The University of Memphis- Student Financial Aid

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Aid Programs
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Once financial aid eligibility is determined, the Student Financial Aid Office offers students a Financial Aid Package - usually student loans - to meet as much of the student's need as possible. Enrolled hours, residency classification, cumulative grade point average, and other financial assistance already received or expected will affect the amount and type of financial aid students can receive to meet their financial need.

Loans

Work Programs

Scholarships

Alternative Loans

Loans

Federal Direct Student Loans

Subsidized Stafford Loan
A low (variable) interest loan available to degree seeking students enrolled at least half-time (i.e. 5 graduate credit hours or 6 law or 6 undergraduate credit hours), based on financial need. The interest is paid by the government while the students are attending school. Repayment of principal and interest begins 6 months after enrollment ceases to be at least half-time.

Unsubsidized Stafford Loan
A low (variable) interest loan available to degree seeking students enrolled at least half-time, not based on financial need. Eligibility for the subsidized loan must be determined before an unsubsidized loan can be considered. Interest will be charged from the time the loan is disbursed until it is paid in full. The interest can be paid while the student is still in school. Repayment of principal and interest begins 6 months after enrollment ceases to be at least half-time.
Maximum Loan Limits for an Academic Year: (borrowing the maximum amount for fall and spring leaves zero eligibility for summer)

Graduate Academic Year Loan Limits
Base Loan
Sub/Unsub Extended Loan
Unsub only Total Loan*

$8,500 $12,000 *$20,500

Graduate Aggregate Loan Limits
Base Loan Base + Extended

$65,500 $138,500

*NOTE: Your total financial aid, including Federal Direct Loans, cannot exceed your cost of attendance or "budget" (as determined by the institution). The aggregate lifetime limit includes the total amout of undergraduate loans borrowed.
The amounts given above are the maximum yearly amounts you can borrow in both subsidized and unsubsidized loans, singly or in combination. Remember, you may receive less than the maximum yearly amounts depending on your total cost of education and other assistance you may be receiving at the same time.

Federal Perkins Loan

A low-interest loan for degree seeking students with exceptional financial need. This program is federally funded and administered by the university. Priority is given to early applicants with a 3.0 cumulative grade point average (GPA). Repayment begins 9 months after enrollment ceases to be at least half-time.

Work Programs

Federal Work Study

A federally funded, need based, university administered employment program available to students who are enrolled at least half-time. Students are employed on campus for approximately 20 hours each week (cannot exceed 37.5 hours per week) and are paid bi-weekly (minimum wage or higher). Placement based on job skills and availability.
For more information you may view the STUDENT EMPLOYMENT-General Information web site.

Graduate Work Study Assistantship

A federally funded, need based, university administered program. Priority given to early applicants with financial need (as determined by the FAFSA). Academic department actually awards assistantship. Work study award can be used to fund the stipend amount. Federal government covers 75% while the academic department covers 25% of monthly stipend amount. Must be US citizen or eligible non-citizen to qualify for this program.

Regular Student Employment

A university monitored program, which offers on-campus jobs to students who do not qualify for Federal Work Study. Students are usually paid bi-weekly (minimum wage or higher). The availability of jobs depends on student skills and the needs and funding considerations for campus departments.
For more information you may view the STUDENT EMPLOYMENT-General Information web site.

International Student Employment

A university monitored program, which offers on-campus jobs to international students (Regular Student Employment only). According to the Immigration and Naturalization Service (INS), students on F-1 visas who are pursuing at least a full-time course of study may engage in on-campus employment, but not to exceed 20 hours per week (during the academic year), which includes all pay sources. Students on F-1 visas may be employed on-campus full-time during school breaks, including fall break, spring break and the summer semester, but not to exceed 40 hours a week, which includes all pay sources.
For more information you may view the STUDENT EMPLOYMENT-General Information web site.

Scholarships

The Student Aid Office only handles undergraduate scholarship programs. Check GRADUATE ASSISTANTSHIPS & FELLOWSHIPS under the Graduate School web site for information on what graduate scholarship programs are available at The University of Memphis.

IMPORTANT NOTICE
The Federal Tax Reform Act of 1986 significantly changed the tax status of scholarships, fellowships, and grants you receive from the university. Prior to the Act, they were generally not subject to income tax. Since then scholarship, fellowship, and grant amounts exceeding tuition, fees, and course-related books, supplies, and equipment have become taxable.

Other Scholarship Awards

Many foundations, corporations, and service organizations provide funds for scholarships or tuition assistance. Students generally apply directly to the potential donor, and usually there is a direct relationship between the student and the sponsoring organization.
FastWEB (Financial Aid Search Through the WEB) is a searchable database for more than $1 billion in private sector scholarships, fellowships, grants and loans.

Outside Sources

Financial assistance received from other sources includes vocational rehabilitation benefits, veteran's benefits, outside scholarships, employee fee waivers, teacher/child tuition discounts, graduate assistant fee waivers and any other assistance. All outside aid amounts must be considered in determining total aid eligibility.

Alternative Loans

Private loans for graduate students who do not show financial aid eligibility for other types of financial aid, or who need additional funds to meet educational expenses.

Many of these alternative loan programs also look at what financial aid you are already receiving for that particular period. Other financial aid assistance is deducted from the cost of attendance (as determined by the institution) before aid eligibility is determined for other programs.

The following llink includes the names of the loans, who qualifies, for how much, what interest rates apply, and the repayment plan. Most private alternative loans require a credit check.

Partial list of Alternative Loans

NOTE: Our office does NOT endorse any particular program. This information is only provided for your convenience and can change without notice. You should request current information directly from the lender or company offering the program.


	General Information

Student Financial Aid Office
103 Wilder Tower
The University of Memphis
Memphis, TN 38152

Phone (901) 678-4825
Fax (901) 678-3590