2013-2014_BannekerKey_Policy_04122013

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OFFICE OF STUDENT FINANCIAL AID
0102 Lee Building
College Park, Maryland 20742-5145
TEL: 301-314-9000 FAX: 301-314-9587
www.financialaid.umd.edu
sfa-scholarships@umd.edu
2013-2014 Banneker/Key Full and Partial Scholarship
Policy for the Class of 2017
Description and Eligibility
The Banneker/Key Scholarship is awarded to selected undergraduate students for a maximum of
8 consecutive undergraduate semesters, provided that the student is making satisfactory
academic progress. Students must register for a minimum of 12 credits per semester, maintain a
minimum 3.20 cumulative grade point average (GPA), and must successfully complete 30 credits
per academic year. Please note that a student must average 15 credits per semester over two
semesters to meet the 30 credit requirement. A student may take winter or summer classes to
maintain the required 30 credit per year credit minimum, but the cost of winter and summer
courses are not normally covered by the scholarship. In the event that a student fails to maintain
a 3.20 cumulative GPA, the student will have one probationary semester to raise his/her GPA. In
the event that a student fails to successfully complete 30 credits each academic year, it will result
in the scholarship being cancelled starting the academic year following the violation.
Students may take courses on or off-campus during the winter and summer terms to make up any
necessary credits but may take courses on-campus only to bring up their cumulative GPA.
Because students must initially be registered for 12 credits or more in order for their scholarship
to be credited to their account, wait-listed classes will cause delay in fund allocation. Therefore,
students should register for at least 12 credits, even when waiting for a seat in a wait-listed
course. Banneker/Key Scholarship recipients who graduate from their undergraduate program
early cannot receive the unused portion of their scholarship money toward graduate school or
any graduate portion of a combined Bachelor/Master’s program. In addition, the scholarship
funds are designated for fall and spring terms and cannot be used for other undergraduate
semesters or terms without prior approval and often with restrictions.
For the purpose of this policy, successful completion of a course is defined as any course in
which a grade of +/- A,B,C,D,S, or P is received.
Banneker/Key Budget
The maximum annual amount awarded under the full Banneker/Key Scholarship program shall
not exceed the total of the University of Maryland cost of tuition, tuition associated-mandatory
fees, on-campus housing (standard room only), board (campus point regular plan only), and book
allowance. Should a student choose a meal plan, or housing option (on or off-campus) where
costs exceed those of the standard on-campus room charge, as listed below, the student must
personally pay for the additional cost. The scholarship does not cover miscellaneous fees
charged by the University to the student such as, but not limited to, vehicle registration, parking,
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late registration, student exchange or Co-op, graduation, health or lab fees. Please refer to the
Schedule of Classes for a complete list of fees. Please also note that the Banneker/Key
Scholarship cannot be increased to cover the cost of required departmental fees (i.e. Applied
Musician Fee, Architecture Fees, and Journalism Mandatory Fees).
Full Banneker/Key Scholarship
The 2013-2014 Full Banneker/Key scholarship value for undergraduate Maryland residents and
non-residents is broken down as follows:
Full Banneker/Key Scholarship
Resident
Non-Resident
Tuition
$7,390
$26,576
Mandatory Fees
$1,762
$1,762
Room
$5,918
$5,918
Board
$3,976
$3,976
Book Allowance
$1,130
$1,130
Total
$ 20,176
$39,362
*The Full Banneker/Key scholarship will also cover the $160 cost of freshman orientation, but
will not cover costs associated with the parent orientation.
Partial Banneker/Key Scholarship
The 2013-2014 Partial Banneker/Key scholarship value for undergraduate Maryland residents
and non-residents is broken down as follows:
Partial Banneker/Key Scholarship Resident
Non-Resident
Banneker/Key Amount
$8,000
$12,000
Book Allowance
$1,130
$1,130
Total
$9,130
$13,130
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Receipt of More Than One Award
Should you receive assistance from other scholarships or sources of aid (i.e., Federal Pell Grant,
private scholarships, tuition remission, etc.) you will be entitled to receive up to the amount of
Educational Expenses for the academic year. Should you receive funds in excess of the
Educational Expenses, as determined by the Office of Student Financial Aid, your Banneker/Key
Scholarship will be reduced. Banneker/Key scholars who also serve as Resident Assistants
(RA’s) will receive a reduced Banneker/Key Scholarship. The room and board charges will be
offset from their budget.
The Cost of Attendance includes both direct and indirect costs that students are expected to incur
while attending college, and are defined in 2013-2014 as including tuition, fees, room, board,
books, personal, and transportation expenses. The amount of funds you can receive above your
Banneker/Key scholarship is as follows:
Resident
Non-Resident
Banneker/Key Amount
$20,176
$39,362
Educational Expenses
$3,162
$3,162
Cost of Attendance
$23,338
$ 42,524
Please note that the Office of Student Financial Aid reserves the right to reduce your
Banneker/Key scholarship at any time if it is discovered that you received additional funding in
excess of the Cost of Attendance as outlined above.
Administration of Funds
Refund checks will not be available until students have registered for a minimum of 12 credits
and University charges have been paid (waitlisted courses are not included in the minimum
requirement). Students should make alternate arrangements to purchase books or pay rent if
necessary. All students will be issued a refund check for aid that exceeds charges incurred on
their student account. Every effort will be made to have refunds available during the first week
of classes; however, this is contingent upon the student being registered for a minimum of 12
credits.
Each academic year, the Office of Student Financial Aid will notify students of the type(s) of
scholarships they are receiving, and the amount disbursed from each account fund. For
information regarding availability of refund checks, please refer to the current Schedule of
Classes, or refer to the Office of Student Financial Aid web site at www.financialaid.umd.edu.
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Withdrawals
Students that fully withdraw and receive a refund for tuition, mandatory fees, room, or board
may have their scholarship adjusted during the semester of the withdrawal. Students who
partially withdraw (drop a class with a W) will not receive a scholarship adjustment during the
semester of the partial withdrawal. Note: To maintain scholarship eligibility students that
partially or fully withdraw from the Fall/Spring semester(s) are still required to successfully
complete 30 credits per academic year.
Non-Standard Programs
If you plan to participate in a University-sponsored Study Abroad Program, Co-op, or any other
non-standard academic program, you must obtain prior approval from your program advisor.
With prior approval, you may receive your Banneker/Key Scholarship during your Universitysponsored Study Abroad Program. For approved Co-op programs, you may defer receipt of your
Banneker/Key Scholarship. Please be advised that if for any reason you do not comply with
program requirements, the scholarship may be cancelled.
FAFSA
The Office of Student Financial Aid is strongly suggesting that you complete the Free
Application for Federal Student Aid (FAFSA) if you have not already done so. You may visit
http://www.fafsa.ed.gov to complete the FAFSA.
Tax Liability
Scholarship and grant awards that you receive for tuition and University-wide mandatory fees
are tax free. Scholarship money that you receive for books, supplies, equipment, and other fees
may be tax free if they are required of all students in the course. Scholarship money received for
room and board are considered taxable income. This is a general statement of the tax rules. Your
own tax liability may vary depending on your personal situation. Please refer to the Internal
Revenue Service's (IRS) Publication 970, or consult tax or legal counsel for additional
information. Publication 970 can be found on the IRS web site at http://www.irs.gov/. Students
can download a copy of their IRS 1098-T form from the Bursar’s Office website each year after
January 1.
Contact Information
Office of Student Financial Aid
0102 Lee Building
College Park, MD 20742-5145
Phone: (301) 314-9000
Fax: (301) 314-9587
Website: www.financialaid.umd.edu
Email: sfa-scholarships@umd.edu
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