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HomeAdmissions & Financial AidMSW ProgramLoans and College Work Study

Loans and College Work Study

Loans

The University Office of Financial Aid (OFA) administers the Federal Direct Loan, Federal Perkins Loan, and the Federal/Michigan Work-Study Programs. MSW students must be enrolled for a minimum of eight credit hours per term to be eligible for the Federal Direct Loans, Federal Perkins Loan and College Work-Study Program.

The following types of financial assistance are awarded by the University’s Office of Financial Aid which is located on-campus at 2011 Student Activities Building. Please note that the University of Michigan participates in the Direct Loan program, and therefore, does not process Subsidized or Unsubsidized Stafford Loans, or Grad PLUS Loans through private lenders.

• Federal Direct Stafford Loans

In 2007-2008, eligible MSW students could receive up to $4250 per semester in Federal Direct Stafford Subsidized Loan aid and $6000 per semester in Federal Direct Stafford Unsubsidized Loan aid. Federal Direct Stafford Subsidized Loan are need-based. Federal Direct Stafford Unsubsidized Loans are non-need-based.

Note: The difference between the Subsidized and Unsubsidized Direct Loan is that students borrowing the Subsidized Loan do not pay interest on the loan while they are enrolled at least half-time; conversely, students borrowing the Unsubsidized Loan must pay interest while they are enrolled in school. The Unsubsidized Loan does allow you to defer the interest payments until you graduate; however, this will result in a higher loan payment over the life of the loan.

• Federal Perkins Loan

Perkins Loans are available to eligible students based on demonstrated need. Funding for Perkins Loans is based on federal allocations. Therefore, award maximums may vary from year to year. Repayment of Perkins Loans may be forgiven for students working in certain employment sectors following graduation. In 2007-2008 Perkins Loan aid was $550 per term for MSW students. Advanced Standing and 16 month students should note that Perkins Loan aid is typically not available in the Spring/Summer semester.

• Grad Plus Loans and Private or Alternative Loans

Many students find that supplemental borrowing becomes an important resource to finance educational expenses. The Grad Plus Loan and Private Non-Need-Based Loan options may be of interest to those who:

• have little or no eligibility for need-based financial aid programs,
• need additional assistance to pay college costs after other forms of aid have been awarded,
• are classified as nonresident students and need additional resources to "fill the gap" between need-based financial aid and college costs, or
• have unusual costs above the standard cost of attendance budgets used by the Office of Financial Aid (OFA).

In some cases, the variable interest rates available through federal programs (such as the Unsubsidized Direct Loan and the PLUS Loan) are lower than the rates for private loan programs-students should compare the terms and interest rates of these loan programs carefully.

For information on private, non-need based loans, visit:
www.finAid.umich.edu/Types_of_Financial_Aid/Loans/privloans.asp

Additional loan information is available on the University of Michigan Office of Financial Aid website.

College Work Study

Work-Study Employment is a financial aid program that is awarded to students who have financial need.

The Work-Study Program is designed to assist MSW students to earn money to help pay educational expenses through employment which is subsidized.. Under the Work-Study program, a percentage of a student's earnings is paid through federal or state funds, and the remainder is paid by the student's employer (therefore many qualified employers are eager to hire Work-Study students).

Students who wish to be considered for the Work-Study program must apply for financial aid through the University of Michigan Office of Financial Aid by completing and submitting a Free Application for Federal Student Aid. Students awarded Work-Study may apply for Work-Study jobs as listed on the Student Employment Office web job posting site (these jobs are not available to students without Work-Study). Students may also post their information and a resume on the SSW website: https://www.ssw.umich.edu/tempemployment/. This information is available to SSW faculty and staff who hire Work-Study employees.

A student may earn wages up to the amount listed on his/her Financial Aid Award Notice. In 2007-2008 eligible MSW students received up to $1500 of eligibility per semester for work study earnings. The Office of Financial Aid and the Student Employment Office administer the Federal College Work-Study program and the Michigan Work-Study program (funded through federal and state resources, respectively). Students may choose to utilize their Work-Study awards with community service agencies. See the Student Employment website for details.

Eligibility for Work-Study

To be eligible to apply for a Work-Study position, a student must receive a Work-Study award as part of his or her financial aid package and the student must be enrolled in at least four credit hours of course work in a given semester.

Advanced Standing and 16 month students should note that Work-Study may not be available for Spring-Summer semester.

Note: Students can not be paid Work-Study funds for field placement credit.