University of Maryland at College Park Office of Student Financial Aid
2015-2016 Financial Aid Award Guide
Table of Contents
Introduction .................................................................................................................................................. 4
Your Award Notification ............................................................................................................................... 5
Aid From Other Sources ........................................................................................................................ 5
Completing Your Award Notification .................................................................................................... 5
Direct Loan Application Process............................................................................................................ 5
How We Determine Your Eligibility for Aid ................................................................................................... 6
Cost of Attendance Budgets ................................................................................................................. 6
Expected Family Contribution ............................................................................................................... 6
Financial Need....................................................................................................................................... 6
FAFSA Corrections ................................................................................................................................. 6
Special Circumstances ........................................................................................................................... 6
Financial Aid Appeals .................................................................................................................................... 7
General Appeal ..................................................................................................................................... 7
Special Circumstances Appeal............................................................................................................... 7
Questions .............................................................................................................................................. 7
Understanding the Verification Process ....................................................................................................... 8
Aid Programs ................................................................................................................................................. 8
Overview ............................................................................................................................................... 8
Federal Pell Grant ................................................................................................................................. 9
Teacher Education Assistance for College and Higher Education (TEACH) Grant ................................ 9
Federal Supplemental Educational Opportunity Grant (FSEOG) .......................................................... 9
UM Grant .............................................................................................................................................. 9
Part-Time State Grant ........................................................................................................................... 9
Maryland Higher Education Commission (MHEC) ................................................................................ 9
UM Departmental Scholarships ............................................................................................................ 9
Federal Work-Study (FWS) .................................................................................................................... 9
Graduate Student Financial Assistance....................................................................................................... 10
Federal Loan Programs ............................................................................................................................... 11
Perkins Loan ........................................................................................................................................ 11
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Direct Loan Programs.......................................................................................................................... 11
Subsidized Direct Loan Terms ............................................................................................................. 11
Unsubsidized Direct Loan Terms - Undergraduate ............................................................................. 11
Unsubsidized Direct Loan Terms - Graduate or Professional ............................................................. 11
Direct Loan Borrowing Limits .............................................................................................................. 12
Direct Parent Loan for Undergraduate Students (PLUS) .................................................................... 13
Other Financing Options ............................................................................................................................. 13
Private Loans ....................................................................................................................................... 13
Terp Payment Plan .............................................................................................................................. 13
Financing Your Education............................................................................................................................ 14
Borrow Wisely ..................................................................................................................................... 14
Decide How Much to Borrow.............................................................................................................. 14
Aid Disbursement........................................................................................................................................ 14
Direct Loan Disbursements ................................................................................................................. 14
Grants, Scholarships, and Perkins Loans ............................................................................................. 14
Federal Work-Study (FWS) .................................................................................................................. 15
Remaining Charges & Financial Aid Refunds ...................................................................................... 15
Retaining Your Financial Aid ....................................................................................................................... 15
Maintaining Required Enrollment....................................................................................................... 15
Withdrawing, Dropping, Canceling, or Auditing Classes............................................................................. 16
Refunds ....................................................................................................................................................... 16
Return of Title IV Funds Policy .................................................................................................................... 17
Leave of Absence Policy ...................................................................................................................... 18
Satisfactory Academic Progress .......................................................................................................... 18
Annual Reapplication Requirement .................................................................................................... 18
All Awards Are Subject to Change....................................................................................................... 18
Satisfactory Academic Progress Policy........................................................................................................ 19
Overview ............................................................................................................................................. 19
Undergraduate Student Standards ..................................................................................................... 19
Calculating Completion Rate ............................................................................................................... 19
Warning and Suspension of Financial Aid ........................................................................................... 20
Appealing Suspension of Financial Aid ............................................................................................... 20
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Graduate Student Standards .............................................................................................................. 20
Special Enrollment Options......................................................................................................................... 21
One-Semester Attendance.................................................................................................................. 21
Co-op Employment ............................................................................................................................. 21
Permission to Enroll at Another Institution ........................................................................................ 21
Study Abroad....................................................................................................................................... 21
Summer School ................................................................................................................................... 21
Additional Resources .................................................................................................................................. 22
Career Center ...................................................................................................................................... 22
Locating Sources of Private Scholarships ............................................................................................ 22
Our Pledge To You....................................................................................................................................... 23
Our Service Guarantee ................................................................................................................................ 23
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University of Maryland at College Park Office of Student Financial Aid
2015-2016 Financial Aid Award Guide
Introduction
This Award Guide is designed to help you understand your Financial Aid awards. The university offers
various types of financial support to help cover tuition and living expenses. This guide does not
represent all policies regarding financial aid at the University of Maryland.
If you have questions after reading this information, please contact the Office of Student Financial Aid at
(301) 314-9000 or email umfinaid@umd.edu. In addition, you may schedule an appointment with a
Financial Aid Counselor.
We are located in the Lee Building, room 1135.
Our office hours are Monday through Friday 8:30 am to 4:30 pm.
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Your Award Notification
Most initial awards are based on the assumption that you will enroll full-time for the academic year. If
you will enroll part-time, please read the section about Retaining Your Financial Aid. The aid you have
been offered is based on several factors: your financial need, whether the Free Application for Federal
Student Aid (FAFSA) processor received your FAFSA by UM's Priority Deadline (February 15th), your
academic achievement or potential, and the availability of funds. For more information on how financial
need is determined, see the section on How to Determine your Eligibility.
Aid From Other Sources
You must report all aid you expect to receive that is not already listed in the award section of your
Award Notification. This includes, but is not limited to: UM tuition waivers, non-service fellowships, UM
scholarships, private scholarships, vocational rehabilitation benefits, veteran's benefits, employer tuition
benefits, and Resident Assistant benefits. If it is not listed as part of your award package, the Financial
Aid office does not know you are receiving the funding, and your financial aid award may be affected.
Completing Your Award Notification
A copy of your award notification can be obtained at Testudo. All correspondence will be via email
unless you notify us that you prefer paper. Therefore, it is imperative that the University of Maryland
have an accurate e-mail address. Please go to Testudo to change or add a correct e-mail address. In
addition, you will need to know your PIN. If you have questions regarding your PIN, please contact
Records and Registration at 301-314-8240 or email pinrequest@www.testudo.umd.edu.
Direct Loan Application Process
Your financial aid status is available on-line Monday through Saturday between 7:30 am and 7:00 pm.
You may accept or decline your awards by visiting the Office of Student Financial Aid website. The
website will prompt you to do the following:
1. Complete the loan section(s) of your Award Notification by inputting the amount of funds you
need in the Total Column, not to exceed the amount offered.
2. All Direct Loans are funded through the Department of Education. If you have had previous
loans through the University of Maryland’s Federal Family Education Loan Program (where you
selected a lender), we cannot certify new loans using your previous lender.
3. If you are a first time borrower at the University of Maryland, you will be required to complete
an Entrance Counseling Session and a Master Promissory Note (MPN) with the Department of
Education. Please complete the Entrance Counseling session and MPN when prompted since
your loan funds will not disburse until these requirements are completed. You will need to
complete only one MPN during your course of study here at the University of Maryland.
4. After you complete your Award Notification on the web, click SUBMIT at the bottom of the
page. Your awards will be automatically transmitted to our office for processing.
5. Direct loans will disburse to your student account provided that you are enrolled at least halftime, have completed an entrance counseling session, and a master promissory note. If you are
unsure whether you have met all of your requirements you can check your status with
the Department of Education.
** The Master Promissory Note is a one-time contract between the borrower and the Department of
Education that reflects the terms and conditions under which the borrower promises to repay the loan.
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How We Determine Your Eligibility for Aid
Cost of Attendance Budgets
The Cost of Attendance budget for 2015-2016 has yet to be determined. The Board of Regents will
determine the 2015-2016 Cost of Attendance by April 15. You may refer to the 2014-2015 budgets for
additional Cost of Attendance information.
Expected Family Contribution
The federal processor determined your Expected Family Contribution (EFC) by analyzing the income and
asset data reported on your FAFSA. Your EFC represents the amount of money your family should be
able to contribute to your educational expenses during the academic year. Your actual contribution will
depend on the amount of financial aid you receive.
Financial Need
Your Financial Need is the difference between your Cost of Attendance and your Expected Family
Contribution.
Example using 2014-2015 data:
Cost of Attendance Budget
- Expected Family Contribution
= Financial Need
$24,352
- 10,872
$13,480
We offer need-based aid to students who show financial need. Your total need-based aid, combined
with any other aid you may receive, cannot exceed your financial need. Need-based aid includes Federal
Work-Study (FWS), Perkins Loans, Subsidized Direct Loans, and need-based federal, state and university
grants. Outside resources include UM tuition waivers/remission, Resident Assistant benefits, employer
tuition benefits, vocational rehabilitation benefits, and private, state and university scholarships.
Students who do not demonstrate financial need may still be eligible to borrow non-need-based student
loans and may also receive merit-based grants and scholarships.
FAFSA Corrections
Once the FAFSA processor receives your FAFSA, you are sent a Student Aid Report (SAR) which
summarizes your FAFSA data. If you filed your FAFSA online and have your PIN, corrections may be
made online. Your eligibility for aid is based on the information reported on your FAFSA and any
additional information we collected from you.
If you need to correct your FAFSA data after we have awarded you financial aid, please contact a
Financial Aid Counselor at 301-314-9000 or visit the Appeals Section of our website for additional
information.
Special Circumstances
Your eligibility for aid is based on the income and asset data you reported on your FAFSA. If your income
has decreased or if you have other special financial circumstances that were not taken into account on
your FAFSA, you may qualify to have your financial need recalculated. For more information about the
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types of circumstances that would qualify for recalculation of your financial aid, please view the Special
Circumstances Appeal Form.
Financial Aid Appeals
Federal laws governing financial aid allow the Office of Student Financial Aid to recalculate financial
need in cases of special circumstances not taken into consideration by the Free Application of Federal
Student Aid (FAFSA). Financial aid appeal reviews will be completed within 3 - 4 weeks after receipt of all
required documents. Do not rely on the success of your appeal to cover your expenses. You are
responsible for paying your own tuition by the due date. If your bill is not paid on time, you may be
assessed late fees or your registration may be canceled. Also, please be advised that a change in your
eligibility does not guarantee an additional award of financial aid. If your appeal is approved, your
application will be considered again for whatever funds are available.
General Appeal
This office recognizes that each applicant for financial aid may, at some time, desire to appeal a decision
he or she feels is unfair. Types of appeals include:



Request for additional aid - student who has genuine need for additional aid after all other
available options have been exhausted
Priority Deadline - due to extenuating circumstances a student did not file the FAFSA by the Feb.
15th financial aid priority deadline (note: a student's unawareness that the deadline existed is
not a reason for an appeal)
Financial Aid Budget - review the Cost of Attendance (budget) due to rent, childcare,
books/supplies, or unreimbursed medical expenses being above the allowable amount for the 9month academic year. Student must provide supporting documentation to verify the expenses
such as a signed copy of current full lease agreement, childcare receipts, etc. Note: If your
budget appeal is approved, it may not automatically increase your financial aid. To submit a
general appeal, please complete the General Appeal Form.
Special Circumstances Appeal
To ensure fairness and compliance with federal regulations, there are limits to which circumstances can
be considered. Special Circumstances are considered on a case-by-case basis. Common special
circumstances include, but are not limited to, changes in income, high medical bills not covered by
insurance, change in marital status, and death of a parent/spouse. The Office of Student Financial Aid is
not able to consider circumstances such as high mortgage, car payments or consumer debt.
To submit a special circumstances appeal, please complete the Special Circumstances Appeal Form.
Questions
If you have any questions about the general or special circumstances appeal, please contact the Office of
Student Financial Aid at 301-314-9000, option 1 to speak with a counselor.
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2015-2016 Financial Aid Award Guide
Understanding the Verification Process
The verification process is designed to ensure the integrity of the federal student aid program. Federal
regulations require the Office of Student Financial Aid (OSFA) to review the data submitted on the Free
Application for Federal Student Aid for a percentage of students to ensure the accuracy of application
data. This process is known as verification. During this review, the OSFA may request documentation
from the student or parent. The submitted documentation is then compared to the data submitted on
the FAFSA. Any conflict in data is then electronically submitted to the federal processor as a correction.
If you are selected for verification, you will be asked to submit specific documents. For processing ease it
is important that you --the student -- include your name and your University Student ID on all
documents and that you double check to make sure the document is legible.
Once a student submits all requested documents, our office will review -- or verify -- the data and
compare it to the data supplied on the FAFSA. Once the data is reviewed, any changes or corrections are
then electronically sent to the federal processor and a new Student Aid Report (SAR) is generated. The
updated SAR will have the recalculated expected family contribution which then allows our office to
award financial aid. This process may take up to two weeks. Please note that the OSFA will not award
financial aid to students selected for verification until the review and correction process has been
completed.
Students may access the Office of Student Financial Aid website at any point along the process to find
out the status of their financial aid file. If it becomes necessary to request additional information during
the verification process, the office will contact the student via email or phone. If you have questions,
please contact our office at 301-314-9000 or email sfaoper@umd.edu.
OSFA Privacy Notice - It is of the utmost importance to the Office of Student Financial Aid to protect the
personal information that we receive regarding our students and their family members. Please note that
any information (i.e. tax returns, social security numbers) that you submit to the Office of Student
Financial Aid is kept in the strictest confidence and is safeguarded from those with unauthorized access.
Aid Programs
Overview
To be considered for federal, university, or state-sponsored aid programs, you must submit a FAFSA.
Please see section on Special Enrollment Options for minimum enrollment requirements for each type
of award. Student loans must be paid back. Grants, Scholarships, and Federal Work-Study earnings do
not have to be paid back.
The University of Maryland is committed to helping families meet the costs associated with a
university education. Please be aware that Federal and State aid provided to students in their
financial aid packages are estimated and subject to funding availability. If funding is reduced or
discontinued, we will notify you as soon as possible and provide you with information about how to
find alternative resources.
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Federal Pell Grant
This need-based grant is available only to students who are pursuing their first undergraduate degree
and show exceptional financial need.
Teacher Education Assistance for College and Higher Education (TEACH) Grant
The TEACH Grant Program provides grants of up to $3,964 per year to students who intend to teach in a
public or private elementary or secondary school that serves students from low-income families. In
exchange for receiving a TEACH Grant, you must agree to serve as a full-time teacher in a high-need field
in a public or private elementary or secondary school that serves low-income students. As a recipient of
a TEACH Grant, you must teach for at least four academic years within eight calendar years of
completing the program of study for which you received a TEACH Grant. If you fail to complete this
service obligation, all amounts of TEACH Grants that you received will be converted to a Federal Direct
Unsubsidized Loan. You must then repay this loan to the U.S. Department of Education. If you are
interested in learning more about the TEACH Grant Program please visit the Office of Student Financial
Aid website for additional details.
Federal Supplemental Educational Opportunity Grant (FSEOG)
Funds are limited. The Office of Student Financial Aid will determine eligibility.
UM Grant
To be considered for this award, applicants must be pursuing their first bachelor’s degree, must have
met UM’s Priority Deadline, must demonstrate financial need, and must demonstrate exceptional
academic achievement or potential. Additionally, students must be enrolled full time to receive
institutional aid. Funds are limited.
Part-Time State Grant
The OSFA can award this Maryland state grant to Maryland residents who demonstrate financial need
and enroll for 6 to 11 credits per semester. Funds are limited.
Maryland Higher Education Commission (MHEC)
The Maryland Higher Education Commission Office of Student Financial Assistance offers and
administers a variety of state scholarships and grants. Educational Assistance Grants, Guaranteed Access
Grants, House of Delegates Scholarships, Senatorial Scholarships and Distinguished Scholarships are the
most common types of awards received by UM students.
To be considered for most Maryland Scholarships and Grants, students must be Maryland residents who
filed their FAFSA by March 1. In addition, students must demonstrate financial need and/or academic
merit. For more information, please contact the MHEC Office of Student Financial Assistance at 1-410767-3300.
UM Departmental Scholarships
Some UM colleges and departments offer scholarships. For more information, please contact your
academic department.
Federal Work-Study (FWS)
A Federal Work-Study (FWS) award gives students the opportunity to earn wages through employment
with an eligible FWS employer. To be considered for FWS, students must demonstrate financial need.
Earnings are not credited to students’ accounts. Students will receive biweekly paychecks for the hours
worked. Hourly wage rates vary depending on the complexity of the work performed. FWS funds are
limited.
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Graduate Student Financial Assistance
The Office of Student Financial Aid offers loans to graduate students who qualify to assist in funding
their education. Listed below is some information concerning the methodology used for calculating
financial assistance. We anticipate that we will award graduate students around mid-May. Since your
award package may not reflect departmental scholarships, fellowships or private scholarships, please
use the formula below to determine your financial assistance.
Financial need is determined by subtracting your Expected Family Contribution (EFC) from your budget.
Budgets include tuition, fees, room, board, books, and personal expenses (Room, board, books and
personal expenses are averages based on estimates for all graduate students).
The Cost of Attendance budget for 2015-2016 has yet to be determined. The Board of Regents will
determine the 2015-2016 Cost of Attendance by April 15. You may refer to the following 2014-2015
budget for additional Cost of Attendance information.
2014-2015 Graduate Budget
GRADUATE STUDENTS
In-State
Out-of-State
Tuition & Fees
$13,530
$27,450
Books & Supplies
$1,368*
Personal Expenses & Transportation
$5,074*
Total
$19,972
$33,892
Room & Board Off Campus
$10,808
Total Off Campus (not with Parent)
$30,780
$44,700
* These figures are averages and will vary from student to student. They are indirect
costs not billed by the bursar.
Graduate students can receive up to $20,500 in Federal Direct loans less other aid received. For example
using 2014-2015 data: If you are an in-state student receiving a Graduate Fellowship of $10,000 and
estimated tuition remission for five (5) credits per semester ($6,020), your calculation might look like
this:
Budget
Other Aid
Loan Eligibility
=
$30,780
- $16,020
$14,760
Other aid includes, but is not limited to, University of Maryland Graduate Fellowships, Tuition
Remission, Tuition Scholarships, Departmental Scholarships, and Private Scholarships.
Please note, for those students who are receiving a Graduate Assistantship, your budget and tuition
charges will reflect the in-state cost of attendance.
Please direct any further questions to sfa-gradsch@umd.edu.
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Federal Loan Programs
Perkins Loan
Students who demonstrate significant financial need and meet UM’s Priority Deadline will be considered
for Federal Perkins Loans. Perkins Loan funds are limited. If you accept a Perkins Loan Award, you will
need to complete the Perkins Loan Promissory Note located under the "My Documents" tab on your
financial aid awards page.
The Perkins Loan is interest free while you are enrolled in school at least half-time in a degree-granting
program. The interest rate during repayment is fixed at 5%. Repayment begins 9 months after you cease
to be enrolled at least half-time. The maximum repayment period for this loan is 10 years.
Direct Loan Programs
Direct Loans are available to students who meet federal aid eligibility requirements, submit a FAFSA, and
enroll as degree-seeking students for at least 6 credits per semester. Students who demonstrate
financial need may be eligible to borrow Subsidized Direct Loans; students who do not demonstrate
financial need may be eligible to borrow Unsubsidized Direct loans.
The interest rate for the 2015-2016 aid year will be determined by July 1, 2015. Unless regulations
change prior to July 1st, the interest rate is expected to increase.
Subsidized Direct Loan Terms
The interest rate for 2015-2016 will be determined by July 1, 2015.
For 2014-2015, Direct Subsidized Loans have a 4.66% fixed interest rate for undergraduate students.
The Department of Education pays the interest on a Direct Subsidized loan while you're in school at least
half-time, for the first six months after you leave school and during a period of deferment.
If you receive a Direct Subsidized Loan that is first disbursed between July 1, 2012 and July 1, 2014, you
will be responsible for paying any interest that accrues during your grace period. If you choose not to
pay the interest that accrues during your grace period, the interest will be added to your principal
balance.
Graduate students are no longer eligible for subsidized loans on or after July 1, 2012.
Unsubsidized Direct Loan Terms - Undergraduate
The interest rate for 2015-2016 will be determined by July 1, 2015. For 2014-2015, Direct Unsubsidized
loans have a 4.66% fixed interest rate for undergraduate students. You are responsible for the interest
from the date of disbursement. The interest payments can be deferred while you are in school.
Repayment begins 45 days after expiration of the six month grace period. You may request to begin
repayment of the interest 45 days after the last disbursement.
Unsubsidized Direct Loan Terms - Graduate or Professional
The interest rate for 2015-2016 will be determined by July 1, 2015. For 2014-2015, Direct Unsubsidized
loans have a 6.21% fixed interest rate for graduate students. You are responsible for the interest from
the date of disbursement. The interest payments can be deferred while you are in school. Repayment
begins 45 days after expiration of the six month grace period. You may request to begin repayment of
the interest 45 days after the last disbursement.
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Direct Loan Borrowing Limits
Annual Borrowing Limits for Dependent Students (and Undergraduate Students whose parents were not
denied a PLUS loan):
Grade Level
Combined Base Limit for
Subsidized and Unsubsidized
Loans
First-Year Undergraduate
(Freshman)
Second-Year Undergraduate
(Sophomore)
Third-Year and Beyond
Undergraduate (Junior,
Senior)
Additional Limit for
Unsubsidized Loans
Total Limit for Unsubsidized
Loans (minus subsidized
amounts)
$3,500
$2,000
$5,500
$4,500
$2,000
$6,500
$5,500
$2,000
$7,500
Annual Borrowing Limits for Independent Students (and dependent students whose parents were denied
a PLUS loan):
Grade Level
Combined Base Limit for
Subsidized and Unsubsidized
Loans
First-Year Undergraduate
(Freshman)
Second-Year Undergraduate
(Sophomore)
Third-Year and Beyond
Undergraduate (Junior,
Senior)
Graduate or Professional
Additional Limit for
Unsubsidized Loans
Total Limit for Unsubsidized
Loans (minus subsidized
amounts)
$3,500
$6,000
$9,500
$4,500
$6,000
$10,500
$5,500
$7,000
$12,500
$0
$20,500
$20,500
Lifetime Borrowing Limits:
Grade Level
Dependent Undergraduate Students
(whose parents were not denied a
PLUS loan)
Independent Undergraduate Students
(and dependent students whose
parents were denied a PLUS loan)
Graduate or Professional
Combined Base Limit for
Subsidized and
Unsubsidized Loans
Total Limit for
Additional Limit for Unsubsidized Loans
Unsubsidized Loans (minus subsidized
amounts)
$23,000
$8,000
$31,000
$23,000
$34,500
$57,500
$65,000
$57,500
$138,500
*Aggregate limits for graduate students include loans borrowed as an undergraduate student.
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Direct Parent Loan for Undergraduate Students (PLUS)
Parents of dependent students who have a valid FAFSA on file and who are enrolled at least half-time
may apply for the Direct PLUS loan. This loan may be used to cover your expected Family Contribution
(EFC) and parents may borrow up to the full cost of education minus all other financial aid. To apply for
the Direct PLUS loan, please visit the Department of Education website and complete the Master
Promissory Note (MPN). Please note: Direct PLUS loan applications are subject to a Department of
Education credit review.
The interest rate for 2015-2016 will be determined by July 1, 2015. For 2014-2015, Direct Parent Loan
for Undergraduate Students (PLUS) has a 7.21% fixed interest rate for undergraduate students. The
borrower is responsible for the interest from ten days after the date of disbursement. Repayment
begins 60 days after the full amount borrowed is disbursed. This means that the PLUS borrower will
begin repayment while their student is still enrolled. For Direct PLUS loans with a first disbursement
date that is on or after July 1, 2008, the borrower may request that repayment be delayed while the
student is enrolled at least half-time and during the 6 month period after the student graduates or is no
longer enrolled at last half-time. If the borrower would like to postpone repayment of the PLUS loan,
contact the Direct Loan Servicing Center at 1-800-848-0979 (TTY 1-800-848-0983).
Other Financing Options
Private Loans
Private loan costs vary widely between programs. All private lenders will review the borrower’s credit
history and some will require a loan co-signer. Private educational loan programs traditionally offer
higher borrowing costs than federal loan programs. For more information, please visit the Student
Financial Service center (1135 Lee Building) or the Office of Student Financial Aid.
Due to the higher borrowing costs, you generally should not consider borrowing private student loans
unless any of the following situations apply:



You are unable to borrow federal student/parent loans because you do not meet the Federal
Eligibility Requirements.
You need to borrow funds for a previous academic year and it is too late to borrow federal
loans.
You have exhausted federal loan options and need to borrow additional funds to meet your Cost
of Attendance.
Terp Payment Plan
UM offers a convenient, affordable alternative to lump-sum tuition payments. The Terp Payment Plan
enables you to divide your yearly educational expenses into eight (8) or ten (10) manageable monthly
payments.
One Semester 4 & 5 month plans are also available.
Check the Office of the Bursar website for TPP Plan information.
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2015-2016 Financial Aid Award Guide
Financing Your Education
Borrow Wisely
Your Award Notification lists the maximum amount you are eligible to borrow from each loan program.
Please borrow only what you need to cover your educational and living expenses for this academic year.
If you choose to borrow less than you are offered, you will be eligible to request the remaining funds
later in the semester. Requests for additional loans should be submitted at least 30 days before the last
day of classes.






Set a realistic budget and stick to it.
Exhaust all alternatives before borrowing.
Only borrow what you really need.
Understand the features and benefits of your loan.
Stay in touch with your lender and our office.
Keep records of all correspondence with your lender.
Decide How Much to Borrow
Total Cost of Attendance
UMD Grants, Scholarships and Tuition
Benefits
Total Private (external to UMD) Grants
and Scholarships
_____________
-
_____________
-
_____________
Total Family Resources (savings, etc.)
-
_____________
Total Remaining Cost of Education
=
_____________
If the “Total Remaining Cost of Attendance” is greater than your loan offer(s), you may want to consider
borrowing a Direct PLUS or private loan or enrolling in the Terp Payment Plan.
Aid Disbursement
Direct Loan Disbursements
The Department of Education can electronically transfer (EFT) loan funds to UM. Loans disbursed by EFT
can be credited directly to your student account. If this is your first Direct Loan at UM, you must
complete an Entrance Interview before the funds can be released. To complete the Entrance Interview,
please visit the Department of Education website.
Grants, Scholarships, and Perkins Loans
Financial aid funds cannot be disbursed until you enroll for the required number of credits and all
required forms have been received and processed. If you enroll full-time, most grants, scholarships, and
Perkins Loans will be credited directly to your student account 10 days before the first day of each
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semester. If you enroll part-time, your pro-rated aid will be credited to your account after the end of the
Schedule Adjustment Period.
Federal Work-Study (FWS)
Federal Work-Study awards will not be credited to your student account. If you accept a FWS award, you
will receive a FWS Work Authorization form and information on how to find and apply for FWS jobs.
Once you are hired by an eligible FWS employer, you will receive biweekly paychecks for the hours you
work. These earnings may be used toward personal and educational expenses during the academic year.
Current job openings are listed on our Federal Work-Study website. For more information and job
placement assistance, please call the FWS Program Office at 301-314-5302 or send email to
fws-admin@umd.edu.
Remaining Charges & Financial Aid Refunds
If your total charges exceed your total financial aid, you must pay the balance by the due date listed on
your bill (Bursar's Office). If your total aid exceeds your total charges, we will refund the excess funds to
you by direct deposit or check.
We strongly encourage you to complete a direct deposit form so that your refund can be deposited
directly into your personal checking account. A direct deposit form is available online.
Retaining Your Financial Aid
Maintaining Required Enrollment
To retain each type of award, you must maintain enrollment for the required number of credits with
regular or pass/fail grading options through the end of the Schedule Adjustment period. Dropped,
audited, wait-listed, and retroactively dropped courses do not count toward required enrollment.
Awards pro-rated for part-time enrollment:
Award
Perkins Loans
Pell*, SEOG & TEACH Grants
Required Enrollment
9-21 Credits
6-8 Credits
0-5 Credits
12-21 Credits
9-11 Credits
6-8 Credits
1-5 Credits
Percentage of Award
100%
50%
0%
100%
75%*
50%*
25%*
* Full-time Pell Grants of $605 or less per semester may be canceled for part-time enrollment.
The following awards may be canceled if you do not maintain the required credits.
Award
Direct PLUS Loan
Direct Subsidized/Unsubsidized Loan, Federal Work-Study
UM Grant
UM Scholarship
Educational Asst. Grant
Guaranteed Access Grant
Pathways Program
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Required Enrollment
6 Credits
6 Credits
12 Credits
12 Credits
12 Credits
12 Credits
12 Credits
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(Work Grant, Pell Grant Supplement, Senior Debt Cap)
Part-Time State Grant
Senatorial Scholarships*, Delegates Scholarships
6 Credits
12 Credits
* Senatorial and Delegate Scholarships may be received for part-time enrollment (6-11 credits) with
special permission from the Maryland Higher Education Commission (MHEC) at 410-767-3300.
Withdrawing, Dropping, Canceling, or Auditing Classes
It is extremely important that you speak with your Financial Aid Counselor before reducing your
enrollment or changing course grading options to audit. Your awards will be canceled or reduced if you
fail to maintain required enrollment. Courses that are audited, canceled, dropped, or retroactively
dropped do not count toward required enrollment.
If you withdraw from a course with a “W”, the withdrawn course can still be counted toward required
enrollment levels, but only for the following types of aid: Pell Grant, Academic Competitiveness Grant,
SMART Grant, SEOG Grant, Federal Work-Study, Perkins Loan, Direct Loan, Direct PLUS Loan, UM Grant,
the UM Scholarship, Delegate Scholarship, Educational Assistance Grant, Guaranteed Access Grant, Parttime State Grant, and Senatorial Scholarship.
Repeated failure to complete attempted courses can lead to a violation of the Satisfactory Academic
Progress policy. Please review the Satisfactory Academic Policy before withdrawing from any courses.
Refunds
In order to receive a refund from your student account, you may submit a written refund request to the
Office of the Bursar. This can be done by either visiting the Financial Service Center in Room 1135 of
the Lee Building and completing a refund request form, by logging onto Student Account Inquiry and
completing an online refund request, or by sending a letter or fax requesting a refund. The fax number is
301-405-0659.
Upon verification by the Refund Unit, refunds are processed in the same manner in which you originally
paid. Refund checks are made payable to the student and are mailed from the Bursar's Office. Credit
balances attributable to payment made by personal check are subject to a 30-day hold to ensure that
the check clears the bank before a refund check will be issued. All refund checks are mailed to the
permanent address of record.
Students with a credit balance of $250.00 or less are eligible to receive a cash refund, subject to the
availability of funds. Please visit the office in-person to obtain a cash refund voucher, and be sure to
bring a photo ID with you.
Credit balances attributable to payments made originally by credit card must be refunded back to the
card originally charged. Credit card refunds are processed electronically and take about a week after the
credit appears on your student account. To assist us in processing your refund request as soon as
possible, be sure to include your credit card number and expiration date on your refund request. If you
mail your request to our office, a receipt verifying that the refund was processed will be sent to you.
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NOTES:
1. Students who have made no payment on their account at the time of withdrawal will be billed
according to the refund schedule for dropping a course or withdrawing from all courses. To view
the refund schedule, please visit Testudo, review the Academic Deadlines and select the
applicable term.
2. Students receiving Title IV funds will have their refunds calculated in accordance with Federal
Regulations.
3. In computing refunds to students who have scholarships and loans from University funds, the
computation will be made in such a way as to return the maximum amount to the scholarship
and loan accounts without loss to the University.
4. Only amounts in excess of the non-refundable enrollment deposit will be refunded.
5. Refund rates are based upon withdrawals confirmed by Records and Registration by close of
business. To view the refund schedule, please visit Testudo, review the Academic Deadlines and
select the applicable term.
Return of Title IV Funds Policy
The Office of Student Financial Aid is required by federal regulations to recalculate federal financial aid
eligibility for students who withdraw, drop out, are dismissed, or take a leave of absence prior to
completing 60% of a payment period or term. The federal Title IV funds below must be recalculated in
these situations.
Refunds are allocated in the following order:







Unsubsidized Direct Loan
Subsidized Direct Loan
Perkins Loan
Direct PLUS Loan
Pell Grant, if applicable
SEOG Grant, if applicable
TEACH Grant, if applicable
Recalculation is based on the percentage of earned aid using the following formula:
Percentage of payment period or term completed = the number of days completed up to the
withdrawal date divided by the total days in the payment period or term. (Any break of five days
or more is not counted as part of the days in the term.) This percentage is also the percentage of
earned aid.
Funds are returned to the appropriate federal program based on the percentage of unearned aid using
the following formula:
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Aid to be returned = (100% of the aid that could be disbursed minus the percentage of earned
aid) multiplied by the total amount of aid that could have been disbursed during the payment
period or term.
If a student earned less aid than was disbursed, the institution would be required to return a portion of
the funds and the student would be required to return a portion of the funds. Keep in mind that when
Title IV funds are returned, the student borrower may owe a debit balance to the institution.
If a student earned more aid than was disbursed to him/her, the institution would owe the student a
post-withdrawal disbursement which must be paid within 120 days of the student's withdrawal. The
institution must return the amount of Title IV funds for which it is responsible no later than 30 days after
the date of the determination of the date of the student's withdrawal.
Leave of Absence Policy
If you experience personal or academic difficulties during a semester, you may request a leave of
absence for the last 60 days of that semester. If you are granted a Leave of Absence of less than 60 days,
you must enroll for at least 6 credits during the following semester or your financial aid will have to be
adjusted and you will have to begin repaying your student loans. Requests for a Leave of Absence must
be submitted in writing to the Records Office. Forms are available from the Records Office, 1101
Mitchell Building, University of Maryland, College Park, MD 20742, 301-314-8257.
Satisfactory Academic Progress
You must maintain Satisfactory Academic Progress in order to be eligible for student financial aid. This
policy defines minimum standards for grade point average, ratios of completed credits to attempted
credits, and the maximum time frame for completing a degree. The Satisfactory Academic Progress
Policy (listed below) is printed in the Schedule of Classes.
Annual Reapplication Requirement
Federal and institutional need-based aid is not automatically renewed. You must file a Free Application
for Federal Student Aid (FAFSA) for every academic year that you want to receive aid. For maximum
consideration for the upcoming academic year, your FAFSA form must be received by the FAFSA
processor by February 15.
All Awards Are Subject to Change
All financial aid awards are subject to change. The most common reasons for adjusting aid include:
insufficient enrollment, over-awards due to receipt of aid from other sources such as tuition waivers or
fellowships, and reclassification to in-state tuition rates. Awards may also be reduced or canceled due to
discovery of changes or inaccuracies in any of the information on which your awards were based, failure
to complete follow-up steps, maintain degree-seeking status, make Satisfactory Academic Progress, or
comply with other federal or university aid regulations. Some scholarships may also be canceled for
failure to maintain grade point average requirements.
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Satisfactory Academic Progress Policy
Overview
The Office of Student Financial Aid must monitor Satisfactory Academic Progress (SAP) for all financial
aid recipients. Federal, State and Institutional Financial Aid programs are affected by the Satisfactory
Academic Progress Policy.
Undergraduate Student Standards
At the end of each semester or upon students’ re-enrollment at the University, students’ academic
performance is reviewed to determine if a student is making satisfactory academic progress (SAP). The
review is based on qualitative (grade point average) and quantitative measures (credits completed vs.
credits attempted); it is also cumulative for all academic work attempted at University of Maryland
College Park and transferred credits.




Undergraduate students must maintain cumulative grade point average (GPA) of 2.0 or above.
Students who fail to meet the minimum qualitative (GPA) standards for the first time will be
placed on Financial Aid Warning. Students will continue to receive financial aid during the
warning period. Students who fail to meet the GPA requirement after the warning period will be
placed on Financial Aid Suspension and will not qualify for financial aid.
Freshmen students with less than 30 UM attempted credits must complete with passing grade
at least 50% of the total number of attempted credits.
All undergraduate students with more than 30 UM and transferred credits must complete at
least 75% of the total number of credits attempted (including credits attempted during Summer,
winter sessions, non-degree semesters and transfer credits). For example, an undergraduate
student who enrolls for 12 credits and completes 9 credits has completed 75% of attempted
credits.
Undergraduate students automatically become ineligible for any federal or state financial aid
after attempting 180 credits, including transfer credits, even if he/she has never received
financial aid.
Calculating Completion Rate
 An attempted credit includes graded credits (“A”, “B”, “C”, “D”, “F”, “S”, or “P”), withdrawn
credits (“W”), incomplete credits (“I”), and failure (“XF”). Completed credits are credits with
passing grades (“A”, “B”, “C”, “D”, “S” or “P”). To calculate the completion percentage , total all
completed credits (including your transfer credits) and then divide the number by the total
number of attempted credits (including your transfer credits).
 A student may receive financial assistance for a course that was repeated and for which a nonpassing grade was received. A student may not receive financial aid to repeat a class for which a
grade of “I” was received that was not completed within the maximum time frame stipulated by
the course instructor. UMD will allow students who receive a passing grade to repeat a class
once.
 Non-Credit Classes are not eligible for financial aid
Number of Completed Credits / Number of Attempted Credits = Percentage Completed
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Warning and Suspension of Financial Aid
 If students fail to meet any of the quantitative or the qualitative standards of the Satisfactory
Academic Progress policy specified for the first time, he/she will be notified by Office of Student
Financial Aid that he/she is placed on a Financial Aid Warning for one semester. Students will
continue to receive financial aid during the warning period. If student fail to meet the SAP
requirement after the warning period, financial aid assistance will be suspended and student
will be notified his/her ineligibility for financial aid.
Appealing Suspension of Financial Aid
 If student has extenuating circumstances he/she may appeal the suspension decision to the
Financial Aid SAP Committee. Note: This appeal is not the same as an Academic Appeal for
readmission to the University if student was academically withdrawn.
 The committee will review each appeal and may grant waivers to the policy under the following
documented conditions:
o death of a relative
o illness of the student
o illness of a close relative of the student
o other special circumstance
 Submit within thirty (30) days of financial aid suspension an academic plan that has been agreed
upon by the student and academic advisor, a written letter describing the extenuating
circumstances that caused the student not to be in compliance of the SAP requirement(s), and
how the extenuating circumstance(s) has changed. Include the SAP Appeal Form and SAP
Degree Plan along with supporting documentation with the appeal letter. The Financial Aid SAP
Committee will notify student in writing the decision. The decision of the committee is final. If
the SAP appeal is approved, student will be placed on Financial Aid Probation and has one
semester (or as stated on the SAP Appeal Approval Condition(s)) to meet the SAP requirements
in order to remain eligible for financial aid. Students continue to receive aid while on Financial
Aid Probation. Financial Aid Probation will not extended. Please send your appeal to: Please
send your appeal to:
Satisfactory Academic Progress Appeal Committee
Office of Student Financial Aid
0102 Lee Building
University of Maryland College Park
College Park, MD 20742
Graduate Student Standards
University of Maryland College Park follows the following Satisfactory Academic Progress guidelines for
graduate students:


Graduate students are eligible for financial aid based on the U.S. Department of Education
standards, which are both qualitative and quantitative. The qualitative component requires that
your grades and evaluation of work completed be measured against the published program
requirement. The quantitative component specifies that the maximum time frame for
completion of your program. Please visit the Graduate School Catalog to view the complete
graduate program policy.
Graduate students must maintain the minimum cumulative grade point average published for
their program to remain eligible for financial aid.
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
If a graduate student has been notified that he/she is no longer eligible for financial aid, he/she
may appeal this decision to the Financial Aid SAP Committee. A written letter of appeal and
documents supporting his/her request must be submitted to Office of Student Financial Aid
within thirty (30) days of the financial aid suspension letter. The Committee may waive these
guidelines and consider cases of unusual hardship, personal injury, death of relative or other
special circumstances.
Special Enrollment Options
One-Semester Attendance
We must reevaluate your eligibility for aid if you will attend UM for only one semester of an academic
year due to graduation, deferral of enrollment, co-op employment, or other reasons. Please notify us as
soon as possible so we can promptly notify you of any adjustments.
Co-op Employment
To receive any financial aid during a co-op semester, you must also enroll for at least 6 credits of actual
classes. Co-op credits do not count toward required enrollment for financial aid purposes. If you would
like to enroll at another institution during the co-op semester, please read the next section.
Permission to Enroll at Another Institution
It may be possible to take courses at another institution and receive aid for those courses from UM. To
qualify, your combined enrollment must equal at least 6 credits or 24 graduate units and your academic
advisor must approve your request to take courses at the other institution.
To apply, ask your academic advisor to complete a Permission to Enroll Form, and submit a copy to OSFA
with a Permission to Enroll Financial Aid Authorization form. If your request is approved, we will
disburse your aid to you and you will be responsible for paying the tuition to the other school by their
due date. For additional information, check our website.
Study Abroad
You may apply your standard financial aid awards toward approved study abroad programs. However,
additional grant or scholarship funds are not available from the OSFA. To apply, submit the following
forms to the OSFA Study Abroad Coordinator:


A completed Permission to Study Abroad Form from your academic advisor
A certified Study Abroad Financial Aid Worksheet from the Study Abroad Office
For more information on financing study abroad programs, please contact the Study Abroad Office at
301-314-8285or refer to the Study Abroad section of our website for additional information.
Summer School
Summer financial aid is very limited. Only students who will have remaining eligibility from the prior or
upcoming academic year may be eligible to receive summer aid. Students must register for the summer
term to be considered for summer financial aid. For more information, please visit the Summer Financial
Aid Information page.
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If you have questions regarding summer financial aid, please contact our office at 301-314-9000, option
1 or email umfinaid@umd.edu.
Additional Resources
Career Center
You do not have to be awarded Federal Work-Study to work on campus. The Career Center is UM’s
central source for all student employment opportunities (except Federal Work-Study employment). The
Career Center (301-314-7225) is located in the South Wing of the Hornbake Library.
Locating Sources of Private Scholarships
Please visit our Scholarships website for links to several free scholarship and fellowship searches.
Search your local library’s scholarship resource books. You should also contact every group, club, union,
church, business, sorority, fraternity, and other associations with which you or your family has some
connection. Many of these organizations offer scholarships to members, employees, and their children.
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Our Pledge To You
We hold you in our highest regard and will treat you with respect, sensitivity, and honesty.
We will greet you with a smile and ask you to do the same for us.
We will keep all your financial aid information in the strictest of confidence.
We will do all we can to help you within the legal limits of UM, state, and federal regulations.
When you call us on the telephone, we will greet you with our names and a smile in our voice.
If at any time you are dissatisfied with our service, please ask to speak with a supervisor.
Our Service Guarantee
You can schedule an appointment to see a Financial Aid Counselor 48 hours in advance.
If you need to see someone right away, a Financial Aid Counselor will be available Monday through
Friday, 8:30 a.m. - 4:30 p.m.
We will respond to your inquiries within 24 hours, except during peak times when it may take us 48
hours.
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