The University Loan is a short term loan program designed to help currently enrolled students with unforeseen educationally related expenses.
The loan must be repaid by the Due Date of the loan (generally within 90 days if you are in the Law or Medical School, or within 90 days or by your expected graduation date whichever is less, if you are in any other School). The Loan Fee will be charged to your student account.
To be eligible for a University Loan, you must:
- be a currently enrolled student (Medical and Law School students must be enrolled full time),
- have no financial or academic holds on your student record,
- request a minimum of $100 and a maximum of $500. Medical and Law students can request up to $1000,
- have not received a short term University Loan in the last 90 days.
Terms and Condition
On or before the Due Date, the Loan Amount must be paid in full. The student will pay all attorney's fees and related costs and charges incurred in the collection of any amount not paid when due according to the terms on the promissory note.
The student must agree that any claim, demand, or action which arises from this note may be brought in the courts of the State of Michigan, Courts of Washtenaw County. The student must also agree that any such claim, demand, or action will be governed by the laws of the State of Michigan, to the extent not preempted by applicable Federal law.
The borrower may, at his/her option and without penalty, prepay all or any part of the Loan Amount at any time.
If the borrower does not pay any installment when due, the whole sum of the Loan Amount shall be immediately due and payable at the option of The Regents of The University of Michigan from the date of acceleration until paid in full. Interest will be charged from the Due Date of the loan. A negative service indicator will be placed on the borrower's record in the event any installment is not paid in full when due.
If the borrower fails to pay this obligation under the terms agreed upon, The University of Michigan may refer the loan to a collection agent for further collection efforts, initiate legal proceedings against the borrower, and withhold institutional services such as transcripts and letters of recommendation.
The borrower authorizes The University of Michigan to investigate his/her credit standing when making, renewing, reviewing, or collecting any loans(s). The University of Michigan is further authorized to disclose information regarding the borrower's credit experiences with the University or Credit Bureaus and other creditors.
The borrower agrees to keep the Student Financial Services office informed of his/her address at all times either at https://wolverineaccess.umich.edu or 515 E. Jefferson, 2226 SAB, (734) 764-7447.