Short-Term University Loan
Diverse group of four students seated around a study table talking

Short-Term University Loan

The University Loan program provides funds to help pay for unexpected expenses related to your education. These loans must be repaid within 90 days.

To apply and be approved for a University Loan, you must:

  • Be enrolled full-time at the University of Michigan Medical School.
  • Have no financial or academic holds on your student record.
  • Have not received a short-term University Loan in the last 90 days.
  • Request a minimum of $100 and a maximum of $1,000.

How to Apply

The fastest way to apply is online (the eULoan process) through Wolverine Access.

Select Student Business, then select Short-Term University Loan.

To apply online, you will need:

  • Your UMID
  • Contact information for up to four references
  • Your driver’s license or state identification card number

Allow up to 15 minutes to complete the application and approval process.

Note to Mac users: Wolverine Access requires that you use Internet Explorer to complete the application. You can use the U-M Virtual Sites service to connect remotely to a PC in a U-M computing lab if you don’t have access to Internet Explorer.

Notifications: Applications for the loan are approved or denied automatically online.

If You're Approved

You will need to electronically sign a promissory note while online.

Within two business days, you’ll get an email to your U-M account telling you that your loan funds will be disbursed.

The money will either be directly deposited into your bank account if you have a Direct Deposit authorization on file, or mailed to your local address, as listed in Wolverine Access (if you’re not using Direct Deposit).

If You're Denied

The reason for the loan denial will be displayed online after you submit the application.

If you resolve the denial reason(s) within 30 days, you can update the eUloan application. Contact the Medical School Financial Aid Office if you have questions.

If you would rather sign a paper application and promissory note, contact the Medical School Financial Aid Office.

Your Responsibilities

Carefully read your promissory note, including all the terms and conditions. Make note of your loan amount and repayment date.

Notify the Medical School Financial Aid Office immediately if you are unable to meet your scheduled repayment date.

Failure to repay your loan by the due date will result in a financial Hold Credit being placed (Negative Service Indicator) on your student account.

The final repayment date can be extended only under rare circumstances. Documentation of the circumstances may be required.

How to Repay Your Loan

Your University loan will appear on your student account. Student Financial Operations will send you an email when you have a student account statement available to view on Wolverine Access.

When you pay back your loan, be sure to request that the payment be applied specifically to your University Loan.

Mail your payment or pay in person at one of the U-M Cashier’s Office locations. Cash or checks only; no credit cards.

Pay online through Wolverine Access. Select View Due Charges / Make a Payment.

If you have any questions, please contact the Medical School Financial Aid Office at 734-763-4147 or at [email protected].