I'm looking into applying to the University of Maryland and was wondering about their financial aid policies and what the process is like. Is their financial aid package generally generous? What about scholarships or special programs for out-of-state students? I'm trying to get a sense of whether it would be affordable for my family before I dive deeper into the application.
The University of Maryland's financial aid process is quite straightforward. It begins with you submitting your Free Application for Federal Student Aid (FAFSA), with the FAFSA priority date being January 1. From there, UMD uses your FAFSA information to determine your financial aid package, which may include grants, work-study, and loans.
As for their generosity, it's worth noting that UMD does a good job with need-based aid. Approximately 44% of full-time undergraduates at UMD receive some kind of need-based financial aid, and the average need-based scholarship or grant award is $10,882 according to the most recent data.
Regarding scholarships, UMD offers several merit-based scholarships for both in-state and out-of-state students. These are often awarded based on academic performance and potential. Examples include the President's Scholarship, Dean's Scholarship, and the Banneker/Key Scholarship which is the most prestigious merit scholarship. Financial need is generally not considered for these scholarships.
For out-of-state students, there's the Terrapin Scholars award, which is a renewable merit-based scholarship covering a portion of the out-of-state tuition.
To check how affordable UMD might be for your family, I would recommend using their Net Price Calculator. This tool will provide you with an estimated net price, including potential grant and scholarship aid, based on your family's financial situation.
Remember, the financial aid process can seem daunting, but there are a lot of resources to help you navigate it. Make sure to do thorough research and reach out for help if needed!
CollegeVine’s Q&A seeks to offer informed perspectives on commonly asked admissions questions. Every answer is refined and validated by our team of admissions experts to ensure it resonates with trusted knowledge in the field.