Financial Aid & Merit Scholarships Workshop - www.admissions.umd.edu 1.800.422.5867 - UMD ...
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Financial Aid & Merit
Scholarships Workshop
www.admissions.umd.edu
ApplyMaryland@umd.edu
301.314.8385
1.800.422.5867
Merit Scholarship
Review
James B. Massey Jr.
Office of Undergraduate Admissions
Financing Your Education
Merit vs. Need
Scholarships
Based
Grants Loans
What is Important? • Meeting Deadlines: – Nov. 1st Priority Applicants Only – U.S. Citizens and Permanent Residents • Complete Admission Application Portfolio – All materials received and reviewed • No Additional Application Necessary – Except for Select Academic Colleges
What is Reviewed
• Admission Application Materials:
– Academic Preparation
(Transcript, Curriculum, Test Scores)
– Letters of Reference
(Evaluative and Narrative)
– Essay
(Full Scholarship Consideration)
• Strength of the Admitted Student Pool:
Fall 2016 Priority Admits:
SAT Middle 50% ‐ 1260‐1420
Average GPA ‐ 4.21
What are we looking for? Strong Challenging Competitive Students Curriculum Scores
Maryland Merit Scholarships‐Freshmen Banneker Key Scholarship • Full & Partial Scholarships • (Tuition, Room/Board, Books) President’s Scholarship • $2,000‐$12,000/yr for 4 years Dean’s Scholarship • $1,500/ 1 year and $4,500/yr for 2 years
Maryland Merit Scholarships‐Department
• Creative and Performing Arts Scholarship
(CAPA)
• Engineering Scholarships
• College of Education Scholarships
• Advanced Level Awards: Junior Year &
Beyond
Maryland Merit Scholarships‐National
• National Merit Scholarship Corporation
– $750‐$1,000 per year
• National History Day Competition
– Partial Tuition Scholarship
• National Math Competition
– Full Tuition, Room and Board Scholarship
• Please Note: Maryland Distinguished Scholars
has been discontinued, however students may
still qualify for Delegate or Senatorial
Scholarships. Please visit www.mhec.state.md.us
for more info.
Maryland Merit Scholarships‐Transfer Transfer Academic Excellence Scholarship • Full Tuition for 2 years (4 full academic semesters) • Awarded to students with 56 credits or AA degree from a Maryland Community College President’s Transfer Scholarship • $5,000/yr for 2 years • Awarded to out of state transfer students with competitive academic work from 2 or 4 year institutions
What is the timeline of review? • Priority Decision Release: Late January • Banneker/Key Semifinalist Notifications: Mid‐February • Partial Scholarship Review: Late February • Banneker/Key Interviews: Late February/Early March • Partial Scholarship Notification: Late February/Early March • Final Banneker/Key Award Notifications: Mid‐March • Financial Aid Notification: April 1st for Priority Admits • National Confirmation Deadline: May 1st
Additional Merit Scholarships‐Searches • Fastweb: www.fastweb.com • Businesses/Retail (i.e. Target, Coca Cola, etc.) • Civic Organizations • Local Churches • Peterson’s Guide to Scholarships (online and local libraries)
Contact Information
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Interested in having a copy of this
Office of Undergraduate presentation?
Admissions You will receive an email this week offering
College Park, MD 20742 the chance to evaluate your experiences at
ApplyMaryland@umd.edu today’s event.
301‐314‐8385/ 1‐800‐422‐5867 If you respond to the survey, copies of all of
today’s presentations will be available to
www.admissions.umd.edu print or download.This image cannot currently be display ed.
Financial Aid Review
Malina Heng
Office of Student Financial Aid
14What do I need to know? • Free Application for Federal Student Aid (FAFSA) – Federal grants – Self‐help – State Grants – Institutional Grants • Private Scholarships • Common FAQs
Free Application for Federal Student Aid
(FAFSA)
• WWW.FAFSA.ED.GOV
• Available after January 1, 2016
• Determines need‐based aid
• Apply for FSA ID number
– WWW.FSAID.ED.GOV
• FAFSA deadline – February 15, 2016
• Complete with Student and Parent 2015
Federal Income Tax Return and W‐2
statements
• Check for colleges/universities for financial
aid priority deadline
• Check for colleges/universities school codeFAFSA – IRS Data Retrieval Tool
• Benefits of using the tool
– Complete the FAFSA more easily
and accurately!
– Increase the accuracy in awarding
financial aid funds!
• Who is “NOT” eligible to use the tool?
– Married couples who file separate
tax returns
– Marital status change as of
January 1, 2016
– Applicants who are neither
eligible nor required to file a
federal tax returnPrior‐Prior Year Implementation
What is NEXT?
• Student Aid Report (SAR)
– Expected Family Contribution (EFC)
– Federal grant eligibility
– Institution statistics
• Graduation – 84%
• Retention – 95%
• Transfer – 14%
• Verification
– Process by which institutions ensure certain
information provided on the FAFSA is reviewed for
accuracy and completeness
– Students and families submit documentation to
institutions
• Financial Aid Award Letter (email)Federal Grants Pell Grant • Eligibility determined by FAFSA • Demonstrate financial need • Award $626 ‐ $5,775 Supplemental Educational Opportunity • Supplemental grant that works in conjunction with federal Pell Grant • Awarded on first‐come, first‐serve basis based on priority deadline • Award $100 ‐ $4,000
Federal Work‐Study (FWS) • Complete FAFSA, demonstrate financial need • Campus wide employment program • Student must participate to receive award • Paid directly to student in the form of a paycheck • Work up to 20 hours per week • Award up to $1,500
Federal Loans – Direct Stafford Loans
Subsidized
• Must demonstrate financial need
• Interest does not accrue while the Student is enrolled
• 4.29% Fixed Interest Rate
• July 1, 2015 to July 1, 2016
Unsubsidized
• Non‐need based
• Non‐need based
• Interest accrues on a daily basis
• Pay while in‐school
• Capitalize or postpone payments
• 4.29% Fixed Interest Rate for undergraduate students
• 5.84% Fixed Interest Rate for Graduate and professional
studentsFederal Loans
• Stafford Loan
– Award based on Student’s grade level
• $3,500 plus $2,000 unsubsidized – Freshmen
• $4,500 plus $2,000 unsubsidized – Sophomore
• $5,500 plus $2,000 unsubsidized – Junior &
Senior
– Repayment
• 6‐month grace period
• Maximum repayment period 10 – 25 years
based on loan amount borrowedMaryland State Grant Programs • Complete Free Application for Federal Student Aid (FAFSA) • Deadline: March 1st • Demonstrate need • MD Resident • 2 or 4 year Maryland college or university
MHEC Need‐Based Grants Guaranteed Access Grant • H.S. seniors who complete preparatory program • Unweighted cumulative 2.5 GPA • Income guidelines mandated by MHEC • Full‐time enrollment status • Award $400 ‐ $17,500 Educational Assistance Grant Non‐need based • H.S. seniors, undergraduate & graduate students • Award 400 ‐ $3,000
MHEC Legislative Scholarships
Delegate Scholarship
• H.S. seniors, undergraduate and graduate students
• Full‐time or part‐time enrollment
• Available for out‐of‐state schools
• Must be renewed each year
• Award $200 – $19,000
•Senatorial Scholarship
Non‐need based
• H.S. seniors, undergraduate and graduate students
• Full‐time or part‐time enrollment
• Available for out‐of‐state schools
• Must be renewed each year
• Award $400 – $10,100Institutional Grants University of Maryland Grant • File the FAFSA by the priority deadline • Demonstrate financial need • Award $500 ‐ $3,500
Important Dates • Priority Application Deadline: November 1st • Priority Decision Release: Late January • Financial Aid Priority Deadline: February 15th • Send “Verification” email: February 23th • Scholarship Review : Post‐Decision Release • Scholarship Notification: Early March • Financial aid package release: April 1st • Confirmation Deadline: May 1st
Scholarship Search Tips • Start early • Fulfill the Prerequisites • Follow directions • Get involved in community service • Ask employer about financial assistance • Never, ever, ever miss a deadline!
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Financial Aid FAQs • How do I complete the FAFSA if my parents are divorced? • If the parents are divorced, the student should report the information of the parent with whom he lived longer during the 12 months prior to the date he completes the FAFSA, regardless of which parent claimed him as an exemption for tax purposes. • If the student lived equally with each parent or didn’t live with either one, then he should provide the information for the parent from whom he received more financial support or the one from whom he received more support the last calendar year for which it was given.
Financial Aid FAQs • Do I have to include my step‐parent information on the FAFSA? • Yes. A stepparent is treated like a biological parent if the stepparent has legally adopted the student or if the stepparent is married, as of the date of application, to a student’s biological or adoptive parent whose information will be reported on the FAFSA. • There are no exceptions. A prenuptial agreement does not exempt the stepparent from providing information required of a parent on the FAFSA. The stepparent’s income information for the entire base year, 2015, must be reported even if the parent and stepparent were not married until after 2015.
Financial Aid FAQs • My financial (income) status has changed from 2015 to 2016. How can this information be considered on the FAFSA? • 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). • Parents will need to the file the FAFSA with the information reported on the FAFSA; however, they can submit a special circumstances appeal along with supporting documentation regarding the changes to the income.
Financial Aid FAQs
• What is the percentage aid offered to
students?
– 75% of students that apply for financial aid
receive assistance
• What is the percentage of students
that receive grants or scholarships?
– 65% of students that apply for scholarships
or financial aid receive assistanceContact Information
• Office of Student Financial
Aid
– www.financialaid.umd.edu
– 0102 Lee Building
@ University of Maryland
Office of Student Financial Aid
• Office Hours
• Monday – Friday
• 9:00am – 4:00pm
• Phone: 301‐314‐9000
• Email: umfinaid@umd.edu @UMDOSFAYou can also read
