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Financing a College Education It May Be Easier Than You Think


One of the most daunting parts of the college application process can be how to finance a college education. We understand that it can be overwhelming, but college may be more affordable than you think. We developed this brochure so you can better understand the costs of attending college. We have included available financial aid and scholarship information, as well as the deadlines that apply. Additionally, if you have any questions after reading this brochure, we’ll direct you where to go for answers. For students who excel in academics and leadership, there are opportunities for merit scholarships. For those who meet federal criteria for financial aid, there are various options, including grants, low-interest loans, federal work study and scholarships.


How Much Will It Cost? One semester at the University of Memphis for an in-state, undergraduate student with no financial aid or scholarships will cost approximately $3,952 in tuition and fees. Books and supplies will be about $688 a semester. An out-of-state student with no financial aid or scholarships can expect to pay $11,308 a semester, plus approximately $688 for books and supplies. If a student lives on campus in a residence hall, housing fees range from $1,790 to $3,290 a semester, with meal plans being an additional $780 to $1,350, depending upon the residence hall and meal plan selected. The University of Memphis offers a variety of options for students who need assistance in paying for their college education.

All fees listed above are based on tuition and fees for the 2012-13 academic year and are subject to change.


Distinguished Scholarship Programs The scholarship application deadline for students admitted as freshmen to the University of Memphis is February 1. All scholarships are awarded for the full academic year (fall and spring semesters) and are awarded based on information submitted on the University of Memphis admissions application. A separate scholarship application is not required unless noted. All University scholarship program awards are based on a combination of ACT/SAT scores and cumulative high school grade point average. These scholarships are four-year, renewable scholarships that require full-time enrollment. In addition to the following scholarships, students residing in Tennessee may also be eligible for the Tennessee HOPE Lottery Scholarship Program. To be eligible, students must complete a FAFSA (Free Application for Federal Student Aid) online. Information is available at fafsa.gov. Additional information on the HOPE Lottery Scholarship Program can be found at tn.gov/collegepays.com.


Cecil C. Humphreys Merit Scholarship Awarded to all National Merit/National Achievement finalists listing the University of Memphis as their first choice with the National Merit Scholarship Corporation by the required deadline. This prestigious award is $9,700 per year, plus additional benefits and stipends. Cecil C. Humphreys Presidential Scholarship Awarded to students with a minimum 30 ACT/ 1330 SAT and a 3.5 or above cumulative high school grade point average. It is also given to National Merit/National Achievement Semifinalists. This coveted award is $7,500 per year, plus additional benefits and stipends. University of Memphis Provost’s Scholarship Awarded to students with a minimum 28 ACT/ 1250 SAT and a 3.25 or above cumulative high school grade point average. A limited number of these $5,500 scholarships are given each year. Valedictorian Scholarship Valedictorians from high schools in Tennessee, Crittenden County in Arkansas, and Desoto, Marshall, Tate and Tunica counties in Mississippi are eligible for this award, provided they meet admissions requirements. It is a $4,500-per-year award. University of Memphis Dean’s Scholarship Awarded to students with a minimum 25 ACT/ 1130 SAT and a 3.0 or above cumulative high school grade point average. A limited number of these $3,000 scholarships are given each year.


Emerging Leaders Scholarship The Emerging Leaders Scholarship requires a separate application that is available online at memphis.edu/leadershipprograms/ emerging.php or in the Office of Student Leadership (University Center, Room 211). The application deadline is February 1. This $5,500-per-year scholarship is awarded to a limited number of students each year. A minimum 21 ACT/980 SAT and a 3.0 or better cumulative high school grade point average is required. On-campus housing and the purchase of a meal plan are also required for students selected for this scholarship. Interviews are necessary and are normally held in February. University of Memphis Advantage Scholarship This scholarship is designed to ensure that the University meets its goal of having a diverse student body. The award is competitive and given to a limited number of students who file a FAFSA form by February 1. The Advantage Scholarship is $4,000 per year. Students must have a minimum 23 ACT/1060 SAT and a 3.0 or above cumulative grade point average, as well as meet specified criteria. First Scholars Program Students selected for the First Scholars program receive personalized support and an annual award of $5,000, renewable for a total award of $20,000 over four years. The program is open to incoming freshmen whose parents did not graduate from college. The program requires a separate application, available online, and must be completed by February 1. First Scholars are selected based on eligibility criteria. More information, including eligibility criteria and the application, can be found at memphis.edu/ firstscholars.


Special Programs for Out-of-State Students Border County Tuition Waiver Students who live in Crittenden County in Arkansas, or Desoto, Marshall, Tate or Tunica counties in Mississippi may be eligible for the Border County Tuition Waiver, which allows them to attend the University of Memphis at in-state tuition rates. Information on academic criteria can be found at memphis.edu/ admissions/border_academics.php. Non-Resident Honors Student Award (NRHSA) Offered by the University of Memphis Helen Hardin Honors Program, this award allows non-resident students to attend the University at in-state tuition rates. Approximately 30 awards are given each year. The NRHSA requires application to and acceptance in the University Honors Program. An application is available at honors.memphis.edu. Academic Common Market Participation in the Academic Common Market allows qualified students from selected states to pay in-state tuition while pursuing certain degree programs at the University of Memphis. This arrangement is available only to students whose home states do not offer the designated program. Eligibility for programs offered by the University of Memphis is determined by the state in which the student resides. Students must certify they live in that state and complete the admissions process. To view states and eligible programs, visit memphis.edu/admissions/ acm.php. For more information, call 901.678.4715.


Financial Aid GRANTS Federal Pell Grant The Federal Pell Grant is a non-repayable, federally funded program for undergraduate students pursuing a first bachelor’s degree. Awards vary in amount each year and are based on financial need and hours of enrollment. Federal Supplemental Educational Opportunity Grant (SEOG) SEOG is a non-repayable, federally funded, university-based program for undergraduate students pursuing a first bachelor’s degree. Awards are given to early applicants who have submitted all required information, demonstrated the greatest financial need and have the lowest Expected Family Contribution (EFC) on the Student Aid Report. Tennessee Student Assistance Award (TSAA) TSAA is a non-repayable state grant program available to undergraduate Tennessee residents pursuing a first bachelor’s degree. This award is contingent upon Pell Grant eligibility, state funding and early submission of the FAFSA form. More information is available at tn.gov/ collegepays.com.


LOANS Federal Direct Student Loans Subsidized Stafford Loan A Subsidized Stafford Loan is a low (variable) interest loan, available to degree-seeking students enrolled at least half-time (six undergraduate credit hours; 5 graduate credit hours) who demonstrate financial need. The interest is paid by the government while the students are attending school. Repayment of both principal and interest begins six months after graduation or when enrollment ceases to be at least half-time. Unsubsidized Stafford Loan An Unsubsidized Stafford Loan is a low (variable) interest loan, available to degree-seeking students enrolled at least half-time (six undergraduate credit hours; 5 graduate credit hours). It is not based on financial need. Interest will be charged from the time the loan is disbursed until it is paid in full. The interest can be paid while the students are still in school. Repayment of both principal and interest begins six months after graduation or when enrollment ceases to be half-time. Federal Direct Parent Loan for Undergraduate Students (PLUS) This program allows a parent with a good credit history to borrow to pay the cost of education for a dependent undergraduate student enrolled at least half-time (six undergraduate credit hours). The yearly limit is equal to the student’s cost of attendance minus any other financial assistance expected or received. The interest rate is 7.9 percent. There is no grace period for this loan. Interest begins to accumulate at the time the first disbursement is made. Repayment of both principal and interest generally begins within 60 days after the loan has been fully disbursed. Parents are eligible to apply for loan deferment. Federal Perkins Loan The Federal Perkins Loan is a low-interest loan for degree-seeking students with exceptional financial need. This program is federally funded and administered by the University. Priority is given to early applicants with at least a 2.5 cumulative grade point average. Repayment begins nine months after graduation or when enrollment ceases to be at least half-time.


WORK PROGRAMS Federal Work Study This federally funded, need-based employment program is administered by the University and is available to students who are enrolled at least part-time. Students are employed on campus for approximately 20 hours each week and are paid bi-weekly (minimum wage or higher). Placement is based on job skills and availability. Regular Student Employment This program offers on-campus jobs to students who do not qualify for Federal Work Study. Students are usually paid bi-weekly (minimum wage or higher). The availability of jobs depends on student skills and the needs and funding considerations of campus departments.

What Is FAFSA? The Free Application for Federal Student Aid (FAFSA) is required for financial aid packages, as well as several scholarships, including the HOPE Lottery Scholarship Program and the University of Memphis Advantage Scholarship. Forms should be completed and filed as soon as possible after January 1, but no later than the University’s priority deadline of February 1. FAFSA forms are available at fafsa.gov.


What If I Have More Questions? If you have questions, the staff of the University of Memphis is ready to answer them. For more information on scholarships, contact the University of Memphis Scholarship Office at 901.678.3213, or you may visit 107 Wilder Tower. More information is also available online at memphis.edu/scholarships or by emailing scholarships@memphis.edu. Questions on financial aid packages should be directed to the University of Memphis Financial Aid Office at 901.678.4825, or you can visit 103 Wilder Tower. More information is also available online at memphis.edu/financialaid or by emailing financialaid@memphis.edu. High school guidance counselors can also offer some assistance with completing paperwork and answering questions you may have. Deciding which college to attend is a big step. Determining how to finance a college education is an even bigger decision for you. We are here to help make your decision a little less overwhelming. UOM140-FY1213/60M TOOF COMMERCIAL PRINTING 670 SOUTH COOPER STREET MEMPHIS TN 38104


Office of Recruitment and Orientation Services 101 John Wilder Tower Memphis, Tennessee 38152-3520

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Financing a College Education  

Financing a College Education

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