Grants and Loans
Scholarships are not the only way to fund your UMass Amherst education. You should also research loans and grants that may be available to you. The difference between a loan and a grant is that a loan must be paid back, usually after you graduate, while grants do not need to be repaid. For most grants and loans, you need to file a Free Application for Federal Student Aid (FAFSA) form to be considered.
Grants:
Grant amounts are generally based on need, cost of attendance, and enrollment status. UMass Amherst administers several types:
• Federal Pell Grants
• Federal Supplemental Educational Opportunity Grants
• Massgrants
• Massgrant Performance Bonus Grants
• University Awards
The Grants section of the Financial Aid web site has details on each, as well as other helpful links.
Loans:
There are several different types of loans out there to assist with financing a college education. Most educational loans have lower interest rates and many don’t have to be repaid until after you graduate. However, each loan has different rules and regulations, and many are based on your credit rating, so be sure to thoroughly investigate each to make sure it’s right for you.
Need based loans:
• Federal Perkins Loan
• William D. Ford Federal Direct Subsidized Loans
For details on each, go to Loans section of the Financial Aid web site.
Beyond need-based loans, there are other options as well. You will find more information on the programs below at the Financial Aid site, under Alternative Financing.
Before applying for any of these programs, you should have applied for need-based financial aid and received a decision from Financial Aid Services.
• Massachusetts Educational Financing Authority (MEFA) Loan
• William D. Ford Unsubsidized federal Direct Loans
• Federal Direct PLUS Loan Program
• Signature Student Loan
