Financial Aid
Federal
The Free Application for Federal Student Aid (FAFSA)
The first step in the financial aid process, the FAFSA is used to apply for federal student financial aid, including grants, loans and work-study. Most states also use the FAFSA when awarding non-federal student financial aid. Submit the FAFSA on the web or by paper copy. You'll receive a Student Aid Report (SAR) after completing the FAFSA; you must review the SAR to ensure all information is correct. Your Expected Family Contribution (EFC), the amount your family is expected to contribute toward the cost of your education, is listed on your SAR.
Federal Pell Grants
Federal Pell Grants are different from loans in that they don’t have to be repaid. The maximum award for the 2000-2001 school year was $3,300. The amount you get depends upon your financial need, the cost of your school, your full-time/part-time status and whether you plan to attend for the full academic year or only part of it. Need is determined based on the information provided in the FAFSA.
Campus-Based Aid Programs
The Federal Supplemental Education Opportunity Grant (FSEOG), Federal Work-Study (FWS), and Federal Perkins Loan programs are administered directly by the financial aid office at your school. Not all schools participate in all three programs.
Federal Loans
Schools generally participate in either the Federal Family Education Loan (FFEL) Program or the William D. Ford Federal Direct Loan Program. PLUS Loans are also available to parents in order to pay for the education of a dependent child.
State
State Scholarships
All of the listed state scholarships are available only for Michigan residents who are United States citizens or permanent residents and who are not in default on an educational loan.
Campus-Based Aid Programs
These programs are administered directly by the college’s financial aid office. Eligibility for all of them includes demonstrated financial need, Michigan residence and United States citizenship or permanent residence, satisfactory academic progress, and enrollment in an eligible program. Applicants must not be in default on an educational loan.
MI-LOAN
The Michigan Alternative Student Loan (MI-LOAN) Program is offered by the State of Michigan for the exclusive use of students who are attending Michigan degree-granting colleges and universities. The MI-LOAN Program consists of two programs; the Creditworthy Loan Program and the Credit Ready Loan Program. These are private loans which are designed to help students whose educational expenses exceed other available assistance (scholarships, grants, and Federal Stafford Loans). The minimum MI-LOAN amount is $500 and the maximum is the cost of education minus estimated financial aid (up to $125,000 for the Creditworthy Program and $75,000 for the Credit Ready Program).
For More Information
Scholarship Opportunities
Access a list of various scholarships offered to accounting students.
Helpful Financial Aid Sites
Access a list of useful web sites to find out information about financial aid, loans and more.
Federal Student Aid Contacts
Department of Education, Student Financial Assistance
800.4.FED.AID
The Federal Student Aid Information Center
PO Box 84
Washington, DC 20044-0084
State Student Aid Contact
State of Michigan, Student Financial Aid
877.FA.FACTS
