Financing Options UMBC Office of Financial Aid & Scholarships New Student Day Presentation

Congratulations and Welcome to UMBC!!

Access to Student Information Family Educational Rights and Privacy Act (FERPA) is a federal law designed to protect the student’s educational records. This applies to all university related records, including financial aid and billing. Release of Info form is required in order to discuss student account with parents/others. Students are strongly encouraged to remain an integral part of the financial aid & billing process.

Must submit a FAFSA for each academic year  “Apply on-line by Valentine’s” If you haven’t submitted a FAFSA for the current academic year, it’s NOT too late! File TODAY! Application Process

What Happens Next? Financial Aid Award Notification (FAN) ed Access FAN on MyUMBC All correspondence is sent to the student’s MyUMBC Submit all documents ASAP to prevent delays in processing!

Types of Aid Offered at UMBC Grants/Scholarships (Do not have to be repaid)  Federal Pell Grant and SEOG*  State Awarded by MD Higher Education Commission (MHEC), not UMBC In-state residents only Must file FAFSA by March 1st to be eligible Some MHEC scholarships require additional applications Visit their web site at for more informationwww.mhec.state.md.us  UMBC Need-based  UMBC Grant* *FAFSA must be filed by UMBC priority filing date of February 14 th to be considered for SEOG and UMBC Grant

Types of Aid Offered at UMBC UMBC Merit Scholarships  Evaluated at the time of admission  Specialty scholarships require additional application process  Based on a combination of SAT/GPA  Some scholarships also consider talent  FAFSA not required

Types of Aid Offered at UMBC (cont’d) Student Loans (Must be Repaid)  Federal Perkins Loan  FAFSA must be filed by UMBC’s priority filing date of February 14 th  Need-based loan Stafford  Subsidized  Need - based  Government pays interest while the student is in school  Unsubsidized  Non-need based  Interest accrues while the student is in school

Additional Loan Options Parent Plus Loan  Based on credit worthiness  If the parent is denied for the PLUS Loan Student eligible for Additional Stafford Unsubsidized Alternative Loans  Available to students and/or parents Based on credit worthiness

Additional Steps to Apply for Loans Stafford, Parent Plus and Alternative Loans  On-line process  Should be completed by June 30 th for priority processing  Online Student Loan Counseling must also be completed for Stafford Loans only Perkins Loan  Award determined by Financial Aid  Student Business Services will notify awardees by for application process  Additional Online Student Loan Counseling must also be completed

Campus Contact Information Office of Financial Aid and Scholarships Ph: web: Library, Pond-side entrance Undergraduate Admissions Ph: web: Library, Pond-side entrance Registrar’s Office Ph: web: Academic Services Building

Reminders FERPA Release  Parents must have a FERPA (Authorization for Release of Information form) on file, at either Financial Aid or Student Business Services, to have access to student information. MyUMBC  Account Check regularly for important financial aid and billing updates and correspondence.  Student Account Be sure all outstanding charges have been settled. Additional Aid  Notify the Office of Financial Aid and Scholarships about any outside awards or scholarships.

Questions?? Best Wishes for a Successful Semester!!