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Financial Aid

Federal financial aid is available for qualified students enrolled in MyWay at UMHB, including Pell Grants, Direct Subsidized Loans, and Direct Unsubsidized Loans.

  • Federal Pell Grant:  The Federal Pell Grant is awarded to eligible students who have not received a bachelor's degree.  Eligibility is determined by the student's estimated family contribution (EFC) from the FASFA, the cost of attendance, and the student's enrollment status (part time or full time).
  • Federal Direct Subsidized Loan:  The Federal Direct Subsidized Loan is awarded to eligible students on the basis of documented financial need as determined by the FAFSA.  The U.S. Department of Education pays the interest while the student is in school at least half-time, the first six months after the student leaves school, and during a period of deferment.
  • Federal Direct Unsubsidized Loan:  The Federal Direct Unsubsidized Loan is not limited to students with documented financial need.  The student is responsible for paying the interest which begins to accrue when funds are disbursed.

Alternative/private educational loans are also an option.

  • Alternative/Private Educational Loan:  Alternative educational loans are private loans available to students who are seeking additional funds to help finance their education or who are not eligible for Federal Student Aid.  UMHB utilizes ELM SELECT to provide students with information about alternative/private loans.

Students applying for financial aid will need to complete the following steps:
  1. Complete a FAFSA:
    1. Use school code 003588.
    2. Create a FSA ID and Password at FSA ID.  (Dependent students will need for at least one parent to create a FSA ID as well.)  The FSA ID will be used for both the FAFSA and loan documents.
    3. UMHB receives FAFSA results within 5 business days from the Department of Education.
  2. Accept an award package:  The UMHB Financial Aid Office will calculate an award package then notify the student via email within a few days after receiving the FAFSA.
  3. Submit required documentation:  The UMHB Financial Aid Office will follow up with students via email should other forms and documentation be required to verify information provided on the FAFSA.  Note:  A student's financial aid application may be processed on an estimated basis until all required documentation is submitted.

In order for financial aid applications to be processed for a particular subscription period, the following deadlines must be met:
  1. UMHB should receive a student's FAFSA by the 1st day of the month in which the student plans to enroll.  (For example, if a student plans to begin a subscription period on June 15th, the student's FAFSA must be received by June 1st.)  Reminder:  It takes 5 business days for the Department of Education to forward FAFSA results to UMHB.)
  2. Students should accept award packages and submit required documentation one week prior to the start of the subscription period.
  3. Students should complete the Entrance Loan Counseling and Master Promissory Note at StudentLoans.gov one week prior to the start of the subscription period.