Financial Aid

Terms and Conditions

In an effort to distribute limited funds in a fair and equitable manner, UMass Lowell awards grant aid based on equity. Financial Aid awards may consist of some or all of the following types of aid depending on financial need: Grants, Scholarships, Waivers, Student Employment and Federal Student Loans. 

Initial financial aid award packages for undergraduate students are based on the cost of 12 state supported credits each semester.  Graduate student financial aid packages are based on the cost of 9 state supported credits each semester.  Continuing Education student financial aid packages are based on 6 credits. 

Please note: all financial aid awards are contingent on funding.

Additional Resources 

Students receiving internal or external scholarships, stipends, assistantships or other payments toward education expenses must notify the Financial Aid Office in writing. 

Federal regulations require the financial aid office to coordinate internal and external awards with other need-based financial aid awards received. In situations when student financial need has been met with financial aid funds  it is the university’s policy to reduce aid in the following sequence: student loans, student employment and finally, grant aid.


Award Review

Student enrollment status is confirmed after the add/drop period of each semester.

Students whose enrollment is less than the anticipated enrollment, as well as those enrolled in continuing education courses, may see an adjustment in financial aid awards as the costs for these enrollment changes is different than the costs upon which the original award was based. The Financial Aid Office will email students regarding award changes; however students are encouraged to check SiS often to stay up-to-date of award offers and changes.

In addition to enrollment changes, students may see adjustments due to changes in the following:

  • Change in residency
  • Change in grade level
  • Change in housing status
  • Change in degree status
  • Change in graduation term

Financial Aid Disbursement and Refund Checks 

Disbursement of financial aid, in accordance with the University’s policy, is directly made to the student’s account (except in the case of student employment). Disbursements are made after the Add/Drop period of each semester once enrollment, residency, grade level and housing are confirmed and all program requirements have been met (ie. loan entrance counseling, promissory notes, etc.).

Students whose financial aid award exceeds their charges will have the credit balance returned to them after disbursements are made.  Students can authorize the University to deposit credit balances directly into a designated bank account by enrolling in Direct Deposit through SIS Student Self-Service.

For detailed instructions on Direct Deposit, visit Enrolling in Direct Deposit (pdf).


Maintaining Eligibility


Financial aid awards are offered based on the information available at the time of the award.  Students are expected to maintain eligibility throughout the year.  Failure to meet federal, state or institutional eligibility criteria may result in adjustment or cancellation of awards. 

Common eligibility failures include:

  • Student loan default
  • Non-degree status
  • Change in program/plan
  • Change in career/degree
  • Failure to meet Satisfactory Academic Progress standards
  • Course load requirements:
    • Some financial aid programs require full-time enrollment (12 or more credits) while others require half-time enrollment (6 or more credits)
    • Students cannot receive aid for courses that do not count toward their degree program 
    • Audited courses are not eligible for aid
IMPORTANT: Students must reapply for financial aid every year by the March 1st priority deadline by completing the FAFSA online.


University Withdrawal 

Students who withdraw from the university or drop all courses after the add/drop period but before the end of the semester will be subject to federal return of Title IV, state and institutional refund calculations. These regulations determine how much of your financial aid awards are earned at the time of withdrawal. 

The Financial Aid Office will notify withdrawn students via mail when aid has been adjusted due to withdrawal.  Prorated financial aid awards may result in a balance owed to the university. 

Students who withdraw from the university during the fall semester will have their aid cancelled for the spring semester. If a student re-enrolls in the spring semester, financial aid will be reinstated based on availability of funds. 

Additional information on the Financial Aid Withdrawal Policy is available. 

For more information, download the Student Guide to Financial Aid (PDF) as a resource