For more information on the Michigan Merit Award, see their website here. If you have a scholarship from a private donor, you must notify the Office of Financial Aid of the source and amount. We will put it in your aid package. However, the funds will not be applied to your bill until we receive the check from your donor. Any excess will be refunded to you during the week prior to classes.
Federal regulations prohibit actual payment of a loan more than ten days before classes begin.
Thus, most students who enroll and are billed promptly will have a temporary transaction on their bills, since bills are produced nearly six weeks before the start of classes. AND we have received an approval on the credit check from the loan servicer. Credit checks take five to seven business days to process once we receive the signed promissory note. Most financial aid awards are not designated to pay for specific charges. Aid is applied until all the charges are covered, without regard to the types of charges you have.