Financial Aid

Financial Aid for Online Undergraduate Students at UMO

Affording your education is an important part of planning your academic journey, especially for online and adult learners balancing work, family, and school. The University of Mount Olive offers a wide range of financial aid options for online undergraduate students, including federal grants, scholarships, loans, military benefits, and tuition assistance programs.

Whether you’re completing the FAFSA for the first time or returning to school after several years, UMO provides clear guidance and support throughout the process. Use the sections below to learn how to apply for aid, explore payment plans, and review additional opportunities that can help offset the cost of your education.

How to 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 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.

The FAFSA asks for financial information about you and your family, such as income and asset information, as well as your academic background. You will receive a FAFSA Submission Summary based on the information you reported in your application. Be sure to check your FSS for errors by visiting the “My Activity” section of your www.studentaid.gov account, and let us know if there are any corrections. We will develop a financial aid package for you based on the information in your FSS.

UMO Federal School Code 002949

To be eligible for financial 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 college

Monthly Payment Plan

For many students and their families, a monthly payment plan is the best way to budget for school expenses. The University of Mount Olive payment plan is administered by Nelnet. 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 $35 enrollment fee for a semester plan.

Additional Ways to Offset the Cost of College

American Opportunity Tax Credit

The American Opportunity Tax Credit allows families to claim an annual tax credit of up to $2,500 for each of the first four years of college for each eligible student. An eligible student must:

  • Be pursuing a degree at a post-secondary institution eligible to participate in a US Department of Education student aid program
  • Be enrolled at least half-time for at least one academic period beginning in the tax year
  • Not have finished the first four years of higher education at the beginning of the tax year
  • Not have claimed AOTC or the former Hope Credit for more than four tax years
  • Not have a felony drug conviction at the end of the tax year

Note: Courses can be online. For further eligibility details, visit Education credits - AOTC and LLC | Internal Revenue Service →

Lifetime Learning Tax Credit

The Lifetime Learning Credit (LLC) is for qualified tuition and related expenses paid for eligible students enrolled in an eligible educational institution. This credit can help pay for undergraduate, graduate, and professional degree courses—including courses to acquire or improve job skills.

There is no limit on the number of years you can claim the credit. It is worth up to $2,000 per tax return.

For more information, visit Education credits - AOTC and LLC | Internal Revenue Service →

Student Loan Interest Deduction: Taxpayers with loans for the cost of attendance at an eligible educational institution may generally deduct interest paid on student loans for themselves, their spouse, or their dependent(s). You may deduct the lesser of $2,500 or the amount of interest actually paid during the year. The deduction is gradually reduced and eventually eliminated by phaseout when your modified adjusted gross income (MAGI) reaches the annual limit for your filing status. We recommend speaking with your financial planner or tax consultant if you believe you are eligible for this benefit.

Explore More Ways to Plan Your Educational Investment

UMO is committed to helping online undergraduate students understand the full range of tools available to make their education affordable. In addition to federal and state programs, students may explore scholarships, employer tuition assistance, and other tuition assistance options for online learners.

Additional helpful resources:

Frequently Asked Questions

Do online undergraduate students qualify for financial aid?

Yes. Online undergraduate students at UMO are eligible for federal grants, scholarships, and loan programs.

Is the FAFSA required for online financial aid?

Yes. Completing the FAFSA is required to determine eligibility for federal and state aid. Many students begin by using UMO’s online FAFSA guidance materials.

Are payment plans available for online students?

Absolutely. UMO offers a monthly online student payment plan through Nelnet to help distribute tuition costs over time.

What is UMO’s FAFSA Federal School Code?

UMO’s school code is 002949.

Financial Aid

Ready to Explore Your Aid Options?

Our financial aid team is here to help you navigate the process every step of the way.

Complete Your FAFSA Financial Aid Overview