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How Financial Aid Works

Financial aid is intended to bridge the gap between the cost of college and what you and your family can afford to pay for college. This may come in the form of grants, scholarships, student employment, and/or loans. Here, you'll find valuable information to help you navigate the process and connect you with the resources to help make life at the U a reality.

coa - efc = financial need

Costs and Financial Eligibility

Your cost of attendance (COA) is based on the educational expenses that you may incur. The figure includes direct charges, such as tuition, housing, and fees, as well as nonbilled items like books and transportation.

The Expected Family Contribution is the amount UM calculates the student and family can contribute toward educational expenses. This calculation is made based off information provided in the financial aid application.

These amounts are used to determine the amount of financial aid for which you may qualify. Once we’ve determined your financial need, we’ll build your financial aid award.

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Useful Resources

Veterans & ROTC

As a veteran, dependent of a veteran, or a member of ROTC, you may qualify for Veteran’s Education Benefits.

Satisfactory Academic Progress (SAP)

You must meet basic academic progress standards each year to continue to receive financial aid.

Glossary of Financial Aid Terms

Understand the terms and definitions related to your financial aid package using our glossary of terms for easy reference.

What to Expect

Use this quick reference guide to track your progress and ensure all your documents are in order when applying for aid.

Student Budget Calculator

Use this worksheet to plan for the future and stay within a manageble budget while attending University.

Ways to Reduce College Expenses

Tips for graduating with as little debt as possible.

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Scholarships and Grants

Scholarships and grants are “gift” assistance—they do not need to be repaid upon graduation. Merit scholarships are awarded at the time of admission, based on a holistic evaluation of your admission application. Grants are primarily need-based and will be determined based on your financial aid application.

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Self-Help Assistance

Every student who applies for financial assistance will have a self-help (job/loan) component added to their financial aid notification.