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2008-2009 University of Michigan Payment Plan
Enrollment is now being accepted in the 2008-2009 Fall/Winter and Fall Only
U of M Payment Plan.
Postcards announcing the Payment Plan were mailed in early June to the permanent address of record for new, matriculated students and to returning students pre-registered for one or more credit hours for Fall term 2008.
Information and Policies
(OPTIONAL for U. of M. - Ann Arbor Students)The U of M Payment Plan is administered for the U of M by Sallie Mae. The Payment Plan allows parents/students to spread payment of anticipated educational expenses over 10 payments for the full academic year (or 5 payments for the Fall term only or Winter term only). Participation in the U of M Payment Plan is optional. The Payment Plan is an alternative option to the normal U of M Payment schedule. Please see below for additional information on the U of M Payment Plan:
Any University of Michigan - Ann Arbor campus undergraduate, graduate, or professional school student, or the parent or guardian of such student, is eligible to participate in the U of M Payment Plan. Enrollment in the Payment Plan is not automatic. Students must enroll in the Payment Plan.
Please note: Enrollment in the U of M Payment Plan is not automatic for current participants. Students must enroll in the Payment Plan on a yearly basis.
The expenses below may be budgeted through the U of M Payment Plan:
- Tuition
- Mandatory Fees
- Room & Board (including Entrée Plus charges)
- Lab Fees
- Miscellaneous Expenses charged to the student account AND not listed under the "Expenses That May Not Be Budgeted" section below.
Please contact Student Financial Services if you have additional questions concerning those charges that may be budgeted through the U of M Payment Plan.
Expenses That May Not Be Budgeted
The expenses below may not be budgeted through the U of M Payment Plan:
- Personal Expenses
- Books
- Supplies
- Living Allowances
- Monthly Rent (Off Campus Housing or U of M Northwood Community Apartments)
- Computers
Please contact Student Financial Services if you have additional questions concerning those charges that may not be budgeted through the U of M Payment Plan.
Estimating the Annual Budgeted AmountThe Annual Budgeted Amount is the total ESTIMATED annual expenses less the total ESTIMATED credits (financial aid awards, student loans, scholarships, etc.). The link below is to an estimated student budget for the Fall/Winter terms. This may be a useful guide in establishing the annual budgeted amount:
We recommend that in estimating expenses you estimate HIGH and in estimating credits you estimate LOW. CREDITS FOR SCHOLARSHIPS, FINANCIAL AID, GRANTS, ETC. MAY NOT BE APPLIED TO THE SALLIE MAE PAYMENT PLAN ACCOUNT. In this case, please contact Sallie Mae by phone at 800.635.0120 to adjust the amount of the Annual Budgeted Amount.
In addition to the Payment Plan statement received from Sallie Mae, a separate eBill will be generated from Student Financial Services. The eBill from Student Financial Services will reflect the actual charges for tuition, room/board, mandatory fees, entree plus, as well as other charges the student may be responsible for. Payment records for the Sallie Mae Payment Plan and the U of M student account are kept separately. Both have separate mailing addresses. To ensure prompt and proper credit for your Sallie Mae Payment Plan payment, please make sure to include the payment coupon from the statement received from Sallie Mae and mail it in the envelope that accompanies the Sallie Mae statement for the Payment Plan. Payments made to Student Financial Services can not be transferred to Sallie Mae.
Payments submitted to Sallie Mae are not posted to the student's U of M student account as payments are made. If enrolled in the 10 payment plan for Fall & Winter terms, the U of M will post a credit to the student's account each term for one half of the Annual Budgeted Amount for the U of M Payment Plan. If the student is enrolled in the Fall term only or Winter term only payment plan, the U of M will post a credit to the student's account equal to the Budgeted Amount for that plan.
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There is an enrollment fee charged for enrollment in the U of M Payment Plan. The enrollment fee charged is dependent on the type of plan the student is being enrolled in. A list of enrollment fee charges is below:
10 payment plan without insurance 10 payment plan with insurance 5 payment plan without insurance 5 payment plan with insurance
The enrollment deadline for the 2008-2009 Fall/Winter and Fall Only U of M Payment Plans is June 30, 2008. Applicants enrolling by this date will be able to take full advantage of the 10 payment schedule for the annual plan. If enrolling after June 30, 2008, payment(s) currently due must be made and the application fee paid at the time of application. Please contact Sallie Mae at 800.635.0120 or visit their web site to determine the total amount of payments currently due.
The enrollment deadline for the 2008-2009 Winter Only U of M Payment Plan is December 31, 2008.
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Credits balances created by the U of M Payment Plan may be refunded on a term basis as follows:
- Fall term Payment Plan credits will be refundable after November 1.
- Winter term Payment Plan credits will be refundable after May15.
Please Note: All scheduled payments must be posted to the Sallie Mae account before a refund can be issued.
If a Payment Plan account is delinquent in any amount by 15 days or more, Student Financial Services reserves the right to remove the participant from the Payment Plan. Any payments made on the Payment Plan will be applied to the student account if the student is registered. If the student is not registered, any payments made will be refunded to the applicant. Once a Payment Plan has been canceled due to delinquent payment, the normal University of Michigan financial regulations and payment schedules will apply. Payment Plans terminated due to delinquent status may not be reinstated for the current Payment Plan year.
Adjustments to Budgeted Amounts
An INCREASE OR DECREASE in the Budgeted Amounts will be accepted through the following dates for the Payment Plan:
Payment Plan Deadline for Increase/Decrease Fall term 2008 Only (5 payments beginning 07/01/08) October 1, 2008 Winter term 2009 Only (5 payments beginning 12/01/08) February 1, 2009 Annual Plan (10 payments beginning 07/01/08) February 1, 2009 PLEASE NOTE: Cancellation of the Annual Plan or the Winter Plan will be accepted through April 1, 2009. Cancellation of the Fall Plan will be accepted through November 1, 2008.
Cancellation of the Payment Plan The Payment Plan may be canceled by the applicant, spouse of the applicant, or the student the Payment Plan has been established for at any time without penalty. Please contact Sallie Mae by phone at 800.635.0120 to request a cancellation of the Payment Plan.
All payments made on the Payment Plan will be applied to the student account if the student is registered. If the student is not registered, all payments made will be refunded to the bill payer listed on the Sallie Mae account. Once a Payment Plan has been canceled, the normal University of Michigan financial regulations and payment schedules will apply.
If a student in the Payment Plan withdraws from the University of Michigan, all payments made to the Payment Plan will be applied to the student's U. of M. student account. The normal University of Michigan refund policy will apply if application of the payments results in a credit balance on the student's account.
If you have questions concerning your Sallie Mae account or if you wish to enroll in the U of M Payment Plan over the phone, you can contact Sallie Mae by telephone toll free at 800.635.0120. You may also enroll in the Payment Plan or access your current Sallie Mae account through Sallie Mae's web site.
If you have any questions concerning the Payment Plan after reading the above, please write, call, or fax the University of Michigan as follows:
University of Michigan
Student Financial Services
2226 S. A. B.
515 E. Jefferson
Ann Arbor, Michigan 48109-1316
Telephone: 734.764.7447
Toll Free number: 877.840.4738
(within the United States and Canada only)
Fax: 734.647.0061
Email: UM-SFO@UMICH.EDU
PLEASE NOTE: Participation in the U of M Payment Plan is optional. The normal University of Michigan payment schedule for each term requires all miscellaneous fees, entree plus charges, and tuition/room and board to be paid by August 31, 2008 for Fall term 2008 and January 7,2009 for Winter term.
It's as easy to enroll in the 2008-2009 U of M Payment Plan:
- Enroll over the phone by calling Sallie Mae toll free at 800.635.0120
OR
- Enroll on-line by visiting Sallie Mae's web site.
For additional information on the U of M Payment Plan, please review the Payment Plan Brochure. If you prefer to enroll through the mail, you may do so by completing the 2008-2009 UM Payment Plan Enrollment form. Both the Payment Plan Brochure and Enrollment Form may be viewed and printed using Adobe Acrobat Reader.