BOSTON – The University of Massachusetts is directing a record $158 million toward student financial aid during the current year, according to President Robert L. Caret.
UMass students are receiving $736 million in all forms of financial aid during the current year. The $158 million that UMass is channeling into student financial aid is up from $133 million last year. The university’s direct spending on financial aid has more than doubled over the past five years, rising from $78 million in fiscal 2006 to the current $158 million.
“We are working hard to maintain affordability during an era of declining state support. Making sure that our students have access to meaningful amounts of financial aid is the single most important step we can take as state funding declines,” Caret said.
Pointing to the need to maintain quality and affordability, Caret has suggested that the state commit to providing 50 percent of the funding for the university’s general-education programs, with student fees providing the remaining 50 percent. Currently, the state provides 45 percent of general-education funding and students and their families 55 percent. •