Financial Aid Checklist

  • Apply for admission to The University of Memphis. Financial aid awards are only offered to fully admitted, degree-seeking students.
  • Complete U.S. taxes early each year for use when completing the FAFSA.
    • New regulations require tax information from the tax/calendar year one year earlier that has been used in the past.
      • For example, the 2023-2024 FAFSA (Fall 2023, Spring 2024, and Summer 2024) will use tax information from tax year 2021. The 2024-2025 FAFSA (Fall 2024, Spring 2025, and Summer 2025) will use tax information from tax year 2022. 
  • File the FAFSA as early as possible after October 1. Complete the 2024-2025 FAFSA by the priority deadline of April 15, 2024. 
  • Access your financial aid status and/or award information through myMemphis. Our Step-by-Step page will guide you through this process. 
  • Return any requested documents to the Student Aid Office in a timely manner.
  • Review your on-line award offer. You will have the option to accept/accept partial/decline.
  • Use the automated processes as much as possible. Our Financial Aid website and Frequently Asked Questions page can answer most general questions.

Good Advice

Remember, any loans that you receive as part of your financial aid package will eventually have to be repaid. Here are some helpful tips for keeping your debt in check.

Debt Management

  • Budget your financial aid monies carefully during the year.
  • Make informed choices about the amount of educational debt you can incur to obtain your degree.
  • Understand the impact of student debt on your future lifestyle.
  • Explore alternatives to borrowing.
  • Explore ways to decrease your expenses always thinking before you buy something.
  • Understand credit. Know that student loans are obligations that must be repaid.
  • Successful repayment of your student loans begins after your grace period, once you cease to be at least a half-time student. If you transfer schools, be sure to get a deferment on your prior student loans. It does not happen automatically.
  • Plan for repayment as soon as you receive your first student loan.
  • Manage and monitor your loans throughout and after college at StudentAid.gov so that you are aware of your total student loan debt. 

Managing Your Money Better

  • Don't live a lifestyle you can't afford.
  • Budget your money just as carefully as your time; get on a monthly budget and stick to it.
  • Save a little each month (even if it is only $5.00) and plan for the future.
  • Keep accurate, well organized records of all your bills and expenses.
  • Establish and maintain a strong credit history. Request annual statements of your credit report.
  • Borrow the minimum amount you need.
  • Be a well-informed borrower.
  • Pay your credit cards in full each month. Use your credit cards only for emergencies.
  • Limit the number of credit cards.
  • Be realistic on how much money you will earn right out of college.
  • It has been said, "If you live like a professional while you are in school, you will live like a student once you have graduated."

Suggestions on How to Cut Expenses

  • Find a roommate to share housing and other living expenses.
  • Consider reducing entertainment expenses, such as dining out.
  • Use coupons on grocery and department store purchases and watch for sales.
  • Refrain from taking on further consumer debt, such as more credit cards.
  • Evaluate your expenditures every few months to see where your money is being spent, where you can cut back, and when you need to stop spending.