Apply for Financial Aid @ studentaid.gov

Financial Aid Services 
University of Massachusetts Amherst 
243 Whitmore Administration Building
181 Presidents Drive
Amherst MA 01003

Message from Financial Aid Services

UMass Amherst Financial Aid Services is committed to working with students and families to provide the best possible information about available financial aid resources.

We created this guide to help you understand the components of your financial aid award, as well as the options available for financing your education.

What is the best way for you to pay for a UMass Amherst education? The first step should include reading this guide and understanding your options. Then take a careful look at your household budget and determine what funds are available to cover educational expenses and any potential additional funds you may have.

When planning how to finance your education, it is important to plan your expenses for the entire academic year. Included in this guide is information about paying your University bill and an expense worksheet to help you estimate what that amount will be.

Financial Aid Services staff can assist you with questions you may have regarding your financial aid award and available financing options.

To connect, call (413) 545-0801 or by email at finaid@umass.edu.

We look forward to working with you!

Students, and parents of dependent students, have the primary responsibility to pay for college. Financial aid is meant to supplement that responsibility. Eligibility for financial aid begins with filing the Free Application for Federal Student Aid (FAFSA). The FAFSA should be completed online at studentaid.gov each academic year. The information provided on the FAFSA is used by the FAFSA Processing System (FPS) to determine the Student Aid Index (SAI). The SAI is the initial indicator of what types of grants and/or loans you may be eligible for. In addition, financial aid applicants must meet the following key criteria to receive most types of financial aid:

• Be enrolled in a degree-granting program.
• Be a United States citizen, permanent resident or eligible non-citizen as defined by the federal government.
• Be enrolled in at least six credit hours each semester (some forms of financial aid require full-time enrollment, 12 credits).
• Maintain satisfactory academic progress toward completion of your degree.
• Additional eligibility requirements may apply.

At UMass Amherst, students applying for financial aid are considered for a variety of programs based on eligibility. Programs include federal, state and institutional sources of aid. Initial financial aid award packages may include need-based and non need-based grants, loans and work-study programs.

Need-Based Financial Aid is awarded based on the availability of funds to students who have demonstrated financial need. You have financial need when your SAI is less than your estimated cost of attendance (COA). UMass Amherst determines your COA. The FPS determines your SAI using the U.S. Department of Education’s formula. Need- based financial aid includes federal, state and university grants, subsidized student loans and work-study.

Non Need-Based Financial Aid is awarded when you have no financial need, i.e. your SAI is greater than the COA. In this case, you only qualify for non need-based aid, which includes the Federal Direct Unsubsidized Loan.

Graduate Students on Program Fee or Continuous Enrollment
Graduate students who are not enrolled for any course credits but who are candidates for a degree must pay a program fee each semester to be considered for continuous enrollment until the degree is formally awarded. Program Fee students may be eligible for a Federal Direct Unsubsidized Loan if the work on their degree requirements is classified as equivalent to at least half-time (six credits per semester). If you are on program fee and would like to borrow a Direct Loan, you must update your enrollment status each semester with the Graduate Student Service Center at Suite 545, Goodell Building by providing them with a letter from your Program Director. It is your responsibility to notify Financial Aid Services, as your loan eligibility will be affected. Financial aid eligibility is directly related to your billed expenses.

Graduate Non-Degree Students
Graduate non-degree students enrolled at least half-time (six credits per semester) may be eligible for a Federal Direct Unsubsidized Loan for up to $6,250 per semester only under the following conditions: the student applied for admission to a graduate degree program, will be considered for admission at a later date, and the coursework is verified by a Graduate Program Director as prerequisite for admission to a degree program. A memo from the Graduate Program Director to Financial Aid Services is required each semester to verify this information before a non-degree student may be awarded Federal Direct Unsubsidized Loans. A non-degree sample letter is available on our website at https://www.umass.edu/financialaid/non-degree-seeking-students/eligibility Please note that after 12 consecutive months (two semesters) of non-degree status, you must be enrolled in a degree-granting program to be considered for a Federal Direct Unsubsidized Loan. Students are only eligible to receive federal loans as a non-degree student once during their lifetime.

Costs for the academic year are based on estimated information. The University of Massachusetts Board of Trustees approves final charges in July prior to the start of the fall term; therefore estimates are subject to change.

Visit the Bursar’s website at umass.edu/bursar for tuition and fees, housing and food charges.

The Cost of Attendance (COA) is the amount we estimate it may cost you to attend UMass Amherst for one academic year. These costs have been developed as guides to help students anticipate their educational expenses and do not represent your actual fee bill charges. Students are billed separately for each semester’s charges. A student’s eligibility for financial aid is not based on individual preferences and spending habits, but on the standard budget allowances determined by UMass Amherst. Some students will spend more than the estimated amounts, others less, depending on individual lifestyles and circumstances. There may be additional charges not listed below that appear on your University bill. These additional fees may be based on the student’s career, level and program. For example: counseling fee, entering fee, Engineering fee, Honors College fee, Isenberg fee, lab fees,program fees and commencement fees are not listed below. The estimated COA below includes Direct and Indirect Costs.

2025-2026 Estimated Costs for Undergraduate Students:

9-Month, Full-time enrollment and living On or Off Campus unless otherwise indicated.

Additional Dependent Cost (spouse and/or children) Estimate $14,125 (Living Expenses $700/month/$6,300 and $7,825 Family Health Insurance Plan-optional for Domestic students.)

¹Additional fees may apply for first term enrollment, Commonwealth Honors College, certain majors and/or course fees. See Bursar website for a complete list of fees: https://www.umass.edu/bursar/tuition/undergraduate-tuition

²Housing - Per the US Department of Education, published housing costs must be the greater of the average or the median room charge. Additional charges apply for break housing. see on-campus housing options and rates on the Residential Life website: https://www.umass.edu/student-life/live-on-campus/your-residential-experience/room-rates-fees

³ Food - All first year students are automatically assigned to the Unlimited 250 Meal Plan. Once billed, students may change their meal plan. See available options on the UMass Dining website: https://umassdining.com/meal-plans/residential-meal-plan

⁴ The Student Health Benefit Plan (SHBP) is student health insurance that can be waived for domestic students if the student is enrolled in a comparable health insurance plan. At UMass Amherst, all international students must enroll and maintain coverage under this plan. This rate is an estimate and will not be final until the summer preceding the start of the academic year. More information is available here: https://www.umass.edu/uhs/insurance

* New England Regional Student Program (NERSP) offers a tuition break to New England residents enrolled in certain programs not offered by the public colleges and universities in the student's home state. Billed costs will reflect the full out-of-state tuition and either the New England Regional discount OR, for those who are eligible, the out-of-state UMass Chancellor's Merit Award. Students receive either the regional discount or the merit award, but not both.

Learn more about the New England Tuition Break Program here: https://nebhe.org/tuitionbreak/

** International students on student visas will not qualify for in-state tuition. International students will be considered out-of-state for tuition residency purposes; they must Contact the Undergraduate Admissions Office and provide appropriate visa documentation in order to initiate a residency reclassification review. International student meal and housing allowance includes costs for break periods. This itemized estimate will correspond to a new international student's I-20 form for educational expenses.

For more detailed information about tuition residency, contact the Undergraduate Admissions Office at 413-545-0222 or visit our Residency Policy page here: https://www.umass.edu/admissions/undergraduate-admissions/connect/information-policies/residency-policy

Estimated Cost of Attendance (COA)

The Financial Aid Services website has information to assist in determining your estimated cost of attendance at https://www.umass.edu/financialaid. This includes information for part-time undergraduates and graduate students. 

2025-2026 Estimated Costs for Graduate Students:

12-Month and Full-time enrollment (9 credits) unless otherwise indicated.

Dependent Cost Estimate (spouse and/or children)- $19,126. Includes Living Expenses $700/month/$8,400 and $10,284 Family Health Insurance Plan.

¹Additional fees may apply for first term enrollment. Tuition and Service Fees are assessed on a per credit basis. See Bursar website for a complete list of fees: https://www.umass.edu/bursar. Financial Aid assumes half time enrollment with an assistantship for initial aid packages. Contact Financial Aid Services to explore additional aid eligibility for your situation.

²The Student Health Benefit Plan (SHBP) is student health insurance that can be waived for domestic students if the student is enrolled in a comparable health insurance plan. At UMass Amherst, all international students must enroll and maintain coverage under this plan. This rate is an estimate and will not be final until the summer preceding the start of the academic year. More information is available here: https://www.umass.edu/uhs/insurance

³Housing - Financial Aid assumes graduate students will reside off-campus, however there are on-campus housing options for graduate students. More information available at: https://www.umass.edu/student-life/live-on-campus/housing-options. Please note that area rents can vary widely, depending on the number of bedrooms, number of roommates and market conditions. This estimate is based on an average rent per bedroom of $1,469/month. A standard practice for new renters is to provide an initial security deposit equivalent to one month's rent, in addition to the monthly rent payments. Information regarding off campus housing availability can be found here: https://www.umass.edu/offcampuslife/

⁴Food - Meal cost estimates are based on Unlimited 250 Meal Plan. While not required, on-campus meal plan options are available on the UMass Dining website: https://umassdining.com/meal-plans/residential-meal-plan. International student estimates include winter and summer break dining.

* New England Regional Student Program (NERSP) offers a tuition break to New England residents enrolled in certain programs not offered by the public colleges and universities in the student's home state. Billed costs will reflect the full out-of-state tuition and the New England Regional discount. Learn more about the New England Tuition Break Program here: https://nebhe.org/tuitionbreak.

**Fully benefited GEO-eligible students receive 100% tuition discount and a partial credit for mandatory fees. Benefits and stipend amounts are stated in the GEO contract.

Financial Aid awards are presumed GEO eligible. If you do not have an assistantship, please contact Financial Aid Services to discuss additional financing options.

*** International students on student visas will not qualify for in-state tuition. International students will be considered out-of-state for tuition residency purposes; they must contact the Graduate Admissions Office and provide appropriate visa documentation to initiate a residency reclassification review. International student meal and housing allowance includes costs for break periods. This itemized estimate will correspond to a new international student's I-20 form for educational expenses.

All financial aid programs are subject to change due to external factors

Need-Based Financial Aid

Grants & Scholarships

Federal Pell Grant
is awarded to full and part-time undergraduate students who demonstrate exceptional need and are seeking their first bachelor’s degree. Awards are limited to the equivalent of 12 full-time semesters. Final eligibility determination is required.

MASSGrant Program
is a need-based grant funded by appropriations from the Massachusetts Legislature for Massachusetts residents. Eligible undergraduate students must take at least 12 credits each semester, be seeking their first bachelor’s degree and file the FAFSA by May 1, 2025. Award amounts are determined by the Massachusetts Department of Higher Education.

FSEOG (Federal Supplemental Educational Opportunity Grant)
is awarded to Federal Pell Grant eligible students. Awards range from $200 to $2,000. Students enrolled part-time may also be eligible for FSEOG. Not all Federal Pell Grant eligible students are awarded FSEOG due to limited funding.

University Awards
are awarded in the form of grants, tuition credits and scholarships. These funds are awarded to full and part-time eligible undergraduate students seeking their first bachelor’s degree. Please note that some of the university academic grants and awards have grade point average (GPA) requirements. A student may only receive one tuition credit per semester regardless of the source of the credit. All awards are subject to fund availability.

State Financial Aid Programs
may be available from your state of residence. Visit your state department of higher education website to get information regarding available financial aid programs. Massachusetts residents should visit mass.edu/osfa for more information.

Work-Study & Subsidized Loans

Federal Work-Study (FWS)
is a federally funded program that provides students with funding to obtain part-time employment. Students typically work 10-15 hours per week and receive a biweekly paycheck. Earnings are taxable.

• FWS is not applied to your University bill.
• FWS can be used for on-campus hourly employment and at APPROVED FWS off-campus sites.
• For available jobs visit: https://www.umass.edu/financialaid/student-employment/job-board
• You can have more than one job; however, you may not work more than eight hours per day and should not work more than 20 hours per week while school is in session.
• Earnings from Federal Work-Study jobs are excluded from student income in the future year FAFSA.

William D. Ford Federal Direct Subsidized Loan
is a low-interest loan funded by the federal government and available to eligible undergraduate and UMASS FLEX degree seeking students enrolled at least half-time who complete the FAFSA. A credit check is not required to receive this loan. Direct Subsidized Loans are awarded based on demonstrated need.

• The current interest rate is fixed at 6.39%. There is a 1.057% origination fee retained by the federal government.
• The interest rate and origination fee are subject to change.
• The government pays the interest while the student is in school.
• Repayment begins six months after the student leaves school or drops below six credits.
• First-time borrowers are required to complete a Master Promissory Note (MPN) and Entrance Counseling at studentaid.gov before the loan funds are disbursed to their university bill.

Learn more about Federal Direct Student Loans at studentaid.gov

A current year FAFSA must be filed to apply for these federal loans.

William D. Ford Federal Direct Unsubsidized Loan
is a non need-based, low-interest loan funded by the federal government and available to degree-seeking undergraduate and graduate students enrolled at least half-time who complete the FAFSA. A credit check is not required to receive this loan.

• The current interest rate is fixed at 6.39% for undergraduate and 7.94% for graduate students.
• There is a 1.057% origination fee retained by the federal government.
• The interest rate and origination fee are subject to change.
• Interest accrues from the date the loan is disbursed and may be paid while in school or capitalized (added to the principal) at a specified time.
• Student borrowers are billed quarterly for the interest.
• Repayment begins six months after the student leaves school or drops below six credits.
• First-time borrowers are required to complete a Master Promissory Note (MPN) and Entrance Counseling at studentaid.gov before the loan funds are disbursed to their university bill.

William D. Ford Federal Direct PLUS Loan
Direct PLUS loans are federal loans that graduate or professional degree students and parents of dependent undergraduate students can use to help pay for education expenses. Direct PLUS loans have a Fixed interest rate currently 8.94% and are not subsidized, which means that interest accrues while the student is enrolled in school. An origination fee, currently 4.228% is charged to process a Direct PLUS Loan and is deducted from the loan disbursement before the funds are paid to the student's account. A current year FAFSA must be filed before applying for a PLUS Loan.

There are two types of Direct PLUS loans: Graduate PLUS loan and Parent PLUS loan.

Graduate PLUS loans
Allow graduate and professional students to borrow money to pay for their own education. Graduate students can borrow Grad PLUS loans to cover any costs not already covered by other financial aid or grants, up to the full cost of attendance.

Parent PLUS loans
Allow parents of dependent students to borrow money to cover any costs not already covered by the student’s financial aid package, up to the full cost of attendance. Parent PLUS loans are the financial responsibility of the parents, not the student. Parent PLUS

loans accrue interest while the student is enrolled in school and have no “grace period.” A grace period is a time after the student graduates, leaves school, or drops below half-time enrollment when you don’t have to make payments. Parents must start repaying PLUS loans as soon as the loan is fully disbursed. However, parents may be able to request a deferment to delay making payments while their student is in school at least half-time enrollment by contacting their loan servicer.

To apply for a PLUS loans visit our website at umass.edu/financialaid/forms.

Private Student Loans/ Alternative Loans

These are educational loans offered by private lenders to provide funds to pay for educational expenses. They are not part of the federal student loan program and generally do not feature the flexible repayment terms or the borrower protections offered by federal student loans. Private student loans typically have both variable and fixed interest rates. Most private loans require you to apply with a co-signer. The interest rates and fees you pay on a private student loan are based on your credit score and the credit score of your co-signer if you choose to have one. You should always exhaust your eligibility for federal student loans before resorting to private student loans.

Visit our website at https://www.umass.edu/financialaid for a list of private loan programs and lender application information.

The Federal Direct Unsubsidized Loan

is the primary source of financial aid for many graduate students. The annual loan award is based on the cost of attendance and individual eligibility, with a maximum annual limit of $20,500. The lifetime borrowing limit for Graduate student is $138,500 including loans borrowed as undergraduate.

Please Note: When awarding a Federal Direct Unsubsidized Loan to graduate students we assume that they are receiving a graduate appointment, (also called a graduate research or teaching assistantship). If you do not receive a graduate appointment, contact Financial Aid Services as this may increase the amount of loan you are eligible to receive. You may be able to receive up to the annual maximum.

This assumption does not apply to students enrolled in UMASS FLEX online graduate programs.

 Other Alternative Loan Options for Graduate Students

The Federal Direct Graduate PLUS Loan
is available to creditworthy graduate students in need of funds beyond those provided by the Federal Direct Unsubsidized Loan.

Graduate PLUS Loan Eligibility and Requirements:

• Enrolled at least half-time in a degree
• File a current year FAFSA and maximize eligibility for Federal Direct Unsubsidized
• Have a good credit history and not being in default in any federal
• May borrow up to the cost of attendance for the period of enrollment, minus other financial assistance
• First time GRAD PLUS borrowers with approved credit must complete a Direct PLUS Loan Master Promissory Note (PLUSMPN) and PLUS Loan Entrance Counseling at studentaid.gov.
• PLUS Loans are disbursed directly to the student’s University bill, generally in two
• Repayment starts six months after you graduate, leave school, or drop below half-time
• Interest rate is currently fixed at 8.94% with an origination fee of 228% (both subject to change).
• For more information on the Federal Direct Graduate PLUS Loan, visit studentaid.gov or contact Financial Aid Services at (413) 545-0801.

To Apply for a Graduate PLUS Loan:

• Complete the Direct Graduate PLUS Loan Application form available at Financial Aid Forms.

MEFA Graduate Loan
is offered by MEFA, a non-profit state authority offering low fixed interest rate loans for graduate students. For students needing help financing their graduate education, a MEFA Graduate Loan can be used to cover all or part of the amount due to the University. Unlike many private loans, the MEFA Graduate Loan offers low fixed interest rate options. MEFA loans are disbursed directly to the school in two installments and are applied to the student’s University bill. There are no origination or application fees. The Student and/or co-borrower must meet MEFA’s credit standards.

Visit mefa.org/loans or call (800) 449-MEFA (6332) for up-to date 2025-2026 rates or to apply.

Current Fixed Interest Rates Ranges:

• Deferred Repayment Option: 30% - 8.75% (Repayment starts six months after graduation, dropping below six credits or leaving school).
• Interest-Only Repayment Option: 15% - 8.95%. (Interest payment starts 45 days after final disbursement).

Your award was determined in accordance with the laws, regulations, and appropriations of the U.S. Congress, the Commonwealth of Massachusetts, and the University of Massachusetts Amherst. It is subject to adjustment or cancellation in the event of changes to these laws, funding, or your eligibility.

Most Common Reasons for Adjustments or Cancellations to Financial Aid Awards

Outside Scholarships, Credits, Resources:
Financial Aid Services may adjust your award(s) if you receive scholarships, grants, university credits or loans that are not currently listed on your award. Per federal regulations, your total financial aid, including federal, state, university and other sources may not exceed your total COA. In cases where your total financial aid exceeds your demonstrated need, Financial Aid Services will adjust or reduce your awards in this order: first loans, then work-study, then grants and scholarships.

Verification:
The U.S. Department of Education and the University select certain financial aid applications for a process called verification. If your application is selected, you will need to update your tax information on the FAFSA using the FUTURE Act Direct Data Exchange(FADDX) and supply our office with documents to verify the financial and family information submitted on your 2025-2026 FAFSA. A revised award notification and a FAFSA Submission Summary (FSS) will be send to you after verification is complete and adjustments are made.

Conflicting Information:
The U.S. Department of Education may flag your application for additional review if the information reported on the FAFSA is changed after filing or appears to be conflicting when compared to prior year.

Residency:
If your residency status changes during the academic year (e.g., out-of-state residency to in-state residency), an adjustment to your financial aid may be required.

Appeals:
You may request a review of your eligibility by completing an appeal form. Some common appeal requests include changes to family income or family size due to a change in employment, divorce, or death in the family, or increased cost of attendance due to educational related travel, off-campus living expenses or computer purchase. You can download an appeal form at umass.edu/financialaid/forms.

Enrollment Status:
Financial aid awards are initially based on full-time enrollment (12 or more credits per semester) for undergraduate students and six credits for graduate and UMASS FLEX students. If your enrollment changes, an adjustment to financial aid may be required.Adjustments to financial aid occur after the University add/drop period each semester.

Loan Limits or Loan Default:
If you have reached your annual or lifetime aggregate loan limit or are in default on a federal loan, your loan may be cancelled/adjusted.

Cancellation or Reduction Requests:
You may cancel or reduce your federal loans and/or work-study on the award summary page in SPIRE. Please note that you have 30 days from the date of disbursement of your Federal Direct Loan to request an adjustment.

Satisfactory Academic Progress (SAP):
The U.S. Department of Education requires that students receiving federal financial aid meet the University academic progress standards ensuring sufficient progress toward their degree. Determination of SAP is conducted at the end of each semester. To meet the University’s academic status standards, undergraduate students must maintain a minimum grade point average of 2.0 and the necessary credit hours to ensure graduation within ten semesters. Failure to maintain these standards will, at a minimum, place the student on financial aid warning. If a student does not meet the University’s academic progress standards after the warning period, the student may become ineligible to receive federal, state and university financial aid. An appeal process is available for students who may lose or have lost financial aid due to failure to maintain SAP. Students who wish to earn a double major or add a minor are reminded that they must complete their requirements within the ten-semester limit to ensure financial aid under the SAP regulation. Visit the Financial Aid Services website for more information at: umass.edu/financialaid/undergraduates/receiving-aid.

Graduate students must maintain a 2.0 GPA to receive or keep federal loans. Visit the Financial Aid Services website for more information at: umass.edu/financialaid/graduate/receiving-aid.

Learn more about Federal Direct Loans, the MPN and Entrance and Exit Counseling at https://www.studentaid.gov 

Federal Direct student loans are an investment in your future. You should not be afraid to take out federal student loans, but you should be smart about it. Before you take out a loan, it’s important to understand that a loan is a legal obligation that makes you responsible for repaying the amount you borrow with interest. Even though you don’t have to begin repaying your federal student loans right away, you shouldn’t wait to understand your responsibilities as a borrower. Keep track of how much you’re borrowing. Understand the terms of your loan and keep copies of your loan documents. Think about how the amount of your loans will affect your future finances, and how much you can afford to repay. Your student loan payments should be only a small percentage of your salary after you graduate, so it’s important not to borrow more than you need for your school-related expenses.

Please note that a combination of student loans is included in most undergraduate financial aid awards. You may choose not to borrow the loan(s) awarded or borrow a lesser amount than offered. Remember, loans are debts that must be repaid with interest, consider your options and other resources prior to borrowing student loans.

First-time borrowers are required to complete the following:

A Loan Agreement or Master Promissory Note (MPN)
The Master Promissory Note (MPN) is a legal document in which you promise to repay your loan(s) and any accrued interest and fees to the U.S. Department of Education. When you sign a promissory note, you are agreeing to repay the loan according to the terms and conditions stated on the promissory note regardless of completion of educational program or employment status. The MPN covers both Federal Direct Subsidized and Federal Direct Unsubsidized Loans and is valid for 10 years. If you become eligible for more loan funds, your MPN will cover all loan increases. In subsequent years, Financial Aid Services will notify you of your loan eligibility. Please note the MPN may become invalid or expired if there is no disbursement activity for twelve consecutive months, in which case a new MPN will have to be signed if you borrow additional federal loans. If you are a first-time borrower complete an MPN at studentaid.gov.

A Direct Student Loan Entrance Counseling
The student Loan Entrance counseling ensures you understand the financial obligations you are assuming, explains the terms and conditions of your loan and your rights and responsibility to repay the loan. You'll learn what a loan is, how interest works, your options for repayment, and how to avoid delinquency and default. The Entrance Counseling is required of all first-time borrowers that choose to accept a Federal Direct Loan. If you are a first-time borrower complete a Direct Loan Entrance Counseling at https://studentaid.gov/entrance-counseling/.

All Direct Loan borrowers are required to complete:

Direct Loan Exit Counseling
If you are a student who has received subsidized, unsubsidized or PLUS loans under the Direct Loan Program or the FFEL Program, you must complete exit counseling each time you: drop below half-time enrollment, graduate, or leave school. The exit counseling provides important information that you need as you prepare to repay your federal student loan(s). Topics include: Understanding Your Loans, Loan Servicers, Repayment Plans, Avoiding Default, Deferment, Forbearance, and Making Finances a Priority. Visit https://studentaid.gov/exit-counseling/ for information about and completing the Exit Counseling.

Repayment
Upon graduating or leaving school, you have multiple repayment options for your federal student loans. Each repayment plan offers a unique set of features and benefits, and depending on your personal situation, one plan might fit your lifestyle better. How do you choose the correct one? We suggest reading more about federal student loan repayment plans and using the Loan Simulator at studentaid.gov. There is no prepayment penalty. You may begin repayment while in school and may also repay the loan more quickly than the standard repayment schedule. You also have the option to defer your federal student loans if you are enrolled at least half time in graduate school.

Debt Management

A college education is the best investment you can make for your future, but it can be a costly one without a careful borrowing plan. Student loans are an excellent resource to pay for educational costs, but the amount of debt incurred should be considered carefully.

Taking out student loans to pay for college has long-term financial implications. Like any other debt, a student loan is a serious financial obligation that must be repaid with interest when you leave school. Failure to repay your student loans may affect your credit rating and your ability to borrow for other purposes.

It is important to plan for the entire cost of your education and consider how much you need to borrow to meet that cost while keeping your debt at a manageable level. Be sure you understand your rights and responsibilities under each loan program before you accept any student loan.

Repaying Your Federal Direct Loans

Repayment of principal and interest begins six months after leaving school or dropping below six credits. You must repay student loans even if your financial circumstances become difficult. You make payments to your assigned loan servicer. William D. Ford Federal Direct Loans are serviced by multiple Federal Loan Servicers. To find out who your loan servicer is, call the Federal Student Aid Information Center (FSAIC) at 1-800-433-3243 or visit studentaid.gov/manage-loans/repayment/servicers. You are responsible for staying in touch with your servicer and notifying them of any changes to your enrollment or personal information.

Borrowers of Direct Loans have multiple flexible repayment options. To compare and help you choose a repayment plan you can use the Loan Simulator at studentaid.gov/loan-simulator/. If you’re in a short-term financial bind, you may qualify for a deferment or a forbearance. With either of these options, you can temporarily suspend your loan payments. For information visit studentaid.gov/manage-loans/lower-payments/get-temporary-relief.

Payment calculated using the Standard Repayment Plan and fixed interest rates

The following charts give examples of monthly payments for specific loan amounts under the Standard Repayment Plan of 10 years. Amounts are rounded to the nearest whole dollar and represent minimum payments at the interest rate indicated. They do not include interest that may accumulate during periods of deferment or forbearance. This chart is

for estimating purposes only. To calculate your actual repayment visit studentaid.gov. If you need more information on debt management contact UMass Amherst Financial Aid Services.

The Standard Repayment Plan

•  Is the basic repayment plan for loans from the William D. Ford Federal Direct Loan (Direct Loan) Program and Federal Family Education Loan (FFEL) Program.
• Payments are fixed and made for up to 10 years.
• This repayment plan saves you money over time because you pay off your loan in the shortest time.
• All Direct Loan borrowers are eligible for this plan.
• Do not choose this plan if you will be seeking Public Service Loan Forgiveness (PSLF)

Learn about loan Repayment Plans at https://studentaid.gov/manage-loans/repayment/plans 

Contact your loan servicer to determine your eligibility for the different plans or visit: studentaid.gov.

The Standard, Graduated and Extended repayment plans are Fixed Payment plans. You will be automatically enrolled in the Standard Repayment Plan unless you pick a different repayment plan.

The SAVE, PAYE, IBR and ICR repayment plans are Income-Driven Repayment (IDR) Plans based on your income and family size. you must provide your loan servicer with updated income and family size each year to have your monthly payment calculated. You will pay more overtime under any of these repayment plans than under the Standard Repayment Plan. You can change repayment plans at any time.

* These Repayment Plans do not qualify for Public Service Loan Forgiveness (PSLF) program.

**These Repayment Plans are a good option if you will be seeking Public Service Loan Forgiveness (PSLF).

What is Public Service Loan Forgiveness (PSLF)?

If you are employed by a U.S. federal, state, local, or tribal government or not-for-profit organization, you might be eligible for the Public Service Loan Forgiveness Program. The PSLF Program forgives the remaining balance on your Direct Loans after you have made 120 qualifying monthly payments under a qualifying repayment plan while working full-time for a qualifying employer.

Learn more about PSLF at studentaid.gov/manage-loans/forgiveness-cancellation/public-service

Loan Consolidation

If you have multiple federal student loans, you can consolidate them into a single Direct Consolidation Loan. This might simplify repayment if you are currently making separate loan payments to different loan holders or servicers, since you'll only have one monthly payment to make. Additionally, a Direct Consolidation Loan could be eligible for more beneficial repayment plans than your current loans are eligible for.

Rights

You have the right to:

• A “grace period” before your repayment The grace period starts when you leave school or drop below half-time status, half-time is 6 credits.
• Loan deferments, forbearance, and to know the conditions under which your loans can be cancelled and/or repaid by the Department of Education.
• An explanation of default and its
• A loan repayment schedule, an explanation of refinancing and consolidation options, and your option to pre-pay your loan at any time without penalty.
• Know the amount of your total debt (principal and interest), interest rate, total interest charged on your loan, the number of payments, and what fees you should expect during the repayment period.
• Know where to send your payments and where to write if you have questions about your
• Know when your first payment is due and the number, frequency, and amount of all
• Receive documentation when your loan is paid in

Responsibilities

You are responsible for:

• Keeping accurate records of your federal student
• Repaying your federal student loans, plus interest, even if you did not finish your program, are unable to get a job, or are unhappy with the education received, according to the repayment schedule your lender will give you.
• Using your loan money only for tuition and other related educational
• Completing a Direct Loan Exit Interview before you leave school, which may be conducted online at Student Loan Exit Counseling, in person, or sent to you for completion.
• Keeping your copy of the signed Master Promissory Note (MPN).
• Opening, reading and maintaining any loan information you receive from your school or loan Don’t ignore your loan payments.
• Contacting your loan servicer to discuss repayment options when having difficulty making your scheduled payments.

You must notify the lender or loan servicer if you:

• Graduate, withdraw from school, or drop below half-time
• Transfer to another
• Change your name, Social Security Number, address, phone number, references or driver’s license
• Have a change of address while you are in You must also notify the University of the change.
• Have a change that affects your ability to repay the loan or your eligibility for deferment or

Learn about repaying your federal student loans at https://studentaid.gov/manage-loans/repayment/plans 

You have the right to know:

• What financial assistance is available at UMass
• The deadlines for submitting required documents for all of the financial aid programs available.
• The cost of attending UMass Amherst and the University’s refund
• The criteria used by Financial Aid Services to select financial aid recipients and how your financial aid eligibility is
• What resources are considered in the calculations of your financial aid
• How much of your financial need is unmet, as determined by Financial Aid Services.
• The terms and conditions of the various financial aid programs, including the criteria for your continued eligibility in the programs.
• The portion of the financial aid you received that must be repaid, and what portion is grant and therefore not If the aid is a loan, you have the right to know what the interest rate is, the total amount to be repaid, the procedure for repayment and when repayment is to begin.
• You have the right to a sample loan repayment schedule for
• How UMass Amherst determines whether you are maintaining satisfactory academic progress for financial aid and what happens if you are not.
• You have the right to All records and information that you submit are confidential and subject to legal requirements concerning disclosure of such information.
• You have the right to request a review of your financial aid eligibility (appeal based on extenuating circumstances).
• You have the right to know specific consumer information such as campus crime statistics and athletic
• If you withdraw from the University after the semester begins, you should be informed about the refund policies for both university charges and financial aid.
  Withdrawal policy information can be found at: https://www.umass.edu/financialaid/undergraduate/eligibility and at https://www.umass.edu//bursar/refund/withdrawal-tuition.

 You are responsible for/required to:

• Review and consider all information about UMass Amherst before you
• Inform Financial Aid Services of any outside sources of aid that do not appear on your award summary in Some examples include: scholarships, tuition credits and veteran’s or rehabilitation benefits.
• You are responsible for completing all requests for Some examples include: Tax Return Transcripts, verification forms, loan entrance counseling, loan promissory notes and loan exit counseling.
• You must notify Financial Aid Services if you would like to reduce or cancel your
• You are responsible for maintaining satisfactory status on your student
• Students who default on federal loans or owe refunds on federal grants are not eligible for any financial
• Contact Financial Aid Services if you plan to participate in an Internship/Co-op or Study Abroad/National Exchange
• Maintain satisfactory academic progress in your academic career as prescribed in the satisfactory academic progress
• Notify Financial Aid Services once you have met all degree requirements in your declared major(s), regardless of your intent to pursue a minor, retake courses to improve your GPA or for any other reason.
• Notify Financial Aid Services if you currently are or if you become incarcerated in a federal, state of local penitentiary, prison, jail, reformatory, work farm or similar correctional institution.
• You must inform the Registrar’s Office and your student loan servicer/lender of any changes to your name, Social Security Number, address or phone number.

For more information about your bill please visit the Bursar’s website at https://www.umass.edu/bursar 

All tuition bills are sent to the student’s UMass IT email account and are posted in the QuikPAY section of SPIRE. QuikPAY is the electronic system for students and authorized payers to view, print and/or make online payments. To access QuikPAY, go to your Student Center in SPIRE and select “View/Pay Bill.” For more information about QuikPAY and tuition charges, please visit the Bursar’s website at https://www.umass.edu/bursar.

The University bills students by semester. For undergraduate and UMASS FLEX students, fall semester bills are due in August; spring semester bills are due in January. Graduate student bills are due after the add/drop period, typically in October and March. If your financial aid award is finalized before your semester bill is sent to you, your financial aid will appear as an anticipated credit on the bill. The earliest your financial aid will be disbursed to your student account is 10 days prior to the start of the semester. Log into your SPIRE account at https://www.spire.umass.edu for up-to-date information on your University bill. Visit the Bursar’s Office website at https://www.umass.edu/bursar for additional information about your bill. You can call the Bursar’s Office at (413) 545-2368 or email them at bursar@admin.umass.edu.

The Bursar’s Office accepts payment by cash, check, eCheck, credit card, or debit card. To pay your University bill with a credit card or eCheck, go to QuikPAY by logging into your SPIRE account and click on “View/Pay Bill” under Finances. A non-refundable service fee will be applied to all credit and debit card transactions.

To be in good standing with the University you must meet your financial obligations to the Bursar’s Office by all published deadlines. In accordance with University policy, failure to do so will result in any one or a combination of the following sanctions, depending on the specific time in the semester in which your financial account is past due:

• Suspension of meal privileges in the dining halls
• Cancellation of registration and dropping of your classes
• Late fee charge
• Eviction from the residence halls
• Registration hold for any future semesters
• Administrative withdrawal

Financial Aid Refunds

If the amount of financial aid and other credits on your University bill exceeds the tuition, fees and other charges and you do not have a previous balance, you may receive a refund.

To ensure timely processing of your refund:

• Sign up for Excess Express, required by the Bursar’s Office to process refunds to students. With this service, funds will be electronically deposited into the USA checking or savings account of the student’s choice.
• To enroll, log into your SPIRE account and go to the “Finances” panel.
• Register for your classes early. You must be registered for at least six credits for your financial aid to be disbursed to your account. Some types of financial aid require 12 plus credits.
• Make sure you have completed all required loan documents at https://www.studentaid.gov:
  • Loan Agreement for a Subsidized/Unsubsidized Loans (MPN)
  • Loan Agreement for Graduate or Parent PLUS loans (MPN)
  • Direct Loan Entrance Counseling or PLUS Loan Counseling

Loans will not be paid to your account until required loan documents are completed.

• Graduate students receiving a teaching assistantship or appointment, make sure your contract and all payroll paperwork is complete and submitted to the Graduate Assistantship Office in order for your tuition and fee credits to be applied to your University bill.
• If you are a graduate student on program fee/continuous enrollment, be sure that your Graduate Program Director notifies the Graduate Registrar’s Office that you are considered enrolled at least half-time.

Other Options for Financing Your Education

UPay Payment Plan is an installment payment plan offered by the Bursar’s Office. It is recommended to help budget payment of your educational expenses and limit your overall debt. UPay allows you to spread your academic year balance over 10 months for a small one-time non-refundable fee. There is no interest charged on the amount budgeted. Students, parents and guardians can enroll in UPay. Enrollment is available through QuikPAY, the University’s online payment system. Please note there is an enrollment deadline for each semester. For more information on the UPay Installment Payment Plan and QuikPAY visit umass.edu/bursar.

Alternative Loans are credit-based loans available to assist with financing your education. UMass Amherst understands that to meet your specific financing needs, you must have the right choice of loans. Loans offer different combinations of rates, terms and benefits. Some loans require immediate repayment and are subject to credit approval. It is your responsibility to understand each loan program’s eligibility requirements and repayment terms. For more information about credit-based alternative loan options see the Alternative Loan Information sections in this guide or visit umass.edu/financialaid/alternative-loan-options.

Why would a student apply for an alternative loan?

An alternative loan is an option to finance the remaining educational expenses after all federal, state, and institutional opportunities for scholarships, grants, and loans are exhausted. As all educational expenses may not be covered by the financial aid received and the student or family may be unable to pay for the remaining expenses out of pocket.

Alternative education loans are private non-government loans made from a lender to an individual for the purpose of paying for college expenses such as tuition, fees, room and board, and other associated expenses. Because alternative loans are not guaranteed by the federal government, they must be insured privately. This extra cost is passed on to the borrower in the form of higher fees and interest rates. An alternative loan should be your last option for funding after you have exhausted all other types of federal and state grants and loans.

We strongly recommend that you apply with a creditworthy co-signer to improve your chances for approval, as well as receive a lower interest rate and better terms on your loan. Please visit our website for detailed information on alternative loan programs. UMass Amherst is required to certify these loans to ensure that the loan amount does not exceed the cost of attendance less all other financial aid.

Below is a list of important questions to ask a prospective lender before applying for an alternative loan. As with all borrowing, students and parents must carefully consider the terms of an alternative loan before applying.

• What types of loans do you offer and which one is best for my situation?
• What is the enrollment eligibility? Find out if you must be enrolled at least half-time and/or in a degree- seeking program.
• How much in total loan fees will I pay? Find out if there is a fee at disbursement, additional fees at repayment, etc.
• How much will my payment be if I borrow $ ?
• Do I need or should I use a co-signer?
• What is my interest rate and how is it calculated?
• How and when do you capitalize interest? Accrued interest is periodically capitalized (added) to the principal balance of your loan. The fewer times your lender capitalizes, the lower your costs will be.
• Do I have a grace period after graduation or leaving school before repayment begins?
• What are my deferment (postponement of repayment) options?
• How long do I have to repay the loan? If you are worried about high monthly payments after graduation, find a lender with a long repayment period (typical periods are 10, 15 or 20 years) and no penalty for early

Visit our website at https://www.umass.edu/financialaid/alternative-loan-options for information on Alternative Loan Programs

The Federal Direct Parent PLUS Loan

is a loan for creditworthy parents of dependent students. A PLUS Loan can be used to cover all or part of the amount due to the University.

• Before applying for a Parent PLUS Loan the student must submit the 2025-
• Interest rate is currently fixed at 8.94% (subject to change).
• Origination fee retained by the federal government is 228% (subject to change).
• Borrower is responsible for paying all the
• PLUS Loans are not based on need, but on parent borrower
• An applicant who has an adverse credit history may be able to obtain the loan with an endorser who does not have an adverse credit history.
• PLUS Loans are disbursed directly to the student’s University bill, generally in two
• The S. government is the lender; payment is owed to the U.S. government.
• Repayment starts 60 days after the final
• Parent has the option to defer repayment if student is enrolled at least half-time in a degree
• If the PLUS loan is denied, the student becomes eligible for an additional Direct Unsubsidized
• If the PLUS Loan is approved the parent borrower must complete a Loan Agreement for a PLUS Loan (MPN) at https://www.studentaid.gov.

To apply for a Parent PLUS Loan
complete and submit the Federal Direct Parent PLUS Loan Application form available online at
https://www.umass.edu/financialaid/financial-aid-services/financial-aid-forms.

For more information regarding the Federal Direct Parent PLUS Loan visit https://www.studentaid.gov or contact Financial Aid Services at (413) 545-0801.

MEFA Undergraduate Loan
is offered by MEFA, a non-profit state authority offering low fixed interest rate loans to students and families.

For parents who want to help finance a student’s education the MEFA Loan can be used to cover all or part of the amount due to the University. MEFA Loans are disbursed directly to the school in two installments and are applied to the student’s University bill.

Please visit mefa.org/loans or call 800- 449-MEFA (6332) for up to date 2025-2026 rates and to apply. Current Fixed Interest Rate Ranges:

• 10 year immediate Repayment Option—5.75% - 50%
• 15 year immediate Repayment Option—6.00% - 65%
• Interest-Only Repayment Option–7.15% -95%
• Deferred Repayment Option—7.30% - 75%
• Parent must meet MEFA’s credit
• No origination fee, application fee, or prepayment penalty
• Repayment starts 45 days after final disbursement for immediate repayment and interest only

 What Will I Owe?

1. Enter your total billed costs:

Enter financial aid for each semester and /or payments (do not include Federal Work-Study):

*Multiply amount borrowed by 0.998 to calculate net disbursement.

2. Subtract Total Financial Assistance (B) from your Total Direct Cost (A) to arrive at the total amount you will owe to UMass Amherst and/or the amount of parent or student alternative loan you will need to cover all your expenses.

Please remember that in addition to the billed charges, you will also need to purchase books and supplies and cover weekly living expenses.

The University of Massachusetts Amherst Financial Aid Services home page includes financial aid deadlines, application, eligibility, contact information, forms, and links to outside resources. Forms are available for download in PDF format or complete via DocuSign.

Keep track of student loans borrowed at UMass Amherst

spire.umass.edu

My Debt Center in SPIRE allows you to monitor your borrowing activity while attending UMass Amherst, and find resources and information on managing all your student loans, repayment plans, scholarships, and financial literacy. Find My Debt Center on your SPIRE Home page under View Financial Aid.

Student Job Board
https://www.umass.edu/financialaid/student-employment 
Financial Aid Services provides students with current listings of on-campus and off-campus jobs. The listings include work-study and non work-study jobs. Note, this is not an inclusive list of all on-campus jobs, some departments may post jobs on their own webpage, or have other ways to advertise job openings.

UMass Amherst Scholarships and Awards

umass.edu/financialaid/undergraduate/undergraduate-scholarships
The Financial Aid Services Scholarship page provides links for common sources of scholarships for UMass Amherst students. Our Scholarship Search Board allows current and prospective students to search scholarships using criteria such as undergraduate or graduate career, enrollment level, or by keyword.

Graduate Assistantship Office (GAO)
umass.edu/graduate/funding
The GAO posts assistantship opportunities and processes graduate appointments and associated tuition and fee credits. This office does not assign or determine who gets assistantships. GAO is located in Suite 545, Goodell Building and can be reached at (413) 545-5287 or via email at gradappt@grad.umass.edu.

The UMass SPIRE System
spire.umass.edu

The SPIRE system is a service available to enrolled students with online access to verify their financial aid, look up bills, register for classes, and check grades.

U.S. Department of Education Web Sites for Students:

• Complete your Direct Loan Master Promissory Note (MPN) at: https://www.studentaid.gov
• File your FAFSA at: https://www.studentaid.gov
• Get an FSA ID at: https://www.studentaid.gov
• Get information on Student Financial Assistance at: https://www.studentaid.gov
• Learn about Direct Consolidation Loans: https://www.studentaid.gov
• Learn about loan repayment and Public Service Loan Forgiveness at: https://www.studentaid.gov
• Get your federal loan borrowing history at: https://www.studentaid.gov
• Get a Department of Education contact number list at: https://www.ed.gov/contact-us

Massachusetts Department of Higher Education

https://www.mass.edu/osfa 
Office of Student Financial Assistance(OSFA) 
(617) 391-6070

In-Person Customer Service
243 Whitmore Administration Building, 181 Presidents Drive
Amherst, MA 01003

Email questions: finaid@umass.edu

Phone: (413) 545-0801

Document Mailing Address:
Financial Aid Services, 37 Mather Drive
Amherst, MA 01003

Document Fax: (413) 545-1700

Secure Document Upload: https://yes.umass.edu/portal/fa_doc_upload 

UMass Amherst Offices

Financial Aid Services

University of Massachusetts Amherst
243 Whitmore Administration Building, 181 Presidents Drive
Amherst, MA 01003

Tel. (413) 545-0801
Fax (413) 545-1700

https://www.umass.edu/financialaid
finaid@umass.edu