Types of Financial Aid

Types of Financial Aid


The four categories of aid UAM offers are grants, work-study, scholarships, and loans, which are described below. Students may apply for all federal aid programs by completing the FAFSA (Free Application for Federal Student Aid). Students are encouraged to apply early because some types of aid have limited funding. Eligible students will be offered federal financial assistance, and an offer notification will be sent to the student’s official UAM e-mail address.

Verification of applicant data may be required. No financial assistance will be offered until required documentation is received and application data is determined to be correct. Students selected for verification will be notified on WeevilNet and their official UAM e-mail address.


GRANTS

Federal Pell Grant

The Federal Pell Grant is awarded to students with exceptional financial need who are pursuing their first Bachelor’s Degree. Amounts are based on the EFC from FAFSA (Guide to Aid Offers: “Important Terms”), and your enrollment level. All award amounts are based on projected full‐time (12+ credit hours) enrollment, and awards are adjusted for a student’s actual enrollment during Enrollment Census. The Federal government limits a student’s eligibility to 600%, or 6 years of enrollment. For additional information, please visit https://studentaid.gov/.

NOTE: Upon completion of declared major curriculum requirements for a first bachelor’s degree, a student is no longer eligible to receive a Pell Grant. Example: A student working on a double major has completed all requirements for the first bachelor’s degree, but does not apply for graduation until he or she has completed the requirements for both majors, is no longer eligible for a Pell Grant.

Federal Supplemental Educational Opportunity Grant (SEOG)

A Federal SEOG is an offer to help eligible undergraduates with exceptional financial need. Funding is limited. Priority is given to Federal Pell Grant recipients.


FEDERAL COLLEGE WORK STUDY

The Federal College Work Study program provides eligible undergraduates or graduate students an opportunity to work at an on‐campus or community service job to earn money towards educational expenses. Funding is limited.

NOTE: Students may work a maximum of twenty hours per week and are paid minimum wage. Students are paid once a month for hours worked. Prior to being certified to work, students must bring a valid driver’s license and a Social Security card or birth certificate to the UAM Financial Aid Office. A work study offer does NOT guarantee the student employment on campus. Each student must locate a job on campus. Accepting a work study offer does not guarantee that the student will earn the full amount listed in the financial aid offer.


SCHOLARSHIPS

Institutional Scholarships: General Scholarship Application

The University uses an on-line system called AcademicWorks to administer scholarship applications for students and many on-campus units participate in this system. We value student success and one way that it tries to promote and achieve this is by providing scholarships to our own students.

A complete list of these scholarships can be found on our scholarships webpage. For scholarship consideration, students must submit an admissions application, scholarship application through AcademicWorks, test scores, a 6 or 7 semester transcript and proof of immunization to meet eligibility requirements by the June 1 deadline.

Arkansas State Aid

Arkansas State scholarships require completion of the YOUniversal scholarship application. Click the ‘START’ button to begin registering, or login if you are a returning user. Students and parents may visit the Arkansas Department of Higher Education website for more information.

The application deadline is July 1 for most programs, although some deadlines occur before and after July 1. It is students'' responsibility to notify the Financial Aid Office at finaid@uamont.edu if they receive a scholarship. Awards may be viewed on WeevilNet in the Student Services Center.

Outside Resources

Receipt of additional financial assistance such as scholarships, grants‐in‐aid, or vocational rehabilitation grants may change eligibility for offers that have already been processed. Direct Loans (Stafford and PLUS), SEOG, and Arkansas Department of Higher Education (ADHE; i.e., Academic Challenge, HEOG, etc.) may be decreased or canceled if the student receives additional assistance.

NOTE: It is students’ responsibility to notify the UAM Financial Aid Office of all assistance they will receive. Students may notify the Financial Aid Office by emailing finaid@uamont.edu.


FEDERAL DIRECT STUDENT LOANS

Completion of the FAFSA is required to receive Federal student loans. To qualify, you must be enrolled at least halftime and attending classes (undergraduate: 6 hours/graduate: 3 hours) that are required for your eligible certificate or degree. Unlike grant aid, you are responsible to repay loans, with interest. You also have the choice to reduce or decline the amount of your loan offers.

Loan fees may be deducted from each loan disbursement. Each loan comes with its own interest rate, borrowing terms, and conditions. Prior to the disbursement of a loan, students must complete the following on https://studentaid.gov/:

  1. Complete a Master Promissory Note
  2. Complete Loan Entrance Counseling
  3. Complete Loan Acknowledgement

NOTE: Loan offers are subject to annual and aggregate loan limits. Please see https://studentaid.gov/ for more detailed information on the different Federal student loan programs available. You may also visit http://uamweb2.uamont.edu/pdfs/financialaid/req%20reading‐direct%20stafford%20loan.pdf

When you graduate, withdraw, or drop below halftime enrollment at UAM, you must complete an exit interview.
Go to https://studentloans.gov/myDirectLoan/index.action and select Exit Counseling.

Return of Title IV Funds – Students who receive Title IV aid and do not complete at least 60% of the semester for which they are enrolled may be required to return a portion of the Federal funds received. In most cases, the withdrawal date for students who officially withdraw will be the actual date of withdrawal as determined by the Registrar’s Office. Students who cease attending without officially withdrawing are considered “unofficial withdrawals.” If you should have to withdraw at any point, contact the Financial Aid Office.

Federal Direct Subsidized Loan

These loans are need‐based. The government pays the interest while students are enrolled at least half‐time.

Federal Direct Unsubsidized Loan

These loans are not based on need and interest begins to accrue upon the first disbursement of loan funds.

Federal Direct Parent PLUS Loan

These loans are credit‐based loans for parents of dependent undergraduate students (and in a very limited case, graduate students). The loan is unsubsidized and the borrower is responsible for paying all interest.

Department Of Veteran Affairs Benefits

Veterans of recent military service and the dependents of certain other Serviceman and servicewoman may be entitled to educational assistance payments from the Department of Veteran Affairs. UAM is an approved institution in veteran and veteran’s beneficiary training. Veterans of recent military service, widows, or children of those who lost their lives in service or who are now totally disabled as a result of service should contact the nearest Department of Veteran Affairs Regional Office for assistance in securing benefits. Veterans attending UAM as an undergraduate under the G. I. Bill must maintain full-time status (12 semester hours or more) to be eligible for full benefits. Veterans should be aware that dropping a class during the term might affect benefits. Veterans may not repeat a course in which a passing grade was made and receive benefits for the course. Veterans should contact the Financial Aid Office at (870) 460-1050 and ask for our VA Representative for assistance in filing for benefits.

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