Finances
Financial Assistance and Education
FAST Fund
This fund is intended to provide emergency support to students. As the non-profit organization that created the FAST fund concept explains, “Just like your parents helped you pay that last-minute bill, or your friends spotted you cash when you were short, we help college students who have nowhere else to turn.”
The UFA FAST Fund is open during the fall and spring semesters at UM and Missoula College. we are closed during the summer and winter breaks. If you are in immediate need of renter assistance (e.g. you are at risk of being evicted or need to negotiate with your landlord) contact ASUM Legal Services at 406-243-6213. For all other housing and food insecurity needs, contact Bear Necessities.
Funding Priorities: rent, internet access, utilities, food, transportation, health, child care.
Ineligible Expenses: Books and school supplies, UM Tuition and fee.
Financial Aid Office
The Financial Aid Office provides support for students as they navigate FAFSA and UM scholarships. Additionally, Students who cannot afford essential needs such as making rent payments, purchasing necessary prescriptions, ordering course materials, or paying for an emergency medical procedure, may receive short-term assistance from the fund. The resources only provide financial assistance to current University of Montana students. For details about student qualifications, contact the UM Financial Aid Office.
Contact: faid@mso.umt.edu or (406) 243-5373
Location: Lommasson Center, Room 218
Financial Education Program
The Financial Education Program offers one-on-one counseling and group workshops that explore topics such as FAFSA, the Financial aid process, loans, budgeting, credit, and savings.
Contact: financialeducation@umontana.edu or (406) 243-5507
Location: Lommasson Center, Room 269
UM Scholarship Portal
The UM Scholarship Portal provides a centralized application for general and departmental UM scholarships.
Contact: faid@mso.umt.edu or (406) 243-5373
Location: Lommasson Center, Room 218
Work-Study
Unlike other aid programs, work-study is aid that needs to be earned. Work-study is need-based and limited in funding so not all students will qualify for it. A student awarded work-study will only receive the funding if they secure a position and work the hours. Work-study positions are available on campus and at non-profit agencies in the community. Employers are flexible in setting work hours to accommodate a student's class schedule. UM policy limits students to working no more than 19 hours per week so that a student's studies are not adversely impacted.
Loans
Federal Direct Loans
Federal Direct Student Loans are low-interest loans that the student takes out and the student repays. These loans are either subsidized or unsubsidized. Subsidized loans are preferable because they do not accrue interest while a student has in-school status. Unsubsidized loans begin accruing interest from the time they are initially disbursed.
Federal Direct Plus Loans for Parents
Parents of dependent students have the option of taking out a Federal Direct PLUS Loan to assist with paying for their child's education.
Federal Direct Plus Loans for Graduate Students
Graduate students have the option of taking out a Federal Direct PLUS Loan to assist with paying for their education.
Institutional Loans
In addition to the federal loan programs, UM has institutional funding available for both short-term and long-term loans. Short-term loans are for temporary hardships as they must be repaid within 90 days. Funds, in the form of a check, are usually available to be picked up at Business Services in 24-48 hours (excluding weekends).
Private Student Loans
Many lending agencies offer private student loans as an alternative to federal loan programs. However, private student loans should be considered loans of last resort. With limited exceptions, they are more costly than federal loans and do not provide the same protections to borrowers.