Financing Options

UMBCOffice 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)

Emailed Access FAN on MyUMBC All correspondence is sent to the student’s

MyUMBC email 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 www.mhec.state.md.us for more

information UMBC

Need-based UMBC Grant*

*FAFSA must be filed by UMBC priority filing date of February 14th 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 14th

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 30th 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 email for application process Additional Online Student Loan Counseling must also be completed

Campus Contact InformationOffice of Financial Aid and ScholarshipsPh: 410 455 2387 email: finaid@umbc.edu web: www.umbc.edu/financialaidLibrary, Pond-side entrance

Undergraduate AdmissionsPh: 410 455 2291 email: admissions@umbc.edu web: www.umbc.edu/undergraduate Library, Pond-side entrance

Registrar’s OfficePh: 410 455 3158 email: records@umbc.eduweb: www.umbc.edu/registrarAcademic 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 Email Account

Check email 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!!