1a. IntroSUS 2003 - University of Maryland University College

time undergraduate students. For more information, studentsshould contact the Office of Student Financial Assistance at 410-260-4565 or 800-974-1024.The Maryland Part-Time Grants program offers assistance toMaryland residents enrolled for at least 6, but fewer than 12, creditsper semester. Awards are based on need. Typical awards are $300 to$600 per semester. Funds for these grants are allocated to state collegeson an annual basis and are administered by the institution.Many UMUC students receive private scholarships offered bycorporations, associations, foundations, and other organizationsthat offer awards on a competitive basis to students who meetspecific criteria. Students should inquire about scholarship possibilitiesthrough organizations with which they have an affiliation.Additional scholarship links and search tools are available throughthe Web at www.umuc.edu/financialaid.LoansLoan programs are available to students enrolled for at least 6 creditsper semester. Students who take loans to pay for college expensesmust repay the principal and interest in accordance with the termsof the promissory note.The Federal Perkins Loan program offers need-based, low-interestfederal loans. UMUC is the lender. Award amounts typically rangebetween $500 and $1,500 per semester. The current interest rate is5 percent. Repayment is made to UMUC and begins nine monthsafter the borrower leaves school or attendance drops below half time.The William D. Ford Federal Direct Loan program offerslow-interest federal loans to students. Students may qualify fora 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 levelis not considered. The federal government pays the interest on needbasedFederal Direct Loans while the borrower is in school or a defermentstatus. Students with an unsubsidized Federal Direct Loan (notbased on need) are responsible for the interest during in-school anddeferment periods. The interest rate is variable but will not exceed8.25 percent. Interest rates are set each year in June. Loan amountsvary based on grade level and dependency status. Repayment beginssix months after the student leaves school or attendance drops belowhalf time. For annual award amounts and general repayment terms,students should see the UMUC Guide to Financial Aid.The Federal Direct PLUS Loan program enables parents with goodcredit histories to borrow for a dependent student enrolled for atleast 6 credits per semester. It is a federal loan program, available toparents of undergraduate dependent students, that is not based onneed. Parents are eligible to borrow up to the cost of education lessother financial aid received by the student. Repayment begins 60 daysafter disbursement, though deferments (granted by the Departmentof Education) may allow for a delay in payment until after the periodof enrollment. The PLUS interest rate is variable but is capped at9 percent.Alternative student loan programs are also an option for UMUCstudents. Students whose financial aid awards do not meet theirfinancial need may be able to borrow up to their cost of attendancethrough private student loan programs offered by manybanks and other lenders. These education loans are not federalloans; students borrow directly from and make payments to thelender. Alternative student loans typically require a credit checkand often a cosigner. Students are generally required to be enrolledfor at least 6 credits. Students with an alternative loanmust pay their tuition charges when they register for classes. Registrationwill not be held pending payment, since alternative loanchecks are usually mailed directly to the borrower. Students whoare interested in an alternative student loan should contact thebank of their choice or visit UMUC’s Web page on alternative studentloans at www.umuc.edu/financialaid for more information.Employment Programs for StudentsUMUC recognizes the importance of flexible, part-time employmentfor students who are in transition or who have financialneed. Employment opportunities involve positions in the universitysetting; some community-service positions are available.The UMUC Student Assistants program offers UMUC studentsan opportunity to obtain part-time employment with UMUC,providing a flexible schedule that adjusts to the student’s classes.Students should contact Undergraduate Student Affairs at 800-888-UMUC for more information on the opportunities available.The Federal Work-Study program is a need-based program thatprovides jobs to assist students in meeting college costs. The amountof award varies according to financial need and availability of funds.Funds are paid biweekly, based on hours worked. Students mustapply and be hired for employment in the university setting. Studentswho do not secure such employment forfeit their workstudyaward.UMUC Financial Aid Standards forSatisfactory Academic ProgressFederal regulations require students receiving financial aid tomaintain satisfactory academic progress toward their degree orcertificate. Students who fail to meet the minimum academicstandard are placed on financial aid probation for one semester,during which they may receive financial aid. If a student fails tomeet the minimum requirements during probation, the studentis denied aid the following semester and financial aid is not disbursed.Students should refer to the appendices for details of theappeal process and the complete Satisfactory Academic Progresspolicy for financial aid students.241