Aid Programs - Graduate 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 consists mainly of student loans 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 or expected will affect the amount
and type of financial aid students can receive to meet their financial need.
Note: Effective 7/1/2012, Subsidized Stafford Loans are no longer available to graduate/professional
Unsubsidized Stafford Loan
A variable interest loan available to degree seeking students enrolled at least half-time,
not based on financial need. The interest rate changes every July 1st and 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. The current interest rate on this loan is 6.21%.
MAXIMUM LOAN LIMITS for an ACADEMIC YEAR:
Graduate Academic Year
Total Unsub Loan
Graduate Aggregate Loan Limits
Base + Extended
- Borrowing the maximum amount for Fall and Spring leaves zero eligibility for Summer.
- Your total financial aid, including Federal Direct Loans, cannot exceed your cost
of attendance or "budget" (as determined by the institution).
- The aggregate lifetime limit includes the total amount of undergraduate loans borrowed.
- Loans are awarded per academic year and students are not eligible to receive more
than half a year's limit in one semester. For example, a graduate student may not
receive more than $10,250 in Loans (half of $20,500) during one semester.
- Monitor your loan history on the National Student Loan Data System here.
Graduate PLUS Loan
A supplemental loan made available to graduate or professional students who need to
borrow more than the maximum unsubsidized loan amounts to meet educational costs that
are not covered by other financial aid. Students interested in this loan must complete
the FAFSA and must be enrolled at least half time in a graduate or professional program.
Students in the teacher certification program do not qualify. The interest rate for
the PLUS loan is fixed at 7.21% and a credit check is required. There is no grace
period for the Graduate PLUS loan.
The Graduate PLUS application must be completed on-line: http://www.studentloans.gov.
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 3.0 cumulative grade point average (GPA). Repayment begins
9 months after enrollment ceases to be at least half-time.
A grant available to students who intend to teach full time for at least four years
in high-need subject areas in a public or private elementary or secondary school that
serves students from low income families. This is available to only two majors at
the University of Memphis: Master of Arts in Teaching (MAT) Degree Program and Master
of Science (MS) in Education Degree Program, with a concentration in Reading.
Federal Work Study and Regular Student Employment
For more information, you may view the Student Employment web site.
Graduate Assistantship (GA) Work Study
A federally funded, need based, university administered program. Priority given to
early applicants with financial need (as determined by the FAFSA). Academic department
actually awards assistantship. Work study award can be used to fund the stipend amount.
Federal government covers 75% while the academic department covers 25% of monthly
stipend amount. Must be a U.S. citizen or eligible non-citizen to qualify for this
The Student Financial Aid Office only handles undergraduate scholarship programs.
Check Graduate Assistantships and Fellowships at the Graduate School web site for information on what graduate scholarship programs are available at The
University of Memphis.
Many foundations, corporations, and service organizations provide funds for scholarships
or tuition assistance. Students generally apply directly to the potential donor, and
usually there is a direct relationship between the student and the sponsoring organization.
FastWEB is a searchable database for more than $1 billion in private sector scholarships,
fellowships, grants and loans.
Private loans is an option for graduate students 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.
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.