Aid Programs - Undergraduate Students

Once financial aid eligibility is determined, the Financial Aid Office offers students a Financial Aid Package which is posted on their myMemphis account.  It may be a possible combination of grants, loans, scholarships, and employment - 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 will affect the amount and type of financial aid students can receive to meet their financial need.

Grants

Federal Pell Grant

A non-repayable, federally funded program for undergraduate students pursuing a first Bachelor's degree. Awards vary in amount each year and are based on financial need and hours of enrollment. Students receiving full-time Pell Grant awards for the fall and spring semesters have no remaining Pell award for the summer.

Federal Supplemental Educational Opportunity Grant (SEOG)

A non-repayable, federally funded, university-based program for undergraduate students pursuing a first Bachelor's degree. Awards are made to early applicants who demonstrate the most financial need and have the lowest Expected Family Contribution (EFC) on the Student Aid Report.

Academic Competitiveness Grant (ACG)

A non-repayable, federally funded program for undergraduate students who have completed a rigorous secondary school program of study after January 1, 2006. To receive the ACG for the first and second academic year, a student must:

• Be a U.S. citizen
• Be a Federal Pell Grant recipient
• Be enrolled full-time in a degree program
• Be enrolled in the first or second academic year of his/her program of study at a two-year or four-year degree-granting institution
• If a first year student, not have been previously enrolled in an undergraduate program
• If a second year student, have at least a cumulative 3.0 grade point average (GPA) on a 4.0 scale for the first academic year, and have completed 30 hours.
  

National Science & Mathematics Access to Retain Talent (SMART) Grant

A non-repayable, federally funded program available during the third and fourth years of undergraduate studies to full time students who are majoring in physical, life or computer science, mathematics, technology or engineering, or in a foreign language determined critical to National Security. To receive the SMART grant each academic year, a student must:

• Be a U.S. citizen
• Be a Federal Pell Grant recipient
• Be enrolled full-time in a degree program
• Be enrolled in a four-year degree-granting institution
• Have at least a cumulative 3.0 GPA on a 4.0 scale in the coursework required for the student's major

NOTE: The federal government has a list of approved majors which is updated yearly.

Tennessee Student Assistance Corporation (TSAC)

A non-repayable state grant program available to undergraduate Tennessee residents pursuing a first Bachelor's degree. This award is contingent upon Pell Grant eligibility, state funding and early submission of the FAFSA.

To receive priority award consideration, complete a Free Application for Federal Student Aid (FAFSA) on line by March 1^st.   A separate letter will be mailed from the state agency regarding program eligibility.

Loans

Subsidized Stafford Loan

A low (variable) interest loan available to degree seeking students enrolled at least half-time (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:

*available to students classified as independent for financial aid purposes only

NOTE:

• Borrowing the maximum amount for Fall and Spring leave zero eligibility for Summer at the same grade level.
• The amounts given above are the maximum yearly amounts you can borrow in both subsidized and unsubsidized loans, singly or in combination. However, you cannot borrow more than your cost of attendance minus other aid for which you are eligible. This means you may receive less than the annual maximum amounts.
  

Federal Direct Parent Loan for Undergraduate Students (PLUS)

This program allows the parent with a good credit history to borrow to pay the cost of education for a dependent undergraduate student enrolled at least half-time. The yearly limit is equal to the student's cost of attendance minus any other financial assistance expected or received. The interest rate is a fixed rate of 7.9%. There is no grace period for these loans. Interest begins to accumulate at the time the first disbursement is made. Repayment of both principal and interest will begin 60 days after the full loan amount has been disbursed.

An institutional PLUS request form is available upon request from the Student Financial Aid Office.

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 2.5 cumulative grade point average (GPA). Repayment begins 9 months after enrollment ceases to be at least half-time.

Work Programs

Federal Work Study and Regular Student Employment

For more information, you may view the STUDENT EMPLOYMENT web site.

State Programs

Tennessee Student Assistance Corporation (TSAC)

For more information, you may view the TSAC web site.

Scholarships

For more information, you may view the Scholarships Office web site.

Alternative Loans

Private loans is an option for students (and their parents) who do not show financial aid eligibility for other types of financial aid, or who need additional funds to meet educational expenses.  Most private alternative loans require a credit check.

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 link includes the names and contact information of lenders frequently used by students.

Partial list of Alternative Loan Lenders

NOTE: Our office does NOT endorse any particular lender. 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.

IMPORTANT NOTICES:
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.

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.