Financial Aid & Merit Scholarships Workshop Scholarship Conference 2014 www.admissions.umd.edu [email protected] 301.314.8385 1.800.422.5867

Merit Scholarship Review Lisa M. Davies Office of Undergraduate Admissions

Financing Your Education

Merit vs. Need Based

Scholarships

Grants

Loans

What is Important? • Meeting Deadlines: Nov. 1st Priority Applicants • Complete Admission Application Portfolio

• No Additional Application Necessary

What is Reviewed • Admission Application Materials – Academic Preparation (Transcript, Curriculum, Test Scores) – Letters of Reference – Essay

• Strength of the Applicant Pool – Fall 2014 Admitted Profile • A/B+ Average • 1260-1410 SAT Middle 50% • 28-32 ACT Middle 50%

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 – Studio Art, Dance, Theatre

• Engineering Scholarships – Freshman Scholarships By Application

• College of Education Scholarships – Freshman Scholarships By Application

• Advanced Level Awards: – Junior Year & Beyond

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 Interview Notification: Early February Partial Scholarship Review: Post-Decision Release Banneker/Key Interviews: Late February and Early March Partial Scholarship Notification: Early March Banneker/Key Award Notification: Mid-March 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)

Financial Aid Review

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What is Financial Aid? • Financial aid consists of funds provided to students and families to help pay for postsecondary educational expenses

Financial Aid Terminology • Cost of Attendance (COA) • Direct costs – TUITION, ROOM & BOARD • Indirect costs – BOOKS, SUPPLIES, PERSONAL EXPENSES • Expected Family Contribution (EFC) • Need-based aid indicator • Financial Need • = COA (minus) EFC • Need-based aid • Non-need based aid

Free Application for Federal Student Aid

(FAFSA) • WWW.FAFSA.ED.GOV • Available after January 1, 2015 • Apply for PIN number – WWW.PIN.ED.GOV • Complete with Student and Parent 2014 Federal Income Tax Return and W-2 statements

• Determines need-based aid  File according to University priority deadline – February 15th

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, 2015 – Applicants who are neither eligible nor required to file a federal tax return

Federal Grants Pell Grant • Eligibility determined by FAFSA • Demonstrate financial need • Award $602 - $5,730

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 $200 - $800

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 $2,000

Federal Loans – Stafford Loans Subsidized • Must demonstrate financial need • Interest does not accrue while the Student is enrolled • 4.66% Fixed Interest Rate • July 1, 2014 to June 30, 2015 •Unsubsidized Non-need based

• Non-need based • Interest accrues on daily basis • Pay while in-school • Capitalize or postpone payments • 4.66% Fixed Interest Rate

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

Federal Loans • Perkins Loan – Demonstrate financial need – No interest accrues while student is enrolled – Award up to $4,000

• Repayment – 9-month grace period – 5% fixed interest rate – Maximum repayment period is 10 years

Maryland State Grant Programs

MHEC Need-Based Grants Guaranteed Access Grant • • • • •

H.S. seniors who complete preparatory program Cumulative 2.5 GPA Income guidelines mandated by MHEC Full-time enrollment status Award $400 - $16,200

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 – $2,500

Scholarship •Senatorial 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 – $9,700

Institutional Grants University of Maryland Grant • File the FAFSA by the priority deadline • Demonstrate financial need • Award $200 - $4,000

Maryland Pathways Grant Non-need based

• Work Grant Program • Pell Grant Supplement Program • Senior Debt Cap Program

OSFA Scholarship • www.financialaid.umd.edu • Available to degree-seeking undergraduates • Must be full-time • MD residents and out-ofout state students • File the 2015-16 FAFSA • Essay questions and resume • Available February 15, 2015 • Deadline March 15, 2015 • Email: • [email protected]

Contact Information • Office of Student Financial Aid – www.financialaid.umd.edu – 0102 Lee Building @ University of Maryland

• Office Hours

Office of Student Financial Aid

• Monday – Friday • 9:00am – 4:00pm

• Phone: 301-314-9000 • Email: [email protected]

@UMDOSFA