Office of Financial Aid & Scholarships
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Grants/Scholarships Awarded by MD state Student & Parent must be a Maryland State Resident Application Process Must file FAFSA by March 1 each year Create a MDCAPS Account Additional application may be required http://mhec.state.md.us/ 5
• E-Bills are issued on the 1 st business day of the month • E-Bills are due on the 20 th of every month • Late Fees are assessed on the 25 th of every month • Payment Plans are available for making payments more affordable!! • E-Refunds are issued through your Higher One Card!
Dropping from classes can affect your financial aid Dropping below full-time (12 credits) after your aid has already disbursed could result in the return of all or a portion of the aid you received Resulting in an open balance on your account BEFORE dropping classes, be sure to discuss with your Financial Aid Counselor how your financial aid will be affected
Initial award packages Part-time students can still are based on student receive financial aid being enrolled full-time (12 or more credits) Awards will be prorated based on enrollment Anything less than 12 Students must be enrolled in a credits is considered minimum of 6 credits to part-time receive Federal Stafford Loans Waitlisted and audited classes do not count toward If you will be enrolling in less enrollment for financial aid than 12 credits, notify our purposes office Submit the Enrollment Update Form
Your progress will be evaluated using the Students must maintain a minimum following standard: standard GPA and make steady progress toward degree completion Total # of Minimum % of Completed Cumulative Attempted Credits GPA Courses Completed Students who do not meet the SAP requirements may lose their 0-29 2.0 50% federal, state, or institutional 30-59 2.0 60% financial aid eligibility 60+ 2.0 67% A SAP Appeal can be submitted for students who do not meet the requirements due to extenuating circumstances Visit our website for more details ▪ http://www.umbc.edu/financialaid/sap_appeals.html
If you are not meeting SAP, you do still have options for payment Alternative Loans Payment Plan through Student Business Services
Professional Judgment Appeal Change in the original information listed on the FAFSA Loss of job, reduction in income, marriage or divorce, etc. The Professional Judgment Appeals Committee will review complete appeals Submitting an appeal does not guarantee it will be approved! Contact your assigned Financial Aid Counselor for more information if you think you may qualify
Student 1: Mary is a sophomore at UMBC. She received an email on August 1 st letting her know that her e-bill was available for the Fall 2015 semester. She decides it’s not a big deal and she can wait a little while. August 20 th comes and suddenly she gets an alert for a past due balance. She panics and calls her mom, who of course, has no idea what is going on with her bill. Mary’s Mom calls SBS and Financial Aid, but both offices say they cannot speak to her because they do not have a FERPA on file. Mary then calls the financial aid office, who tells her she does not have any financial aid because she did not complete her financial aid to-do’s. What did Mary do wrong?
Student 2: Ethan is a Junior at UMBC. He received his E-Bill on August 1 st and noticed that it was due on August 20 th . Nothing to sweat though, Ethan sees that he has enough anticipated aid on his bill to cover his balance because he took care of all his financial aid to do’s months ago. But, just to be sure, he forwards his e- bill to his mom who kindly reminds him…again…that she already saw the bill because he granted her Parent PIN Access. Ethan’s Mom called the Financial Aid office later that day just to check in and confirm that his financial aid is good to go. Since the FERPA was on file, she was good to go! What did Ethan do right?
What does FAFSA stand for? How much does it cost to complete the FAFSA? Name two (2) types of free money? True or False? When initially determining aid eligibility the FAFSA will review my grades. What is the day in which bills are issued? What is the day in which bills are due? Do you get paper bills in the mail?
Provides students with the necessary tools to make informed and effective financial decisions http://financialsmarts.umbc.edu/
Part Time enrollment is a great option for students working PT/FT and aid is available Check your myUMBC account regularly for all UMBC updates. Contact your assigned Financial Aid Counselor with any questions regarding financial aid eligibility http://www.umbc.edu/financialaid/contact.html Get Social! Find our office on Facebook, Twitter, and follow our Blog!
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