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The university prepares a survey of bank fees and services to assist students with their banking decisions. The cost of attendance for graduate students is based on standard student budgets that the University’s Office of Financial Aid (OFA) establishes each year. Estimated costs are updated annually and details can be found on the OFA website.

U-M Services for Student Finances

Rackham Finance and Fellowships

The Finance and Fellowships Office conducts fellowships competitions, publishes annual information on fellowship opportunities, and provides information and counseling on financial support to Rackham graduate students. For additional information, please visit the website.

Office of Financial Aid

The Office of Financial Aid (OFA) administers federal, state, and institutional financial aid programs, and assists students with budgeting. General financial counseling is available to students even if they are not currently receiving financial aid. Students apply through OFA for grants, loans, and Work-Study employment; most aid awards are based on demonstrated financial need. Visit the OFA website for resources and information related to all types of financial aid and other financial questions you may have.

Student Financial Services

Student Financial Services manages student account billing and collection. There are many resources available on the website to assist students with managing and understanding the student bill. In addition, the office is responsible for posting tuition waivers based on your appointment as a GSRA (graduate student research assistant), GSI (graduate student instructor), or GSSA (graduate student staff assistant).

Teller Services

Teller Services works in conjunction with Student Financial Services to provide cash services to students, faculty, and staff. They accept payments from students, as well as provide disbursement services to students, faculty, and staff. Teller windows are available for full service student transactions: payments to student accounts, loan payments, and enrollment deposits. A student ID card and one additional piece of identification with signature are required for all transactions.

Financial Literacy

Get tips on handling your money from the U-M Office of Financial Aid and the nonprofit National Endowment for Financial Education at this free personal finance website. A student account and login are required, which will allow students to create a personal portal to save personal finance articles and information.


The Council of Graduate Schools (CGS) has developed GradSense, a unique online education platform that provides students with financial information about a range of topics including the value of pursuing an advanced degree. Through interactive visualization tools and engaging infographics, students are invited to better understand a variety of issues related to borrowing and spending, potential future earnings, and money management. You can find GradSense on Twitter (@GradSense) or on Facebook.

Tax Information

The following general information is offered as a resource and should not be considered tax advice. Your individual situation may not be covered by this information.

Scholarships and Fellowships

The general rule is that any income is subject to federal taxation, but scholarships and fellowships are excluded from taxation when the award is a qualified scholarship given to the degree-seeking recipient for the purpose of studying or conducting research at an educational institution.

Qualified scholarships and fellowships are defined to include tuition and fees required for enrollment or attendance at the educational institution and fees, books, supplies, or equipment required for courses of instruction at the institution. Expenses that are NOT tax exempt include room and board, travel, research costs, and equipment and supplies not required for enrollment. For tax purposes you must keep copies of all award notices and announcements. For items you wish to deduct you must have receipts.

In general, students bear the tax burden; federal government agencies require students to determine taxation of scholarships and fellowships when filing annual income tax returns. The University of Michigan does not issue 1099 forms to scholarship holders.

Taxable Income

Besides direct payment funds of tuition, fees, and benefits, all income is subject to taxation and must be reported on federal and Michigan state tax forms, as well as any other forms according to your individual situation. This includes stipends, debit funds, and any other funding you receive from the university that isn’t considered a qualified scholarship.


Salary from any employment at the university (including GSIs, GSRAs, and GSSAs) is subject to withholding and the tax is paid to the IRS on your behalf throughout the year (withholding). For stipends and other funds not tied to employment (e.g., stipends received as part of a fellowship or other funding package), the university does not report the stipend on a federal or state form and does not withhold any taxes. This does NOT relieve the recipient from the obligation of reporting these amounts on his/her individual income tax returns and paying the tax liability on the taxable portion of the stipend.

U-M Finance Office Tax Site

Find information, forms, calculators, frequently asked questions, and other important resources.

U-M International Center’s Tax Site

Special rules apply to foreign persons or non-resident aliens. Check the U-M International Center Tax Assistance site for more information.

Student Financial Operations Taxpayer Information

If you are a U.S. resident for tax purposes, you may be eligible to claim a tax credit on your federal tax return if you paid qualified educational expenses to the University of Michigan.

Emergency Financial Assistance

Rackham Graduate Student Emergency Fund

The Rackham Graduate Student Emergency Fund is intended to help meet the financial needs of Rackham graduate students who encounter an emergency situation or one-time, unusual, or unforeseen expenses during their degree program. Situations eligible for funding include such events as:

  • Medical, dental, or mental health emergencies for the student or, in some circumstances, for immediate family members who live with the student
  • Major accidents and events such as fire and natural disasters
  • Expenses related to the death of an immediate family member

Student Emergency Funds

U-M offers several types of assistance for students experiencing an emergency situation or one-time, unusual, unforeseen expense while in school. Options include grants and short-term, interest-free loans. Information regarding the availability of emergency funding from a variety of sources is available on the Provost’s Office website.