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.


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. Pell Grant is awarded based on full-time status but will be adjusted and disbursed based on actual hours enrolled as of census date determined by the institution. 

Effective for the 2012-2013 Award Year, the duration of a student's eligibility to receive a Federal Pell Grant will be limited to 12 semesters, or until a bachelor's degree is earned, whichever comes first. This limitation includes the percentage of Federal Pell Grant the student has received from all post-secondary institutions, for a maximum of 600%. A summary of your federal aid received (including Pell Grant usage and loans) can be reviewed at studentaid.gov

For example: Students who enroll full-time during the fall and spring semesters will receive 100% of their Pell Grant eligibility. Students can receive 12 semesters (or 600%) of Pell Grant based on full time enrollment.

Federal Supplemental Educational Opportunity Grant (SEOG)

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

Tennessee Student Assistance Award

A non-repayable state grant program awarded by the Tennessee Student Assistance Corporation (TSAC) available to undergraduate Tennessee residents pursuing a first Bachelor's degree. This award is for students with high need, dependent on state funding, and requires early submission of the FAFSA.

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


Subsidized Stafford Loan

A variable interest loan available to degree seeking students enrolled at least half-time, based on financial need. The interest rate changes every July 1st and 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. The interest rate for loans disbursed 7/1/2020 - 6/30/2021 is 2.75%. Borrower Rights and Responsibilities can be accessed here.

Unsubsidized Stafford Loan

A 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. 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 interest rate for loans disbursed 7/1/2020 - 6/30/2021 is 2.75%. Borrower Rights and Responsibilities can be accessed here.


Undergraduate Academic Year Loan Limits

  Base Loan Sub/Unsub    Additional Unsub    Extended Loan Unsub only*    Total Loan*  
(0-29 hrs)
$3,500 $2,000 $4,000 $9,500
(30-59 hrs)
$4,500 $2,000 $4,000 $10,500
(60+ hrs)
$5,500 $2,000 $5,000 $12,500


Undergraduate Aggregate Loan Limits

Base Loan Base + Extended*
$31,000 $57,500

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


  • 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.
  • 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 freshman student may not receive more than $1,750 in Subsidized Loans (half of $3,500) during one semester.
  • Mange and monitor your loan history at studentaid.gov

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. There is no grace period for this 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. The current interest rate for this loan is 7.08% for loans disbursed 7/1/2019 - 6/30/2020. The interest rate for loans disbursed 7/1/2020 - 6/30/2021 is 5.30%.

Parents can apply for the Parent PLUS loan on-line at studentaid.gov

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, visit the TSAC web site.


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

Access Memphis

The University of Memphis' commitment has always been, and continues to be, one of delivering high-quality educational programs to all of our students at the lowest possible cost. Toward this end, the UofM recently approved and implemented the  Access Memphis initiative. The UofM offers:

  • Guaranteed tuition plan with locked-in rates for eight consecutive semesters
  • Credit hours above 12 hours for undergraduate Tennessee residents and 10 hours for graduate Tennessee residents incur no additional charge
  • Traditional (on campus) and online courses are offered at the same per credit hour price.
  • The Memphis Promise is a last-dollar scholarship which fills the gap between a student’s financial aid (Federal Pell Grant, Tennessee State Grants/Scholarships, institutional aid) and the cost of tuition.

Learn more about Access Memphis >


Alternative (Private) Loans

Alternative loans are 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 alternative loans require a credit check.  All eligible students should complete the Free Application for Federal Student Aid (FAFSA) located at fasa.gov to determine federal student grant and loan eligibility.  Federal Direct Loans (subsidized or unsubsidized) almost always offer lower borrowing cost and more favorable terms tailored to students and their families.

Many 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.  There are many lending institutions so students and parents should carefully research multiple options and choose the lender that best meets their individual financial needs.

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.