Your Top Financial Aid Questions Answered

Planning how to pay for school can raise plenty of questions, especially when you’re balancing education with work, family, and other responsibilities. 

• What assistance might you qualify for? 
• When should you apply? 
• What happens after you receive an aid offer?

You don’t have to figure it all out on your own. University of Massachusetts Global’s one-stop financial aid team can help you understand your options and the steps involved in applying. 

Start with answers to these five common financial aid questions.

Before you apply: What will school cost?

Your education costs depend on your program, learning format, and how much coursework you have left to complete. Instructor-led programs charge tuition per credit, while UMass Global MyPath programs charge a flat tuition rate for each billing period. Fees and other expenses may also apply.

Start with UMass Global’s Time-Cost Calculator to estimate your program cost and completion date, then connect with our team to understand how your remaining coursework and financial aid options could affect your individual costs.

1. Am I eligible for financial aid?

Financial aid comes from several sources, including federal and state governments, universities, employers, and private organizations. Each program has its own requirements, so you may qualify for one type of assistance even if you don’t qualify for another. 

Federal student aid is the most common type of sought-after funding; eligibility requirements generally include:

• Being a U.S. citizen or eligible noncitizen
• Having a valid Social Security number, with limited exceptions
• Enrolling in an eligible degree or certificate program
• Maintaining satisfactory academic progress
• Completing required application steps, including providing consent and approval for the transfer of federal tax information

You don’t have to demonstrate financial need for every type of federal aid. Pell Grants and Direct Subsidized Loans are need-based, while Direct Unsubsidized Loans do not require financial need. Don’t assume your income automatically rules you out.

How is financial aid determined?

After you submit the Free Application for Federal Student Aid (FAFSA), your information is used to calculate your Student Aid Index (SAI). Your school uses that index, along with its cost of attendance and other factors, to determine your eligibility for aid. 

Cost of attendance includes more than tuition. It may also include estimated expenses for books, supplies, housing, food, transportation, and other eligible costs. Your financial aid office can explain which expenses apply to your situation. 

2. What is FAFSA, and when should I complete it?

The FAFSA is used to establish your eligibility for all federal and state programs. You use it to apply for federal grants, work-study, and student loans. States and schools also use FAFSA information to help determine eligibility for many of their own aid programs. You generally need to complete a new FAFSA for each award year in which you want federal aid.

Completing the FAFSA does not commit you to borrowing money. It gives your school the information needed to determine which types of aid it can offer you. 

Choose the correct award year

Select the FAFSA that matches the dates you plan to attend school:

• For attendance between July 1, 2026, and June 30, 2027, complete the 2026–27 FAFSA.
• For attendance between July 1, 2027, and June 30, 2028, complete the 2027–28 FAFSA. 
  • The application opened October 1, 2026, and its federal submission deadline is June 30, 2028.

State and school deadlines can be much earlier than the federal deadline. For California’s 2027–28 state-aid programs, the published priority deadline is March 2, 2027. Check the requirements for your state and school and submit your application early whenever possible.

Gather your information before you begin

You’ll need your StudentAid.gov account and the financial information requested for the award year you select. Depending on your circumstances, a parent or spouse may also need to provide information as a FAFSA contributor. Required contributors must complete their portions of the application, including consent and signature requirements.

• When you list your schools, use 041618, UMass Global’s federal school code. 

Visit the Federal Student Aid website to complete your application and review current deadlines. If you’re unsure which form to use, contact your financial aid office before submitting it.

3. What types of financial aid are available?

There are various sources of financial support that students should explore when applying for aid. Your financial aid offer may include several types of assistance; understanding the differences can help you decide how to cover your costs and how much, if anything, you need to borrow. 

Grants and scholarships

Grants and scholarships generally do not need to be repaid, although certain circumstances, such as withdrawing from school, can create repayment obligations. Options may include:

• Federal Pell Grants: These grants generally help undergraduate students with financial need who have not earned a bachelor’s, graduate, or professional degree. Your award depends on eligibility factors such as your financial circumstances, enrollment, and cost of attendance. 
• Federal Supplemental Educational Opportunity Grants (FSEOG): These grants support eligible undergraduate students with exceptional financial need. Funding is limited, and availability depends on the school.
• State Grants: Almost every state offers its own type of grant or scholarship to its residents. Programs such as California’s Cal Grants have their own residency, financial, academic, and application requirements. Eligible California students may apply for state aid through the FAFSA or California Dream Act Application, depending on their circumstances.
• University and Outside Scholarships: Explore opportunities through your school, community organizations, professional associations, and other scholarship providers. Don’t forget to report outside assistance to your financial aid office because it may affect your aid package. 

Federal Work-Study

Federal Work-Study provides part-time employment opportunities for eligible students with financial need. Unlike a grant applied to your account, work-study funds are earned through employment. Ask your school about participation, available positions, and application steps. 

Federal student loans

Loans must be repaid, usually with interest. Direct Subsidized Loans are available to eligible undergraduate students with financial need. Direct Unsubsidized Loans are available to eligible undergraduate and graduate students without a financial-need requirement; however, interest accrues while you’re in school. Borrowing limits depend on factors such as your academic level, dependency status, enrollment, and previous borrowing.

Federal loan rules changed July 1, 2026. Important changes include:

• Grad PLUS availability: New graduate and professional borrowers can no longer receive Grad PLUS Loans. Some continuing students may qualify for a limited exception.
• Parent PLUS limits: Unless an exception applies, Parent PLUS borrowing is limited to $20,000 annually and $65,000 in total per dependent student, combined across parents. 
• Enrollment-based limits: Annual student loan limits are adjusted for less-than-full-time enrollment under the new rules. 

Because exceptions and borrowing limits depend on your circumstances, review your options with Financial Aid before building a funding plan around a particular loan.

Employer and military education benefits

If you work, ask whether your employer offers tuition assistance or reimbursement. If you’re a service member, veteran, or eligible family member, you may also have access to military education benefits. Coordinate these resources with your financial aid office to understand how they fit into your overall plan.

4. How and when will I receive my financial aid?

Part of planning for the future includes determining a schedule of when and how you will move forward. Once you have filed your FAFSA, received an award letter from your school, and accepted your program, it is important to take note of the timeline for receiving funds.

Submitting the FAFSA is an important first step, but it does not automatically release funds. Your school may need additional documents, confirmation of your enrollment, or other information before it can finalize and disburse your aid. Federal student loan borrowers may also need to complete entrance counseling and a Master Promissory Note. 

Disbursement is the process of applying financial aid to your university account. This process may vary based on the institution you are attending, but generally a grant or loan will cover a full academic year. In most cases, your school must pay you at least once per semester, trimester, or quarter, depending on the term length. 

Check with your Financial Aid Office to find out your school's schedule for disbursement and remember that a disbursement date is not necessarily the date a refund will reach you.

Your program format affects timing

At UMass Global, disbursement timing depends on your program and whether you’ve completed all financial aid requirements. Instructor-led, credit-hour programs and UMass Global’s self-paced, competency-based MyPath use different payment-period structures. 

For credit-based, instructor-led programs, disbursements occur during the week before the start of classes provided students are registered for classes and have met all eligibility requirements at least two weeks before the start of the session they are attending. Payments for the summer trimester will begin during the fourth week of classes. 

MyPath disbursements occur in the first payment period shortly after attendance is confirmed. Disbursements in the second payment period are triggered by completion of the first payment period along with attendance in competencies for the second payment period.  

5. How do I repay my student loans?

Start by reviewing your loan details through your StudentAid.gov account and identifying your loan servicer, the organization that manages billing and repayment. Your servicer can explain when payments begin, which plans you qualify for, and what steps to take if your circumstances change.

Many Direct Subsidized and Direct Unsubsidized Loans have a six-month grace period after you leave school or drop below half-time enrollment. PLUS Loans have different rules, including deferment options, so check the requirements for each loan you hold.

Your repayment options depend on your loans

Federal repayment options changed in July 2026. The plans available to you depend on factors including your loan type and when your loans were first disbursed. 

• For eligible loans first disbursed on or after July 1, 2026, options generally include the Repayment Assistance Plan and the Tiered Standard Plan. 
• Parent PLUS Loans have different restrictions, and borrowers with earlier loans may have other options. 

When comparing plans, look at more than the monthly payment. Consider the repayment period, eligibility requirements, and total amount you may repay over time. 

If you’re worried about making a payment, contact your servicer promptly. Ask about available repayment options and whether you qualify for deferment or forbearance. Understanding the impacts of each option can help you make an informed decision. 

Get help planning how to pay for school

You don’t need to understand every financial aid rule before taking the first step. Start with the FAFSA, review grants and scholarships, and ask questions before accepting loans.

UMass Global’s financial aid team, one-stop, can help you understand application requirements, review your aid offer, and clarify what happens next. Visit our financial aid page to explore your options and connect with support.

For more information on how to finance your education, read on with our article "Top Financial Aid Tips and Tricks [Infographic]."

Note: Financial aid eligibility, program availability, and federal requirements can change. Confirm current deadlines, loan rules, and disbursement requirements with your financial aid office before making financial commitments.