Your Education is a Good Investment

University of Maryland, BaltimoreStudent Financial Assistance & Education

601 West Lombard StreetSuite 201, Health & Human Services Library

Office Hours – Monday – Friday 8:00 am to 5:00 pm

How Do I Get Aid?1. Complete your FAFSA www.fafsa.ed.gov

2. Accept your awards on SURFS www.surfs.umaryland.edu

3. Complete UMB required forms www.umarlyand.edu/fin/forms.html

A. Borrower Disclosure Form(s)i. IF NEEDED: Federal Direct Stafford Loan 2014-2015 Direct Loan Request Formii. IF NEEDED: Federal Direct Graduate PLUS Loan 2014-2015 Direct Loan Request Form

4. Direct Loan Requirements www.studentloans.gov A. Direct Loan/Grad PLUS Entrance CounselingB. Federal Direct Stafford/Grad PLUS Master Promissory Notes

5. Set Up Your HigherOne Account https://umbaltimore.higheroneaccount.com/

6. Keep checking your e-mail for updates and additional awards

www.umaryland.edu/fin/

What Kind of Aid Can I Get?Grants

University GrantsStudents who filed their FAFSA prior to March 1st are automatically

considered for all available UMB grants.

ScholarshipsFor Maryland residents – the Maryland Higher Education

Commissions offers need based award based on your filing a FAFSA prior to March 1st

Other Aid (not administered by UMB)Outside scholarshipsEmployer Tuition Assistance/RemissionFamily Support www.umaryland.ed

u/fin/

What Kind of Aid Can I Get?Loans

Stafford Loans, Unsubsidized – variable, $20,500/yr. maxIn-school interest charged to student. Student is not required to pay interest

while in school.

Graduate PLUS Loans – variable, max is COA less any other aid receivedSubject to credit approval. Approval requires a lack of bad credit.Students can reapply with a cosigner if rejected.

Perkins Loans – 5%, $6,000/yr. max., very limited supplyHealth Professions – 5%, $7,500/yr. max., limited funds

Alternate Loans – APR and per yr. max varies with credit score & bankStudents interested in these loans should contact their financial aid counselor.

www.umaryland.edu/fin/

Total Cost of SchoolTuition, mandatory fees, books, health insurance, housing, student’s living expenses

Expected Financial ContributionAmount of funding the Dept. of Education expects you to contribute towards your education

Financial AidScholarships, grants, and loans from various sources

Incidental CostsItems unrelated to school: car payments, entertainment expenses, vacation, etc.These costs are not covered by financial aid.

How Much Aid Can I Get?

www.umaryland.edu/fin/

When Do I Get Aid?

• Federal regulations allow the release of aid no earlier than 10 days before the first day of classes.

• Funds are applied to your student account to pay all school expenses before the refund process is begun.

• Refund then take 3-15 business days to reach students, depending on Higher One refund method chosen

www.umaryland.edu/fin/

• Living expenses are based on a 9-month budget

•Costs related to support of a spouse and/or dependents are not included in the COA and, in some cases, are prohibited.

What Am I Living On?Expense Monthly

Allocation

Rent $1,200

Utilities $250

Parking $150

Food $300

Misc. $250

$2,150

$19,350 for a nine-month academic term

Need Help With Budgeting?

• UMB’s budget tool website– http://www.umaryland.edu/fin/BudgetingSavingsTips

• Set up a 1:1 budget counseling meeting– E-mail Mrs. Williams at bcwilliams@umaryland.edu

• Have questions you can’t find the answers to?– E-mail Mrs. Williams at bcwilliams@umaryland.edu

www.umaryland.edu/fin/

How Do I Make This Budget Work?Borrow Wisely

Borrow what you need, not what you want In case of a shortfall, previously declined money can be obtained

Budget Wisely Create a spending plan

Calculate your income from all sourcesDetermine all of your fixed expensesLook at your past spending and calculate your variable expenses

Put your plan in writing Review it every month Make adjustments to your spending habits if you go over

Spend Wisely Look for sales, use coupons, buy in bulk, look at needs vs. wants

*** Remember, you’ve got a max of $2,150 per month***

Bottom Line:

Student Financial Assistance and Education can assist you with

financing you education up to the published COA.

Any other expenses are your responsibility.

www.umaryland.edu/fin/

What Else Do I Need to Know?Plan for what you know

Fall disbursements pay for mid-August through DecemberSpring disbursements, mid-January through MayIf your aid is used up, there is no more. Plan Ahead!!!

Plan for gap times (Dec. to Jan., May to Aug.)Plan your expenses (e.g. 9- vs. 12- month lease)Plan for opportunities (e.g. summer internships)Plan to start spending smart now

How much do I spend per month?How will my budget change, and how can I plan ahead?Am I buying things I need or things I want?How can I save more now so that I don’t run out later?

www.umaryland.edu/fin/

Recourses & Resources

• UMB Financial Aid– http://www.umaryland.edu/fin/

• Dept. of Education Student Loan Process Overview– http://studentaid.ed.gov

• Direct Loans Interface– https://studentloans.gov

• Student Loan Individual Account Access– http://nslds.ed.gov

www.umaryland.edu/fin/

Student Financial Assistance & Education– 601 W. Lombard Street, Suite 221 HS/HSL– 410-706-7347– Counselor: Mrs. Breyann Williams –

bcwilliams@umaryland.edu

Contact Information