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Finances

Managing Your Finances as a Graduate Student at U-M

Navigating finances as a graduate student is unique and can be complex. The University of Michigan provides a wealth of resources to support you every step of the way.

Banking Insights

Making the right banking choice is crucial for managing your finances efficiently. U-M surveys bank fees and services to help you select the best banking options tailored to your needs. The International Center provides this helpful banking informational page that is useful for international and domestic students.

Understanding Cost of Attendance

The Office of Financial Aid (OFA) establishes annual standard student budgets that define the cost of attendance for graduate students. These budget estimates reflect the average costs for students, including tuition, housing, living expenses, and other costs related to being a student. These amounts are updated yearly. For detailed information, visit the OFA website.

Key Financial Services at U-M

Rackham Finance and Fellowships

The Finance and Fellowships Office is your go-to resource for:

  • Rackham fellowship competitions
  • Administering grants for conference travel, research, and emergencies

Discover more on the Rackham Finance and Fellowships website.

Office of Financial Aid

OFA administers a range of financial aid programs. Apply for grants, loans, child care subsidies, and work-study employment—all primarily based on financial need.

Explore resources at the OFA website.

Student Financial Services

Student Financial Services provides essential support, from managing student account billing to posting tuition waivers for graduate student research assistant (GSRA), graduate student instructor (GSI), and graduate student staff assistant (GSSA) roles. Access a variety of resources to manage your student bills effectively.

Visit the Student Financial Services webpage for more information.

Teller Services

Teller Services complements Student Financial Services by offering cash transactions and disbursement services. For student account payments, loan payments, and enrollment deposits, visit our teller windows with a student ID and an additional ID with a signature.

Visit the Teller Services webpage for more information.

Enhancing Financial Literacy

U-M Financial Aid TV

U-M Financial Aid TV offers step-by-step information about the aid process and tips about financial literacy using more than 1,000 available videos.

GradSense

GradSense, developed by the Council of Graduate Schools, offers a rich platform with tools and infographics to help you understand financial topics, from borrowing and spending to future earnings and money management.

Follow GradSense on Twitter (@GradSense) or Facebook.

Tax Information

This guide provides general tax information and is not intended as tax advice. For specific situations, please consult a tax professional.

Scholarships and Fellowships

There are many scholarship scams. Please investigate these opportunities thoroughly and reference the official Federal Student Aid website for more guidance.

Scholarship income is generally taxable, but some scholarships and fellowships can be excluded if they are for qualified expenses. Qualified expenses include:

  • Tuition and required fees
  • Books and course supplies

However, any grant or stipend exceeding the actual cost of qualified expenses is taxable, as is any funding dependent on service to the university, which includes university employment positions.

Keep all award notices and receipts for tax purposes.

Taxable Income

Report all income, including stipends, on federal and Michigan state tax forms and other relevant forms.

Withholding and Reporting

For university employment (GSIs, GSRAs, GSSAs), taxes are withheld and paid to the IRS on your behalf. For stipends unrelated to employment, taxes aren’t withheld in most cases, placing the responsibility on you to report and pay taxes.

Useful Tax Resources

Emergency Financial Assistance

Rackham Graduate Student Emergency Fund

The Rackham Graduate Student Emergency Fund is available for emergencies and unforeseen expenses during your degree, such as:

  • Medical, dental, or mental health emergencies
  • Major accidents or events like fires and natural disasters
  • Expenses due to the death of an immediate family member

Student Emergency Funds

U-M offers assistance for financial emergencies through grants and short-term interest-free loans. For more details, visit the Provost’s Office website.

Student Employment

At the University of Michigan, we offer dedicated resources to help you secure employment. Explore the comprehensive guide on federal work-study and other job opportunities tailored to meet your academic and financial needs. From part-time positions to research assistantships, the platform connects you with employment options that can ease your financial burden while complementing your academic schedule.