sponsor. Payments are usually processed within two weeks of the start of each term, upon full-time registration.
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 local address. See below for information about what to do if you have excess funds but do not receive a refund check or deposit.
Direct Deposit is available through Wolverine Access and is the university's preferred way to pay your financial aid. It is also the best way to ensure your aid funds are received in a timely manner. To have your financial aid refunds deposited directly to your bank account:
- Visit Wolverine Access and navigate to the Payroll tile, select the "Direct Deposit" link to sign up. It will remain in effect until you cancel it.
- This authorization covers all money disbursed to you, including financial aid refunds and university employment wages.
- Keep your bank account information up to date in Wolverine Access; if your bank account changes or the number is incorrect, your financial aid refund cannot be disbursed and your aid will be delayed.
- For Frequently Asked Questions about Direct Deposit and more information, visit U-M Financial Operations.
- If you do not have Direct Deposit, a paper refund check will be mailed to your local (current) address as listed on Wolverine Access. Always keep your address up-to-date with the university.
Under some circumstances, your refund will appear as a credit on your student account. You will need to request that a refund check be issued to you for this credit. A check for your refund will not be issued automatically. In this case, you may contact Student Financial Services to request that the funds be released to you.
