- On Wednesday, February 3rd, Financial Aid will place holds on over 3,000 student records where enrollment and other key financial aid indicators differ from those upon which the financial aid awards are based. Financial aid staff will actively review each of these records, adjust aid as necessary and remove the hold as quickly as possible.
- If your financial aid awards are adjusted during this review, an email will be sent to you. Once the hold is lifted, financial aid will disburse funds to the Bursar’s Office. If you are anticipating excess funds, you will receive an email from the Bursar’s Office when the funds are available.
$153 Million in Financial Aid
Each year we award more than $153 million in financial aid to our students.
To get your fair share of financial aid, we recommend that you file your taxes online in early February 2015, if possible, before you file your Free Application for Federal Student Aid (FAFSA). Funds are awarded on a first come, first serve basis.
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:
- $59 million in waivers and grants including $16.5 million in UMass Boston fee grants and Academic Achievement Awards
- $2 million in employment
- $80 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
- Vice Chancellor's Scholarship
- Dean's Scholarship
- Beacon Scholarship
Other Financing Options:
- Alternative Private Loans
- UMass Boston In-House Payment Plan