University of Michigan Emergency Short Term Loan
Ross Emergency Funds
Emergency Resources Around Campus
Open October 1, 2021 through March 20, 2022.
All students receive financial aid based on their program's standard Cost of Attendance budget (COA). The COA includes tuition, fees, along with an estimate for: books, supplies, housing, and personal/miscellaneous educational and living expenses.
Sometimes the standard COA does not realistically meet a student’s actual expenses. Students in need of additional borrowing beyond the standard COA, may explore a Budget Re-Evaluation.
- Budget Re-Evaluations will be available early October each year. With a yearly deadline of March 20.
- Must have supporting documents of expenses.
- Expenses must be within the current academic year.
- Expenses must be program related. Not all expenses are eligible. Examples of some excluded expenses include: M-trek, car expenses, and recruiting expenses. Expenses for family members cannot be included.
- Ross Financial Aid has the authority to cap the total amount allowed in the Budget Re-Evaluation process.
Steps for completing A budget re-evaluation:
- Print or Download the Ross Graduate Educational Expenses Worksheet
- Read form.
- Complete front page and only fill out the line items in which your actual expenses exceed the standard allotment.
- Gathering supporting documentation for line items that you believe are beyond the standard allotment.
- Email the completed form and supporting documents to firstname.lastname@example.org. Be sure to include your 8 digit UMID number within the email.
Once received by Ross Financial Aid: Review process of application and supporting documents can take approximately 2-3 weeks. Students may receive an email for additional documents, if supporting documents are unclear or incomplete. Once the review has been finalized, Ross Financial Aid will email the student the results of the Budget Re-Evaluation. If approved for a Budget Re-Evaluation, students may decide to apply for additional loans to help cover their additional expense, or seek other outside funding.
Short-Term Emergency Loans
All students may be considered for a $500 in a short-term (90-day) interest-free loan. To qualify, a student must be enrolled and cannot have another outstanding short-term emergency loan. Typically, these loans should be used for unforeseen emergencies or short-term situations where you will be able to repay the money within a few weeks. Borrowing money is not a matter to be taken lightly and students should consider carefully whether they need a more long-term solution to a financial situation before taking out a short-term loan.
Apply through Wolverine Access following this path: Student Center > Financial Aid > Aid Year > Loans > Short-Term University Loans.
Please note that:
- Students with past due short-term loans will not be allowed to register for a new semester of study.
- Outstanding, unpaid balances may results in a change or reduction in your financial aid.
Ross Emergency Funds
Ross Financial Aid recognizes that some students may find themselves facing emergency expenses in order to be able to continue with their studies. Student's facing an emergency may explore the :
WHAT CONSTITUTES AS AN EMERGENCY:
Financial hardship due to an unforeseen dire circumstance. Examples include medical, dental, or mental health emergencies, major accidents; such as fire, flood, theft, and natural disasters. Poor financial choices do not constitute an emergency (e.g. credit card debt, poor use of financial aid resources, lending financial aid to friends or family). Emergency funds are not intended to supplement a student's financial aid package and are subject to federal and institutional regulations. Awarded emergency funds will be reported against the student account. If a student's current aid does not allow for additional funding without negative impact, we will be unable to provide emergency aid.
Related Emergency Resources Around Campus
If you are experiencing a life crisis, you may need other forms of support in addition to financial help. If you are ever feeling at a low point and need to speak with a counselor, these offices are available to assist you:
- U-M Counseling and Psychological Services (CAPS)
- For a comprehensive list of help around both campus, and off, visit the the U-M Mental Healthwork Group
- Visit the U-M Provost's Office website for more information about Student Emergency Funds around campus.