The University of Memphis (UofM) Financial Aid and Scholarships
Students Receiving Aid
78%
Total Aid Amount
$102.586M
Financial Aid Official Website
www.memphis.edu/financialaid/
Such schemes include Advantage Scholarship, Andrew D. Holt Scholarship, Cecil C. Humphreys Merit Scholarship, and Cecil C. Humphreys Presidential Scholarship. As many as 97% of the students at UM get some sort of financial aid, and the total amount of assistance/loans provided is more than $60,426,934 in a year. At UM, the total percentage of applicants who receive the Federal Grant stands at 52%. On the other hand, 94% of the candidates get the Student Grant, 79% receive the Institution Grant, and 52% get the Pell Grant. Furthermore, the average aid for the Federal Grant receivers is $5,284, and the same stands at $4,683 for State Grant awardees and $4,137 for Institution Grant recipients. And, for the Pell Grant awardees, the average aid amount is $4,662. Among other things, the annual family income of the applicant plays a major role in determining the total financial aid they are actually eligible to receive. In addition to financial grants and scholarship schemes, students can also avail of monetary benefits like student loans to pay for their education. However, student loans attract a certain rate of interest at which the funds are borrowed. While grants and scholarship schemes do not require repayment, student loans should be repaid by the applicants within a given period. At UM, an estimated number of 50% of the applicants choose to go for student loans.
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