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UMass spending on finanical aid rises to $130.5 million

BOSTON - Illustrating its commitment to affordability, the University of Massachusetts is directing $130.5 million of its own funds to student financial aid this year, President Jack M. Wilson said in a report to the UMass Board of Trustees Committee on Administration and Finance.

Over the past eight years, University spending on financial aid has risen from $35.6 million to $130.5 million, an increase of 267 percent.

"We understand that higher education is the path to a better life for students and is critical to our future as a Commonwealth, and therefore the University of Massachusetts is doing everything it can to maintain access and affordability," President Wilson said.

"Our mission at the University of Massachusetts is to keep high-quality education within reach for the sons and daughters of Massachusetts and that is why we are making more than $130 million in grants available to our students," President Wilson said.

"Our ability to direct an ever-increasing amount of UMass funds to financial aid is a testament to the leadership and policies of our Chancellors and to the commitment and priorities of our Board of Trustees," President Wilson added.

James J. Karam, chairman of the UMass Board of Trustees, described the aid increase as "a remarkable achievement."

"As a UMass alumnus who had to work hard to make ends meet during my student days, I know these are the right actions and the right policies, and I am proud that this University is taking the steps to keep the doors of opportunity open wide," Chairman Karam said.

"To live up to this commitment during these challenging economic times makes this accomplishment all the more impressive," Chairman Karam added.

President Wilson unveiled a report on financial aid as the Board of Trustees finance panel met in Boston in advance of the February 23 meeting of the full Board of Trustees to be held at UMass Lowell.

According to the report, 25,681 or 61 percent of the University's 41,947 in-state undergraduate students are receiving some amount of need-based financial aid this year.

Other key findings of the report:

  • When all forms of aid are considered, UMass students are receiving more than $673 million in financial aid this year, 19 percent of which comes from the University's own funds
  • Financial aid continues to meet more than 90 percent of the demonstrated financial need of the University's in-state students, the largest percentage for any New England public university
  • Grants are available to students and families at most income levels
  • The average cost of attending UMass this year for in-state undergraduate students is $22,623, but the net cost, after average grant aid, is $15,559, which is 43 percent of the average net cost of attending a private college or university in Massachusetts

Contact: Robert P. Connolly, 617-287-7073


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Robert P. Connolly
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