FEDERAL STAFFORD LOANS AND ALTERNATIVE LOANS

Federal Subsidized Stafford Loans have a fixed interest rate. The maximum that a graduate/professional student may borrow per academic year is $8,500. No interest accrues while in full-time studies, grace, or deferment status. Repayment begins 6 months after the last date of attendance. Repayment of loans may be deferred. Graduate/professional students are considered independent for these federal funds. Students must be U.S. citizens or permanent residents.

Federal Unsubsidized Stafford Loans are subject to the same terms and conditions as the Federal Subsidized Stafford Loans with the following exceptions. Interest will accrue during the in-school, grace, and deferment periods. Annual borrowing limits are $38,500 minus any amount received from the Federal Subsidized Stafford Loan for first- and second-year medical students. The limit for third-year medical students is $45,167, and the limit for fourth-year medical students is $40,723. MPH students may borrow up to $35,167. Other graduate/professional students have an annual borrowing limit of $18,500. These loans may replace the estimated family contribution.

STAFFORD LOAN LIMITS TABLE

*Some students are eligible for increased amounts depending on program and year

**Including undergraduate totals

Federal Graduate PLUS Loans have a fixed interest. The maximum amount that a graduate/professional student may borrow per academic year is the cost of attendance less any other financial aid. Interest accrues from the time the funds are disbursed. Repayment begins at graduation, but may be deferred. Federal Stafford Loans will be utilized first. They may be denied if a student has an adverse credit history. A co-signer may be used if the loan is denied.

Alternative Loans are available to international students and generally require a U.S. co-signer. The maximum amount a student may borrow is the cost of attendance less any other financial aid. Interest rates are variable.

UMC FEDERAL CAMPUS-BASED STUDENT LOANS AND UMC INSTITUTIONAL STUDENT LOANS

For information about the UMC Federal Cambus-Base Student Loan Programs and the UMC Institutional Student Loans, click HERE.

GRANTS

Federal Pell Grants are awarded on basis of financial need as determined by information submitted on the FAFSA.  The Federal Pell grants are awarded to students pursuing their first undergraduate degree.  Students must maintain satisfactory academic progress.  Amounts vary according to enrollment status and need. The maximum grant for 2008-2009 is $4,731.00.  The Federal Pell Grant amount is based on Expected Family Contribution (EFC) and the student's enrollment status [full time (12+ credit hours), three-quarter time (9-11 credit hours), one-half time (6-8 credit hours), and less than half time (fewer than 6 credit hours)].  Students apply for the Federal Pell Grant by submitting a FAFSA.

SEOG (Supplemental Educational Opportunity Grant) are awarded on basis of financial need as determined by information submitted on the FAFSA. SEOG is awarded to students pursuing their first undergraduate degree. Students must maintain satisfactory academic progress. Amounts vary according to need. The maximum amount awarded by UMC is $1000. Funds are limited. Students are strongly encouraged to have a completed FAFSA on file by the March 31 priority date to be considered. Students apply for SEOG by submitting a FAFSA.

LEAP (Leveraging Education Assistance Partnership) is a federal state-block grant program.  Because the funding is limited and awarded on a first-come-first-served basis, all eligible students may not be awarded LEAP. The awarded amount does not exceed $1000 per academic year. A student must meet the following requirements:

• is a Untied States Citizen or a Permanent Resident and
• is enrolled at least half-time in an undergraduate degree or certificate program and
• has not received a bachelor’s degree and
• has filed the FAFSA and has received a valid Student Aid Report and
• has demonstrate need as determined by the United States Department of Education and has eligibility for need-based aid within the student’s package.

FEDERAL WORK STUDY

Federal Work Study is a federal campus-based program.  Because the funding is limited and awarded on a first-come-first-served basis, all eligible students may not be awarded FWS.

Eligibility for the Program

A student must meet the following requirements:

is a United States Citizen or a Permanent Resident and

is enrolled at least half-time in a degree or certificate program and

have filed the FAFSA and have received a valid Student Aid Report and

have demonstrated need.

A student may not work more than 20 hours per week while enrolled.  A student may not work using the Federal Work Study Program when the student is not enrolled in school.

Note: Academic demands at UMC are such that Deans and Department Heads of certain programs prohibit students from working while enrolled. Therefore, Federal Work Study is awarded only upon student request and eligibility, availability of funds, and department approval. It is also the student’s responsibility to locate employment when eligible and approved.

SCHOLARSHIPS

INSTITUTIONAL – Various scholarships are available to students and are awarded through their respective schools.  To see a listing of available Institutional scholarships click HERE.

OUTSIDE / THIRD PARTY – Scholarships awarded to students by outside institutions.  Amounts vary and are set by the awarding party.  All outside scholarships must be reported to the Office of Student Financial Aid.  These funds will post to the students account after the funds have been received. 

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