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Michigan College of Optometry Financial Aid

Financial Aid Guide for Michigan College of Optometry Students

Below you will find the most common financial aid options for a student going through the College of Optometry program. If you have specific questions about your financial aid, please contact Melanie Mulder at the email or telephone number provided at the bottom of this page.

FAFSA

Complete the FAFSA (preferably by April 1st) to be eligible for the Federal Unsubsidized Loan for an amount of up to $20,500 for the academic year.

Health Professions Loan

The Health Professions Loan is the only loan option for graduate level students that has no interest accrual while you are enrolled at least half-time in school. To be considered for this very limited funding, make sure you provide parental tax information on your FAFSA by April 15th. An email with a link to the Health Professions Loan application will be sent to you early in June. Applications are date and time stamped as they are received and funds are awarded in that order, until they are expended. Parent's information must be included on the FAFSA (regardless of the student's age). Parental information is used for Health Professions Loan consideration only. Failure or late addition of parental data on the FAFSA may result in ineligibility for Health Professions Loan awards. 

Graduate PLUS Loan

To apply for this loan option, you must have a FAFSA on file. This application requires credit- worthiness and may be requested to cover up to the remaining balance of your Cost of Attendance. 

Advantages to the Grad PLUS Loan is that it is very easy to qualify for, and typically does not require a co-signer. It has a moderate fixed, interest rate (5.30% for 2020-2021). The disadvantage of this loan is that it has a significant loan processing fee (currently 4.236% of the amount borrowed). 

You may apply for the Grad PLUS Loan at https://studentloans.gov/myDirectLoan/index.action. Applications for the 2019-2020 academic year will be available beginning June 1, 2019.

Private Loan Options

Most private loan options require credit-worthy cosigners. However, private loans typically have zero processing fees, which could potentially save you hundreds of dollars each year. 

ElmSelect Private Alternative Loan Options for Doctoral/Professional Students

Scholarship Opportunities

Scholarship applications open in mid-December and usually have a due date of mid-February for the upcoming academic year. Decisions aren't usually determined until summer.

Payment Plan Arrangements

Student Financial Services offers multiple payment plan options that you may choose from each semester. There is a $30 payment plan fee charged for each semester that you select a payment plan. 

Contact: Melanie Mulder

Email: [email protected]   Fax: 231 591-2950        Phone: 231 591-2121