The University of Memphis offers hundreds of scholarships and financial aid options to students each year. Those looking to take advantage of the opportunities better act fast to meet the approaching deadline.
March 1 is the date when just about all scholarship applications are due for consideration. And with tuition prices reaching around $2,200 for each semester, students are looking for any way to help relieve the financial burden.
Existing students have just as much of a chance to receive a scholarship as incoming freshman if they know what is available to them.
"There are several scholarships available to current students," said Melissa Traynom, graduate assistant in the scholarship office. "The most popular is what is called the private scholarship, which is awarded to upperclassman based on their base GPA. We expect at least a 3.5. However, this is a competitive process considering only 20 to 25 are awarded each year."
Another option available to current students is what is called the adult scholarship, which is awarded to students over the age of 24. Only 12 are awarded each year and besides the age factor, students must have a 3.5 grade point average to be competitive and submit an essay explaining why they should be considered.
Besides these two, each department offers their own scholarships based on specific requirements related to that degree. For instance, the art department requires a portfolio with five to 10 examples of work in a particular area of concentration, and references from instructors who are familiar with the students' work along with the application.
"These types of scholarships are mainly reserved for juniors and seniors, who have had the chance to prove themselves," Traynom said.Those looking to just receive some financial aid should go through the Free Application for Federal Aid (FAFSA) process. The maximum amount of financial aid a student can receive through this process is $2,625 per year and it is split between the fall and spring semester.
"I would advise students to apply as soon as possible and not put it off," said Torrence Mcknight, assistant director of financial aid. "Filling out the FAFSA form is the first step in receiving any kind of financial aid, including grants and scholarships."
FAFSA determines a student's financial need based on several factors including parent's yearly income, previous financial aid received and whether the student has declared a major and is making satisfactory academic process.
"I receive loans from ED (education department) financial and it really helps a lot," said Eli Mcnease, senior market management major. "I have to pay it back after graduation but right now it is really helpful. I also get tuition reimbursement from working at FedEx."
The deadline to apply for the private and adult scholarships is March 1. Deadlines for scholarships awarded by a specific department will depend on that department and students should contact their counselor to find out specific dates. For more information on all scholarships students are advised to visit online informative sites or contact the department at 678-3213.
"I want to tell students that if they have any questions at all to please call us or stop by and we will help as much as possible," Traynom said.
