The pursuit of higher education can be an enriching yet often daunting journey, particularly when it comes to navigating the financial implications. At the University of Mary Hardin-Baylor (UMHB), a Christ-centered institution in Belton, Texas, students are provided ample opportunities to explore various financial aid options tailored to their needs and circumstances.
Types of Financial Aid Available
UMHB offers a comprehensive array of financial aid programs to help students overcome financial barriers and realize their academic aspirations:
- Scholarships: Merit-based awards granted to high-achieving students with strong academic records or exceptional talents in areas such as music, athletics, or leadership.
- Grants: Need-based financial assistance provided by the federal government, state agencies, or the university itself to students who demonstrate financial hardship.
- Student Loans: Borrowed funds that must be repaid after graduation. UMHB provides subsidized and unsubsidized loans through the Federal Direct Loan Program.
- Work-Study Programs: Opportunities for students to earn money while attending school by working on campus or at community organizations.
- Tuition Payment Plans: Flexible payment arrangements that allow students to spread out their tuition costs over multiple installments throughout the semester.
Determining Eligibility
To determine eligibility for financial aid, students must complete the Free Application for Federal Student Aid (FAFSA). This form collects information about the student’s family income, assets, and expenses, which is then used to calculate the Expected Family Contribution (EFC). The EFC is used to determine the amount of financial aid a student is eligible to receive.
Scholarships: A Path to Excellence
UMHB awards a wide range of merit-based scholarships to recognize and reward outstanding academic achievements. These scholarships range from departmental awards, such as the Excellence in Nursing Scholarship, to university-wide honors programs like the Presidential Scholars Program. In addition, UMHB offers scholarships specifically targeted towards students from underrepresented groups, such as first-generation college students and minority students.
Grants: Bridging the Financial Gap
Need-based grants provide financial assistance to students who demonstrate financial hardship. The most common federal grant program is the Pell Grant, which is awarded to students with exceptional financial need. UMHB also offers institutional grants, such as the UMHB Endowed Scholarship Fund, to supplement federal grant funding.
Loans: Investing in Your Future
Student loans offer an opportunity for students to finance their education and repay the borrowed funds after graduation. UMHB offers subsidized and unsubsidized loans through the Federal Direct Loan Program. Subsidized loans have lower interest rates than unsubsidized loans, and the federal government pays the interest while the student is enrolled in school at least half-time.
Work-Study: Earning While Learning
The Federal Work-Study Program provides part-time employment opportunities to eligible students who demonstrate financial need. Students can work on campus or at community organizations to earn money while attending school and gain valuable work experience.
Tuition Payment Plans: Managing Costs
UMHB offers flexible tuition payment plans that allow students to spread out their tuition costs over multiple installments throughout the semester. This option provides students with a more manageable way to pay for their education and avoid large upfront payments.
Financial Aid Statistics
According to the National Center for Education Statistics (NCES), in 2018-2019, the average cost of tuition and fees for a four-year public college was $9,410 for in-state students and $23,890 for out-of-state students. The average cost of tuition and fees for a four-year private nonprofit college was $32,410.
At UMHB, the total cost of attendance for the 2022-2023 academic year is estimated to be $46,340. However, with the help of financial aid, the average net cost for UMHB students is significantly lower.
Success Stories
“Financial aid made it possible for me to pursue my dream of becoming a nurse,” says Sarah, a UMHB graduate who received a scholarship and a grant. “Without this assistance, I would not have been able to afford college and I am eternally grateful for the opportunity to have received this support.”
“I have been able to pay for my education through a combination of scholarships, grants, and student loans,” says John, a UMHB senior who plans to attend graduate school next year. “The financial aid I have received has allowed me to focus on my studies and achieve my academic goals without worrying about how I am going to pay for school.”
Conclusion
UMHB is committed to providing financial assistance to students from all backgrounds and circumstances. Through its comprehensive financial aid programs, the university offers a wide range of options to help students overcome financial barriers and realize their educational aspirations. By exploring the various types of financial aid available, students can find the right combination of scholarships, grants, loans, work-study opportunities, and tuition payment plans to meet their individual needs.
| Scholarship Type | Eligibility Criteria | Award Amount |
|---|---|---|
| Presidential Scholarship | Top 10% of incoming freshmen with a GPA of 4.0 or higher | Full tuition, fees, and room and board |
| Heritage Scholarship | Students with a parent or grandparent who is a UMHB alumnus | $10,000 per year |
| Athletic Scholarship | Students who participate in intercollegiate athletics | Varies based on sport and level of competition |
| Pell Grant | Students with exceptional financial need | Up to $6,895 per year |
| Federal Supplemental Educational Opportunity Grant (FSEOG) | Students with exceptional financial need who are also eligible for a Pell Grant | Up to $4,000 per year |
| Federal Work-Study Program | Students with financial need who demonstrate work ethic and responsibility | Hourly wage paid for work on campus or at community organizations |
| Tuition Payment Plan | All students | Flexible payment arrangements that allow students to spread out their tuition costs over multiple installments |
