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 Based Scholarships Grants Loans
What is Important? Meeting Deadlines: Nov. 1 st 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 Students Challenging Curriculum Competitive 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 1 st for Priority Admits National Confirmation Deadline: May 1 st
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)
This image cannot currently be displayed. Contact Information Office of Undergraduate Admissions College Park, MD 20742 ApplyMaryland@umd.edu 301 314 8385/ 1 800 422 5867 www.admissions.umd.edu Interested in having a copy of this presentation? You will receive an email this week offering the chance to evaluate your experiences at today s event. If you respond to the survey, copies of all of today s presentations will be available to print or download.
This image cannot currently be displayed. Financial Aid Review Malina Heng Office of Student Financial Aid 14
What 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 code
FAFSA 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 return
Prior 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)
Pell Grant Federal Grants 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 students
Federal 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 borrowed
Maryland 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 Non need based 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 $400 $10,100
Institutional 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 1 st Priority Decision Release: Late January Financial Aid Priority Deadline: February 15 th Send Verification email: February 23th Scholarship Review : Post Decision Release Scholarship Notification: Early March Financial aid package release: April 1 st Confirmation Deadline: May 1 st
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 assistance
Contact Information Office of Student Financial Aid www.financialaid.umd.edu 0102 Lee Building Office Hours Monday Friday 9:00am 4:00pm @ University of Maryland Office of Student Financial Aid Phone: 301 314 9000 Email: umfinaid@umd.edu @UMDOSFA