Financial Aid & Scholarships
$141 Million in Financial Aid
Each year we award more than $141 million in financial aid to our students. Funds are awarded on a first come, first serve basis.
To get your fair share of financial aid, we recommend that you file your taxes online in early February, 2013, if possible, before you file your Free Application for Federal Student Aid (FAFSA). Learn how a new tool called IRS Data Retrieval will save you time.
For step-by-step instructions for how to submit corrections on your FAFSA using the IRS Data Retrieval Tool, watch this video.
We award approximately:
- $48 million in waivers and grants including $16.5 million in UMass Boston fee grants and Academic Achievement Awards
- $2 million in employment
- $82 million in loans
Your financial aid funds come from:
- The Federal Government
- The Commonwealth of Massachusetts
- UMass Boston
Your Financial Aid Award Notification Letter lists the types and amounts of financial aid for which you are eligible for the entire academic year. It usually includes a combination of grants, work-study and loans from a variety of funding sources.
To determine your eligibility, simply complete the Free Application for Federal Student Aid (FAFSA). This one application is all you will need to be considered for most of the aid available.
The financial information you report on your FAFSA determines your Expected Family Contribution (EFC) to pay for your education. This is an estimate of the amount of money you’ll need to supplement the financial aid you qualify to receive.
Financial aid can be confusing. Don’t worry. Ask us for help. We can explain all the terminology listed below.
Federal funding sources include:
- Federal Pell Grant
- Federal SEOG Grant
- Federal Teach Grant
- Federal Perkins Loan
- Federal Direct Subsidized Loans
- Federal Direct Unsubsidized Loans
- Federal Direct PLUS Loans for Graduate or Professional Students
- Federal Parent PLUS Loans
- Federal Work-Study
State funding sources include:
- Mass Grant
- Mass Cash Grant
- Mass Part-Time Grant
- Need-Based Tuition Waiver Program
- and other state funds
UMass Boston funding includes:
- UMass Boston Fee Grant
- Merit-Based Awards based on academic performance
- Academic Achievement Award
Other Financing Options:
- Alternative Private Loans
- UMass Boston In-house Payment Plan