INTRODUCTION TO FINANCIAL AID
The University of Massachusetts Boston has developed a financial aid program to help students who have academic potential but limited resources. These programs, administered through Financial Aid Services (FAS), are designed to assist students who need financial support to complete their education.
Although the University may, in some instances, provide substantial support, you and your family are expected to contribute as well. For this reason, you and your family's earnings, savings, and other assets are considered when financial eligibility is determined.
Five general categories of aid programs are administered by Financial Aid Services:
- State Tuition Waivers
- Federal, State and University Grants
- Federal, State and Private Student Loans
- Employment
- Funds from Private Sources
Each year more than $60 million in financial aid is awarded to UMass Boston students. Of this figure, approximately $22 million is in the form of waivers and grants, $1.5 million is in employment, and $40 million is in the form of loans.
2004- 2005 Financial Aid by Type
Job aid $1,421,757
Gift aid $22,187,664
Loan aid $40,088,608
Total aid $63,698,029
Aid That Does Not Require Repayment: Grants, Waivers and Employment
Waivers and grants are credited to your student account and may be awarded from a variety of sources. The types of waivers and grants may widely vary, and some may waive only certain charges on your Student Account. These forms of financial aid do not require repayment, and may be awarded to both undergraduate and graduate students.
Employment, unlike other forms of aid, is not credited to your student account. Financial aid through employment is awarded in the form of Federal Work Study (FWS). This eligibility is only earned after you have located and have begun working at a position. You receive a bi-weekly paycheck for the hours worked. FWS is awarded to both undergraduate and graduate students
Aid That Requires Repayment: Loans
Repayment schedules vary depending on the type of loan. Be cautious when considering loans, since they can add up quickly. Failure to comply with the repayment schedule for student loans will damage your credit and future eligibility for financial aid.
Eligibility for all federal and state financial aid programs is determined by the FAS office. Eligibility is established based on the information you provide on the Free Application for Federal Student Aid (FAFSA). Any student who is enrolled as a regular student, as defined by the federal government, in an eligible program, may be eligible for some type of financial aid.