UMass Boosts Financial Aid

The University of Massachusetts is directing a record $169.2 million of its own funds toward student financial during the current academic year.

UMass President Robert Caret announced Wednesday that the money, mostly in the form of grants, helps maintain affordability, access, and keeps student debt manageable.

Institutional aid to UMass students has more than doubled in the last few years, from $68.4 million during the 2006 fiscal year to $169.2.

UMass students borrowed or were awarded $763.7 million in all forms of financial aid in 2013.

University officials say more than 64 percent, or almost 27,000 in-state students, received need-based aid in 2013.

Caret has also asked campus leaders to begin taking steps to make it easier and more convenient to graduate more quickly to reduce student debt. [Associated Press]