Graduate Financial Aid
Explore the page below to learn how to apply for financial aid as a graduate student at University of Mount Olive.
How Do I Apply For Financial Aid?
To apply for need-based financial aid at University of Mount Olive, you will need to submit a completed FAFSA found by visiting http://www.studentaid.gov. Students will need to visit www.studentaid.gov to obtain a FSA username and password. This will serve as your electronic signature for the FAFSA and can be done prior to FAFSA completion or while completing the FAFSA. Students will use the UMO school code 002949.
The FAFSA can be completed online at www.studentaid.gov, which is the preferred method of submission. You can also complete the FAFSA via the app found in the Apple or Android store.
The FAFSA asks for financial information about you and your family, such as income and asset information, household size, and your expected academic status for the school year. Graduate students should list their year in school as “1st Year Graduate/Professional”, their Degree/Certificate as “Graduate/Professional Degree”, and should answer “Yes” to the Graduate Program question. You will receive a Student Aid Report (SAR) based on the information you reported in your application. Be sure to check your SAR for errors, and let us know if there are any corrections that may need to be made. The completed FAFSA will usually be received by the UMO Financial Aid office within 3-4 business days.
Requirements for Receiving Financial Aid
To be eligible for Federal Aid, you must meet the following general requirements:
- Be a US citizen or permanent resident
- Be officially accepted as a degree or licensure-seeking student to University of Mount Olive
- Maintain satisfactory academic progress in a major course of study
- Not be in default on an educational loan or owe a refund on a grant received at another institution
- Have not met Federal Lifetime Loan limits
Monthly Payment Plan
For many students, a monthly payment plan is the best way to budget for school expenses. The University of Mount Olive payment plan is administered by TMS. This plan enables you to pay all or part of your tuition and fees in monthly installments without interest charges. Please note there is a $30 enrollment fee for a semester plan.
Additional Ways to Offset the Cost of Paying for College
The Hope Scholarship Tax Credit
The Hope Scholarship tax credit allows families to claim an annual tax credit of up to $1,500 for each of the first two years of college for each eligible student. An eligible student is one who is carrying at least one-half the normal full-time course load at a qualified educational institution and is enrolled in a degree program.
A student or a taxpayer may claim the credit for his or her spouse or dependent children. Expenses for books, room, board, athletics, and insurance are not included in this calculation.
The Hope Scholarship tax credit is phased out for joint filers with $85,000 to $105,000 of annual adjusted gross income, and for single filers earning between $42,000 and $52,000 yearly. The credit can be claimed in two taxable years of college and by students who are enrolled at least half-time for any portion of the years. Visit the IRS online for more information on tax credits.
Lifetime Learning Tax Credit
The Lifetime Learning Credit is for students who are returning to college as juniors, seniors, graduate or professional students. The maximum credit a taxpayer may claim for a taxable year is $2,000. Unlike the Hope Credit, there is no limit to the number of years in which a Lifetime Learning Credit may be claimed. The credit is available for tuition and required fees, grants, scholarships and other tax-free educational assistance, for amounts paid on or after July 1, 1998 and for post-secondary enrollment beginning on or after July 1, 1998.
Student Loan Interest Deduction
Taxpayers who have loans to pay for the cost of attendance at an eligible educational institution may generally deduct interest they pay on student loans for themselves, their spouse or their dependent(s).
The deduction is available only during the first 60 months in which interest payments are required on the loan-for payments due and made on or after January 1, 1998. The maximum interest that may be deducted varies from one tax year to another. We recommend speaking with your financial planner or tax consultant if you believe you are eligible for this benefit.