If you’ve decided to take the plunge and enroll at the University of Maryland, there is a lot to think about. Deciding what classes you want to take, where you’re going to live, and how you’re going to pay for it all are big decisions.
The purpose of this guide is to help you come up with a plan on how you are going to pay for your education at the University of Maryland. You have several financial options at your disposal to make college more affordable. After going over this guide, you’ll have no trouble deciding on what grants, loans, and scholarships are right for you.
The most sought after form of financial aid is scholarships. Scholarships are a form of gift aid, meaning that they don’t ever have to be paid back. Scholarship administrators award scholarships based on a variety of criteria, including financial need, academic excellence, extracurricular activities, and community service.
At the University of Maryland, there are a variety of different sources of scholarships for you to sort through. For info on what scholarships are available to you, continue below:
Preference is given to students living in a Southern Management Corporation community. Students enrolled at the Carey School of Law are not eligible.
The Maryland Higher Education Commission (MHEC) distributes a variety of state scholarships that you can apply for. Before being considered for any of these, you are required to file a Free Application for Federal Student Aid (FAFSA).
MHEC Scholarships include:
For even more MHEC scholarships and grants, see the Maryland state scholarship website.
There are several more scholarships available than what’s outlined above. Private scholarships aren’t usually as well advertised, and to find them, you need to do some searching. The University of Maryland recommends the following scholarship search engines to find additional scholarships:
Grants are another form of gift aid that you shouldn’t overlook. The Federal and Maryland state governments both provide several options to help make college more affordable. As with most other forms of financial aid, you’ll have to file a FAFSA before being considered for most grants.
The state of Maryland provides many additional grants for you to pursue. See below for links to need-based and career-based grants you can apply for:
If you’d like to work while attending the University of Maryland, consider finding a job through the Federal Work-Study Program. This program was created as an alternative to student loans for students with a demonstrated financial need.
To participate in the work-study program at the University of Maryland, you must file a FAFSA and indicate on it that you are interested in work-study. Work-study positions are not guaranteed. You must apply, interview, and, if selected, accept the position before participating.
If you’ve gone through all the gift aid options available to you and still have a balance left to cover, student loans are there to pick up the slack. There are several different types of student loans, the most common being Federal Direct Loans, Title VII Federal Student Loans, and Private Student Loans.
Federal Direct Student Loans are offered straight from the Federal government and typically have the lowest interest rates.
Federal Student loans also come in the form of Title VII Federal Student Loans. These include the following:
After you’ve exhausted all other forms of aid, your last option to consider is taking out a private student loan. Before taking out a private student loan, you must first file the FAFSA, so all other funding options are ruled out.
The University of Maryland recommends that you meet with your financial aid counselor to go over your eligibility for private loans. If they determine you have no other option, they’ll refer you to an Alternative Loan Counselor to help secure a private student loan.