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.
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
Application Process
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Must submit a FAFSA for each academic
year
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
“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!
What Happens Next?

Financial Aid Award Notification (FAN)
Emailed

Access FAN on MyUMBC
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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
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
UMBC

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
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

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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

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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 Information
Office of Financial Aid and Scholarships
Ph: 410 455 2387 email: [email protected]
web: www.umbc.edu/financialaid
Library, Pond-side entrance
Undergraduate Admissions
Ph: 410 455 2291
email: [email protected]
web: www.umbc.edu/undergraduate
Library, Pond-side entrance
Registrar’s Office
Ph: 410 455 3158
email: [email protected]
web: www.umbc.edu/registrar
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

Email Account


Student Account


Check email regularly for important financial aid and billing
updates and correspondence.
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!!