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Parent Handbook: Financial Information

Cost of Attending

Each year the Financial Aid office determines an estimate of the cost of attendance for students which includes tuition, fees, room, board, books, supplies, and other related expenses. This does not include costs not directly associated with school attendance, such as a car or credit card debt. 

 

Tuition costs(fees) vary based on the number of hours a student is taking, their field of study, and whether or not they are considered an in state or out of state student (residency status). Living expenses will or can be affected by where the student lives, how much they eat, and other personal habits.  You can expect that each year the cost of tuition, housing, and food will increase. 

 

Financial Aid Office
http://www.memphis.edu/financialaid/
901.678.4825

 

Bursar’s Office
http://bf.memphis.edu/finance/bursar/
901.678.5579

 

Spending Money

Whether students are living in the residence halls or not, they will need spending money. How much they need depends on how often they buy clothes, go to movies and concerts, eat in restaurants, buy gas, etc.

 

Parents can probably count on a student spending around $50 a week if he or she is not extravagant. Keeping track of expenses for a few weeks is one way for students to determine exactly how much they need. Common expenses are: phone bills, snacks, laundry, entertainment, gas, toiletries, etc.We suggest that parents give their students a monthly or semester allowance to allow them to learn how to budget their money.


Financial Aid Awards and Scholarships

 

Financial Aid

Financial aid is coordinated through the Financial Aid Office.  To receive financial aid, qualified students must complete the Free Application for Federal Student Aid (FAFSA). You must be a U.S. citizen to receive financial aid. The FAFSA must be completed each year to determine financial aid eligibility. If your student is entering or continuing school, complete the FAFSA early in order to meet the priority deadline. The priority deadline for Fall is February 1 and the priority deadline for Spring is October 1. 

 

Financial Aid Office
http://www.memphis.edu/financialaid/
901.678.4825

 

Scholarships

The Undergraduate Scholarship Office awards hundreds of academic scholarships each year to entering freshmen. All scholarships are awarded for the academic year (Fall and Spring semesters). Scholarships are awarded based on information submitted on the University of Memphis admissions application. A separate scholarship application is not required unless noted. The deadline for admission to the University of Memphis for scholarship consideration is February 1.

 

Most University of Memphis scholarship program awards are based on a combination of ACT/SAT scores and cumulative high school grade point average. These scholarships are four year, renewable scholarships if GPA and full time enrollment are maintained. Early application to The University of Memphis is strongly encouraged as scholarship awards are limited. 

 

Scholarships are also available to continuing students, through the student’s major department or through other offices.  A list of scholarships is available on the Scholarship Office website.

 

Undergraduate Scholarship Office
http://www.memphis.edu/scholarships/
901.678.3213

 

Hope Scholarship

Students eligible for the State of Tennessee HOPE Scholarship Program (Lottery Scholarship) must complete the Free Application for Federal Student Aid as specified by the Tennessee Student Assistance Corporation (TSAC). For more details regarding the Tennessee HOPE Scholarship Program, please go to the Tennessee Student Assistance Corporation (TSAC) HOPE Lottery Scholarship Web Site .

 

Undergraduate Scholarship Office
http://www.memphis.edu/scholarships/
901.678.3213


Paying the Bill

 

Receiving Statements

The University of Memphis does not mail statements, instead statements are available to students through myMemphis, the University’s student database system.  Students are sent e-mail reminders to check myMemphis for their statement before each semester for which they are enrolled.  Students are responsible for payments by the due date and they vary by semester.  Students have two options in paying their bill.  They can pay in full prior to the deadline or they can sign up for the installment payment plan.

 

Students can sign up to give others (parents, employers, etc.) the ability to access their account information in the TigerXpress system. Authorized users may view student account balance and make payments. For more information on how your student can sign you up, please click here.

 

Bursar’s Office
http://bf.memphis.edu/finance/bursar/
901.678.5579

 

Fee Payment Methods

Payments may be made by credit card and electronic check through the TigerXpress system, by mail to the University of Memphis lockbox, and in person at the Bursar’s Office in Room 115 of Wilder Tower.   

 

Mailing Address
The University of Memphis
P.O. Box 1000, Department 313
Memphis, Tennessee 38148-0313

 

Typical Charges

Below is a list of typical charges that are found on a student’s statement.  For a detailed list of fees that cover most student situations, please click here.  Please note that fees are subject to change without notice. 

  • Tuition: The amount a student owes for tuition and fees depends on the number of credit hours enrolled in, school or college enrolled in, residency status, and the classes a student elects to take.
  • Housing: If a student lives in a University residence hall, housing charges will appear on the student account. 
  • Special Course Fee: If a student is registered for a certain course, they may be charged an additional fee.  Examples include music courses, Fine Art courses, and Engineering courses.
  • Material Fees:  If a student is registered for a course that requires certain materials, they will be charged an additional fee.  Examples include some chemistry, biology, and theatre courses.
  • Dining Dollar$: All full time undergraduate students are automatically enrolled in the Dining Dollar$ plan.  Each semester (fall and spring), student’s accounts will be charged $300 for them to use at campus dining facilities and in vending machines. 

 

Bursar’s Office
http://bf.memphis.edu/finance/bursar/
901.678.5579


Banking and Credit Cards

While some entering college students have been responsible for their personal finances for some time, others have never handled their own money or developed a budget for themselves. Wherever your son or daughter is along this continuum, prior to the start of the first semester, and from time-to-time throughout the college years, we suggest that you initiate an open, candid conversation with your student about his or her financial and budgetary issues.

 

Banking

There are a variety of financial institutions with branches on or near campus. First South Credit Union has a branch on campus.  It is located above the bookstore in the V. Lane Rawlins Service Court. Services and fees at banks vary, and students should shop around for the bank that meets their individual needs. 

 

A student’s  identification card is used as a student ID, as a library card, to gain access to University facilities, for meal plans, and to receive health services at the Student Health Center. Funds can also be added to a student’s Tiger Fund account.  These funds can be used at dining facilities, vending machines, and even in the bookstore. 

 

Credit Cards

Many students open credit card accounts when they arrive on campus. Teach your student about the benefits and pitfalls of credit cards. Explain how to accurately compare credit card offers, how to read the fine print, and how to act responsibly when it comes to debt management.


Insurance

Health Insurance

Every student pays a mandatory Health Service fee as part of his or her tuition. This fee covers most services available at Student Health Services. Although Student Health Services can serve many of your son or daughter's routine health care needs, there may be an occasion where your son or daughter needs additional services (such as emergency treatment, prescriptions, etc). For this reason, we strongly encourage students to have health insurance. Students who do not have health insurance will be responsible for medical costs that are not covered by the health service fee. The Tennessee Board of Regents approved vendor for student health insurance is Pearce & Pearce.  In addition, the Tennessee Board of Regents requires that F and J- visa students purchase the official school insurance through the Bursar’s Office for every semester that the student is enrolled for classes.

 

Student Health Services
http://saweb.memphis.edu/health/Insurance/insurance.htm
901.678.2287

 

International Student Office (ISO)
http://www.memphis.edu/iso/insurancefaqs.php
901.678.4271

 

Property Insurance

Before your son or daughter arrives on campus, it is a good idea to check with your insurance company to determine if your student's property will be covered by your insurance while he or she is away from your permanent home. Some homeowners' insurance policies have riders that allow for personal possessions away from the insured home to be covered and others do not. If your insurance does not cover your son or daughter's possessions while he or she is on campus, encourage your son or daughter to contact an insurance company about renter's insurance. There are many insurance companies in Memphis that offer relatively low cost renter’s insurance.

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Last Updated: 5/10/12