Understanding Financial Aid Options
By offering a diverse range of financial aid options, UM strives to make higher education more accessible and affordable for all students. Student Financial Services staff can help students find financial aid that meet their needs.
Types of Financial Aid
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Loans are funds that students borrow and must repay with interest. UM participates in federal student loan programs. These loans offer competitive interest rates and flexible repayment options.
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Grants are typically need-based awards that do not need to be repaid. UM offers federal, state, and institutional grants to eligible students based on financial need, academic merit, or other criteria.
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UM offers Work-Study programs that provide part-time employment opportunities for eligible students with financial need. Students can work on or off-campus to earn money to help pay for educational expenses.
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UM offers tuition waivers and discounts for certain groups of students, such as veterans, Native American students, senior citizens, and employees and their dependents.
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Scholarships are merit-based awards that can come from various sources, including the university, private organizations and donors. UM offers a range of scholarships for academic achievement, leadership, talent, and other criteria.
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UM encourages students to explore alternative funding sources, such as external scholarships, employer tuition assistance programs, nonprofits and philanthropic organizations.