Financial Aid

Graduate Financial Aid Services provides educational financial planning information to students, delivers financial aid funds to qualified students, and offers a variety of services including debt management information and part-time job search services. Students may access their financial aid file through the Financial Aid Voice Response System by calling (413) 545-0801 or using UMass WISE (described below). Office hours for telephone contact are 8:30 a.m. to 5 p.m., Monday through Friday. A graduate financial aid staff member is available at the counter from 9 a.m. to 5 p.m. in Room 243, Whitmore Administration Building, tel. (413) 577-0555 or TDD (413) 545-9420, email: grads@finaid.umass.edu.

Financial Aid Services Home Page

Financial Aid Services maintains a home page on the World Wide Web, a global computer information network. Helpful information is available on a variety of topics, including financial aid application procedures, student employment, and loan information. Access to the Financial Aid Home Page is available at: www.umass.edu/umfa.

UMass WISE

UMass WISE (Web Information Systems for Everyone) is a new service for students on the World Wide Web. Begun as a collaborative ef-fort between University Information Systems and the Registrar's Office to offer schedules and grades on the Web, it now provides Financial Aid information, including types and amounts of awards, document status, and appeal information.The WISE Home Page is located at: http://wise.umassp.edu.

Applying for Need-Based Aid

First-time Applicants:

The Free Application for Federal Student Aid (FAFSA) is the only application used to apply for federal financial aid for the 2001-2002 academic year. In "Step 6" of the FAFSA enter the "University of Mass. Amherst" and indicate the school code number, 002221.

Financial Aid transcripts will not be necessary for most entering graduate students since this information is available through the U.S. Department of Education's National Student Loan Data Systems (NSLDS). If you are required to submit one original financial aid transcript from your previous colleges, you will be notified by mail.

Renewal Applicants:

The Renewal Application for Federal Student Aid is used by returning students to apply for financial aid. This free application is similar to the FAFSA. In December or early January each year this application will be mailed to students who filed an application the previous year. If a Renewal Application is not received by January 1, a FAFSA should be completed. In "Step 6" of the application enter the "University of Mass. Amherst" and indicate the school code, 002221.

Financial Aid Application Deadline

Although there is no deadline to file an application for a Direct Student Loan, consideration for other types of need-based aid such as College work-study are given on a first-come first-served basis. Loans, Federal College work-study, grants, and scholarships require applications to be filed by February 15 to meet the University's March 1 deadline.

Types of Financial Aid

The following programs are available to graduate students enrolled in a degree program who meet the eligibility criteria.

William D. Ford Federal Direct Subsidized Loan is a need-based federal loan administered by the University of Massachusetts Amherst. Eligibility for this loan is determined by com-pleting the FAFSA or the Renewal FAFSA. First-time borrowers complete a Master Promissory Note with the University. The interest rate varies annually up to a maximum of 8.25 percent. The federal government pays the interest on subsidized loans while students are enrolled in school and during a six-month grace period after graduation or withdrawal from school. Several repayment options are offered.

Federal Work-Study Graduate Appointments are available to a limited number of graduate students who are eligible for graduate appointments other than fellowships. The Federal College Work-Study award is used as part of the funding source for the stipend. This award is subject to approval by the hiring department, Graduate Assistantship Office, and Financial Aid Services. To be considered for this award, contact Graduate Financial Aid Services.

Alternative Resources

There are several programs available to supplement financial aid awards or assist those who do not qualify for need-based financial aid.

William D. Ford Federal Direct Unsubsidized Loans are available to eligible students regardless of income or financial need. Students must complete the FAFSA or the Renewal FAFSA to be considered for this program. First-time borrowers complete a Master Promissory Note with the University. The interest rate varies annually up to a maximum of 8.25 percent. The student is responsible for paying the interest on this loan. Interest payments for the Unsub-sidized Federal Direct Loan begin the day the loan is disbursed and can be paid monthly, quarterly, or capitalized (adding the interest to the loan principle). Borrowers can receive subsidized and unsubsidized loans for the same loan period, although the combination of both cannot exceed their cost of education and/or $18,500 per year.

The MEFA Loan for Graduate Education is offered at the University and is administered by the Massachusetts Educational Financing Authority (MEFA). The MEFA loan is a low-cost, fixed-interest rate loan that allows creditworthy students to borrow up to the student's total cost of attendance minus other financial aid. If the student applies with a creditworthy co-applicant the effective cost is even lower. Loans may be deferred for up to five years while the student is attending at least half time in a degree-seeking program. Repayment begins six months after graduation.

For additional information and an application for the MEFA Loan, contact the Massachusetts Educational Financing Authority (MEFA), tel. 1-800-449-MEFA or visit the Financial Aid Office. Information is also available on the World Wide Web at: http://www.mefa.org.