According to a recent report, the University of Montevallo is one of the most affordable colleges for incoming freshmen with financial need. This analysis was determined by the Student Loan Report, a website covering the latest in higher education financial aid.
Per Student Loan Report’s research, the average student who used loans to pay for school during the 2015-2016 school year graduated with more than $27,000 in debt.
Further, according to UM’s Financial Aid office, grant and need based aid available for UM students increased by 12.5 percent between 2014 and 2015.
Student Loan Report analyzed more than 1,000 institutions to determine which schools offered “the most need-based scholarships and grants to incoming freshmen.”
The site found its results by multiplying the percent of college freshmen with financial need by the average amount of aid they are given.
Of the top 250 culled from that analysis, UM ranked in the top 10 percent at 91st, marking it the third most affordable school in Alabama for freshmen in need of financial aid. On average, the University gives a little more than $9,000 to 92 percent of its freshmen in need.
UM has remained committed to supplying its future students with as much financial aid as possible.
In addition to what is given through U.S. Department of Education Federal Work Study and Federal Supplemental Economic Opportunity Grant funds, the University voluntarily contributes an additional 25 percent match annually to increase funds for students in need.
Further, students can seek aid through participation in the TRIO Student Support Services-Aspire program or by applying for merit-based scholarships. Since Oct. 2015, 21 scholarships were newly endowed with award amounts averaging around $1,000 per year. Overall, an additional $125,000 in scholarship funds are available to students.
For more information or questions on UM financial aid opportunities, visit the website or call 205-665-6050.