UMass financial aid for students grew to $395M

BOSTON – The University of Massachusetts awarded $395 million in university-generated financial aid this academic year, with about 81% of the aid going to commonwealth residents, who make up 73% of UMass’ 74,000-student community, including students attending the University of Massachusetts Dartmouth.

UMass said the amount of financial aid given this year is $22 million more than last year and $185 million more than a decade ago. This year’s generated aid includes grants funded by various university sources, UMass said. Those sources accounted for nearly three times the $137 million in state and federal aid provided to students, the university said.

UMass President Marty Meehan said in a statement the growing financial aid is “one piece” of a larger university effort to lower financial barriers for students. He also said the university’s “efficiency and effectiveness” efforts have saved UMass $90 million across all five campuses since 2020, also helping keep costs down for students.

James Bessette is the PBN special projects editor, and also covers the nonprofit and education sectors. You may reach him at Bessette@PBN.com. You may also follow him on Twitter at @James_Bessette

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