Student Financial Services
UM Payment Plan Refund Policy
Credit balances created by the University of Michigan 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.
Payment Plan Credits
Payments submitted to Sallie Mae on the U-M Payment Plan are not posted to the student's University of Michigan (U-M) student account as payments are made.
Qualifying Expenses
The following expenses may be budgeted using the University of Michigan (U-M) Payment Plan:
Parent/Family On-Line Student Account Summary
If your student has granted you access to their Account Summary you will be able to access this information on-line through Wolverine Access. Wolverine Access is a real time system where transactions posted to the student's account are immediately recorded and figured in account balance calculations. Therefore, when you access your student's Account Summary you are accessing the most recent information available. The only notable exception to this is payments made on a student's account at Student Financial Services or payments made via US mail.
