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.

Federal Pell Grant

The Federal Pell Grant is awarded to students with 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.

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.

Institutional Scholarships:

A complete list of scholarships can be found on our scholarships webpage. For scholarship consideration, students must submit an admissions application, test scores, and (ACT superscore, SAT, Accuplacer), and an official high school transcript.

State Aid Programs

State scholarships require completion of the YOUniversal scholarship application at www.adhe.edu. 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 the 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 may change eligibility for offers that have already been processed. Direct Loans (Subsidized/Unsubsidized and PLUS), SEOG, and Arkansas Department of Higher Education awards may be reduced or canceled if the student receives additional assistance. It is the student's responsibility to notify the UAM Financial Aid Office of all assistance they will receive by emailing finaid@uamont.edu.

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

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.

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.

Default Management - The Arkansas Student Loan Authority (ASLA) assists the University by maintaining frequent contact with previous and current UAM student borrowers to inform and facilitate repayment, deferment, and forbearance of federal student loans. Prior to the national student loan payment pause, the most recent official Cohort Default Rate at UAM was 4.4%. This rate was calculated based on 954 borrowers in repayment with 42 defaulted loans during the 2019 fiscal year period.

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

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

These loans are credit‐based loans for parents of dependent undergraduate students (and also for graduate students). The loan is unsubsidized and the borrower is responsible for paying all interest.

Veterans of recent military service and the dependents of certain other Servicemen and Servicewomen 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 GI 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.

Our financial aid year begins with the fall semester and ends with the summer terms. Since the summer is at the end of our aid year, summer financial aid eligibility is limited to those funds that were not used during the traditional academic year (prior fall and spring). 

How can I apply for Summer Financial Aid? 

No additional paperwork is required.  Your 2023-24 FAFSA will be used to determine eligibility for summer aid. You will be notified by email in early to mid-May regarding summer financial aid awards. 

How Is Summer Financial Aid Determined? 

Each student has an annual limit for financial aid. Summer aid is determined by subtracting the amount you borrowed during the traditional academic year from your annual limit. 

Pell Grant eligible students may be able to receive additional Pell funds for summer enrollment.  

To qualify for additional summer Pell Grant funds, you must: 

  • Be eligible to receive Pell Grant funds for the academic 23-24 year. 
  • Maintain Satisfactory Academic Progress (SAP)  
  • Be enrolled at least half-time (6 credit hours) during the summer. 
  • Have lifetime Pell Grant eligibility remaining. 

If you are enrolled less than half time for the summer terms, you may still qualify for Pell Grant funds if you did not already receive your full eligibility for the academic year. (fall and spring) 

Graduate Students 

Graduate students enrolled in at least 3 credit hours for the summer may be eligible for Federal Direct Unsubsidized loans if they have borrowed less than $20,500 in the current 2023-24 academic year.  

Graduate PLUS loans are available to graduate students who have reached their annual unsubsidized loan borrowing limit of $20,500.

Please call or make an appointment with a financial aid staff member if you have questions about your summer aid eligibility at 870-460-1050.