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.

Loans

Note: Effective 7/1/2012, Subsidized Stafford Loans are no longer available to graduate/professional students. 

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:

NOTE:

• 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: 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.

TEACH Grant

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.

Work Programs

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 program.

Scholarships

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.

Alternative 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.

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.