$5,283

Avg. Federal Grant

$5,218

Avg. Federal Loan

$102,585,654

Total Aid Awarded

The University of Memphis (UofM) Financial Aid and Scholarships

Students Receiving Aid Percent of Students Receiving Financial Aid.

78%

Total Aid Amount Average Total Aid Awarded per year.

$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.

Financial Aid Breakdown

Student Receiving Aid

Federal Grant Aid

55%

State Grant Aid

76%

Institution Grant Aid

76%

Pell Grant

55%

Average Aid Awarded

Federal Grant Aid

$5,283

State Grant Aid

$4,817

Institution Grant Aid

$3,507

Pell Grant

$5,107

Federal Aid based on Family Income

Family Income

Average Federal Aid Per Year

Under $30,000

$12,077

$30,001 - $48,000

$10,857

$48,001 - $75,000

$7,262

$75,001 - $110,000

$5,018

Over $110,000

$4,746

Student Loans for The University of Memphis (UofM)

Average Loan Amount Average Loan Amount received per year.

$5,643/Year

Students Taking Out Loans

56%

Loan Default Rate

11%

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