The University of Maryland, or UMD for short, is an excellent public university located in College Park, Maryland. There are currently over 30,000 undergraduate and 10,000 graduate students that are studying in UMD. This institution is one of the best in the country and is the flagship public university in Maryland. In this article, we will be looking at the different scholarships and financial aid that are available at the University of Maryland to help you able to afford your education at UMD.
Cost of Attendance
Since the University of Maryland is a public institution, the cost of attendance is different for students living in Maryland compared to those living in outside of Maryland. For in-state students, the tuition fee is around $10,000, the room is $7,000, the board is $5,000, and including personal expenses, the total cost of attendance is around $27,000. For out-of-state students, the total cost of attendance is $53,000 because of the increase in tuition for students outside Maryland.
University of Maryland Scholarships
There are many scholarships that are offered at UMD to incoming freshmen. These are all given out based on merit. To be eligible, you will need to submit your application before November 1, which is the early action deadline. There is no separate application for these scholarships.
1. Banneker/Key Scholarships
Banneker/Key Scholarships are the most prestigious scholarships offered at UMD. It covers full tuition, room, board, and book allowance. The additional benefit of this scholarship is acceptance to the Honor’s College.
Once you have submitted your application, your application will be reviewed by the selection committee, and if you are selected as a semifinalist, you will be invited to campus for the scholarship competition.
2. President’s Scholarships
President’s Scholarships are given to qualified in-state and out-of-state students who were successful academically during high school. It is a maximum of $12,500 a year scholarship that is renewable for all four years.
3. Dean’s Scholarships
Dean’s Scholarships are a maximum of $4,500 a year for a maximum of two years for only in-state students.
4. Departmental Scholarships
Individual departments and colleges award incoming scholarships to freshmen who are coming to their department. These awards range in value, and there might be a separate application for some scholarships. You can check on the Departmental Scholarships Page for more information!
How to Apply For Scholarships
As mentioned before, there is no separate application for these scholarships except for some departmental scholarships. You just need to check the department of your choice to see the requirements of their scholarships. For others, you just need to submit the application to UMD by November 1. Please note that this is the Early Action Deadline, which is much earlier than Regular Decision Deadline.
UMD offers many different types of grants to its students. These grants include federal grants, institutional grants, and Maryland grants.
1. Federal Grants
Both Maryland residents and non-Maryland residents are eligible for this grant. There are many grants that are offered by the government to assist students from low-income families. These include Pell Grant, which provides a maximum of $6,000 per year to low-income families, as well as Federal Supplemental Educational Opportunity Grant (SEOG).
2. Institutional Grants
Both in-state and out-of-state students are eligible for institutional grants. The University of Maryland has a pool of funds set aside to provide money for low-income students. The source of this money are endowments, donors, part of the budget, etc.
3. Maryland Grants
Maryland Grants are awarded only to students from Maryland. There are various types of grants that are available here. One of them is Howard P. Rawlings Guaranteed Access (GA), which awards up to $19,000 a year to students who are from very low-income families. There is an income cut-off for families. You can check the requirements here. Another award is Howard P. Rawlings Educational Assistance (EA) Grant, which is awarded based on need. You can check the details here.
You can view other grants available to Maryland Residents here.
How to Apply for Grants
You can apply for UMD grants by submitting the FAFSA by January 1. If you do, you will be automatically considered for both institutional grants and federal grants. It looks like that there is no separate application for Maryland Grants, but you should double-check with the university just to make sure.
You can go to Financial Aid Process for more details on the process!
This type of award is given by the United States government and typically ranges from $1,000 to $3,000 a year. You can choose to work on-campus part-time and earn money. This is a much easier way than working off-campus because the on-campus work is generally much easier and is flexible with your schedule. The off-campus work, however, might clash with your classes.
Another type of financial aid that you might receive is loans. If you and your family need to take out loans to finance your education, your best deal is to accept the loans in your UMD financial aid package. These are most likely subsidized, meaning you don’t have to pay interest while in UMD and have lower interest rates than private loans. Private loans tend to be unsubsidized, which means it accrues interest while you are at school, and also they tend to have much higher interest rates.
So, it is definitely recommended to take out federal loans first, then institutional loans. Taking out private loans is not recommended due to the high-interest rates. If you have to resort to private loans, you should either talk to the UMD financial aid office or attend another university with a better financial aid package.
I hope that this article on the University of Maryland Scholarships and Financial Aid was helpful. If you are from Maryland, I highly suggest that you visit the Maryland University Scholarships Category since these universities will most likely be affordable to you. If you are not from Maryland, it will be worth your time to visit Authority Scholarships Website and look at the universities in your state. These will likely be affordable for your family.