Most students and families use a variety of resources when it comes to paying for post-secondary education. These include Income and Savings, Scholarships, Grants, and Student Loans.
There are also Tax Benefits for Education for which many qualify—but unfortunately, those won’t be realized until next year’s taxes are filed.
If you haven’t filed a FAFSA for 2023-24, do so as soon as possible at www.fafsa.gov. Make sure you use your tax information from 2021. If your application is not processed prior to the tuition due date, and you are unable to pay the entire bill in full, you will want to sign up for the University’s Payment Plan. Keep an eye on this website for details: https://mycollegepaymentplan.com/uwm/. If you have charges owed from a prior term, you will be able to include up to $1,500 of them in your payment plan. Please keep in mind, that once the semester ends, the options available to help you pay for a past due balance are very limited.
If you did file the FAFSA, but you don’t have enough funds:
Economic hardship is a reality for many families at this time. When you originally completed the 2023-2024 FAFSA, income information from 2021 was used. If your or your parent(s) income has drastically changed for 2022 or 2023, CLICK HERE to complete the form for special consideration. While this may or may not affect your eligibility for additional aid, the Office of Financial Aid Administration will review your information and let you know.
Take advantage of the University’s Payment Plan. Students must opt in, unlike in years past. The payment plan allows you to pay tuition and fees in monthly payments. There’s no interest, payment options are flexible, and setup fees are affordable. Review this website for more information and details: https://mycollegepaymentplan.com/uwm/
There are a couple of financial aid programs left to consider. We encourage you to read the section “Additional Financial Resources” in the current version of the Financial Aid Handbook. These pages discuss the Federal Parent and Graduate PLUS Loans and the Private Educational Loan program. Details on these popular programs, as well as links to the online applications, can be found on the corresponding web pages. All can be found under the Finances/Types of Financial Aid/Loan tab on the One-Stop Website.
- Federal Direct Parent PLUS Loans—a federal loan available to parents of dependent, undergraduate students.
- Federal Direct Graduate PLUS Loans—a federal loan available to students enrolled in a program leading to a graduate degree.
- Private Educational Loans—many private lenders offer loans to students who need additional funds to pay for their post-secondary education. This link provides lender names and a comparison tool to help in your selection.
Think ahead! The typical cycle for scholarships is October to May; however, new scholarships become available all the time. Check the portal often for new listings. If there isn’t anything listed for this year, keep an eye out for listings for next year to help supplement your future terms!