A+B. Intro_SJ.1 - University of Maryland University College

Amounts and eligibility for financial aid vary from year to year.
Following is a brief description of amounts likely to be available
for the 2003–4 award year. For more detailed information, students
may refer to the current UMUC Guide to Financial Aid.
Grants and Scholarships
Gift assistance, for which no repayment is required, is offered by
the state of Maryland and UMUC. The UMUC Financial Aid
Office administers several types of gift assistance: UMUC scholarships
and grants and Maryland state scholarships and grants.
The UMUC President’s Grant program offers grants to students
who demonstrate financial need. Typical awards during
the 2003–4 year will range from $100 to $500 per semester,
based on need. Funds are limited, so students are urged to apply
early.
UMUC scholarship programs, which include the UMUC
President’s Scholarship, offer a number of institutional scholarships
as well as scholarships from corporate donors and foundations.
A separate scholarship application must be completed for
consideration. Requirements vary according to the individual
scholarship programs. Typical awards range from $200 to $1,500
per semester, depending on the specific program. Most scholarships
require a minimum GPA for consideration. Students may
refer to the UMUC scholarship brochure for further information.
Maryland state grant and scholarship programs provide financial
assistance to Maryland residents based primarily on financial
need. Awards to graduate students typically require enrollment of
at least 6 credits per semester. Award amounts range from $200 to
$3,000 annually. Senatorial and Delegate Scholarship awards are
based on criteria established by the elected official. For more
information, students should contact the Office of Student
Financial Assistance at 410-260-4565 or 800-974-1024.
Many UMUC students receive private scholarships offered by
corporations, associations, foundations, and other organizations
that offer awards on a competitive basis to students who meet
specific criteria. Students should inquire about scholarship possibilities
through organizations with which they have an affiliation.
Additional scholarship links and search tools are available
through the Web at www.umuc.edu/financialaid.
Loans
Loan programs are available to students enrolled for at least
6 credits per semester. Students who take loans to pay for
college expenses must repay the principal and interest in accordance
with the terms of the promissory note.
The Federal Perkins Loan program offers need-based, lowinterest
federal loans. UMUC is the lender. Award amounts typically
range between $500 and $1,500 per semester. The current
interest rate is 5 percent. Repayment is made to UMUC and
begins nine months after the borrower leaves school or attendance
drops below half time.
The William D. Ford Federal Direct Loan program offers lowinterest
federal loans to students. Students may qualify for a subsidized
Federal Direct Loan, which is based on financial need.
Students can also acquire an unsubsidized Federal Direct Loan,
which is not based on need—that is, personal or family income
level is not considered. The federal government pays the interest
on need-based Federal Direct Loans while the borrower is in
school or a deferment status. Students with an unsubsidized
Federal Direct Loan (not based on need) are responsible for the
interest during in-school and deferment periods. The interest
rate is variable but will not exceed 8.25 percent. Interest rates
are set each year in June. Loan amounts vary based on grade
level and dependency status. Repayment begins six months after
the student leaves school or attendance drops below half time.
For annual award amounts and general repayment terms, students
should see the UMUC Guide to Financial Aid.
Alternative student loan programs are also an option for
UMUC students. Students whose financial aid awards do not
meet their financial need may be able to borrow up to their cost
of attendance through private student loan programs offered by
many banks and other lenders. These education loans are not
federal loans; students borrow directly from and make payments
to the lender. Alternative student loans typically require a credit
check and often a cosigner. Students are generally required to be
enrolled for at least 6 credits. Students with an alternative loan
must pay their tuition charges when they register for classes.
Registration will not be held pending payment, since alternative
loan checks are usually mailed directly to the borrower. Students
who are interested in an alternative student loan should contact
the bank of their choice or visit UMUC’s Web page on alternative
student loans at www.umuc.edu/financialaid for more information.
www.umuc.edu/grad
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