MBA/EMBA Frequently Asked Questions

1. Where should I start?
2. What types of financial aid are available to me?
3. Can I receive Federal Work-Study?
4. When will I hear about my financial aid award?
5. When will I receive a Refund?
6. How will I know what is going on in the financial aid process?
7. What is a Student Budget?
8. What is an EFC?
9. How is financial aid eligibility determined for graduate students?
10. If I made a mistake on my Free Application for Federal Student Aid (FAFSA), can I fix it?
11. If had a high income last year, do I even qualify for financial aid?
12. Why does the online acceptance ask me to report any additional sources of financial assistance? If its a University award shouldn't you have record of it?
13. How do I choose a lender?
14. How can I contact the Office of Student Financial Aid?

Where should I start? The first thing you should do is complete a Free Application for Federal Student Aid (FAFSA) and include the University of Maryland, College Park's school code (002103) in the appropriate section. This must be done in order for us to receive your information. Once we receive your FAFSA, we can begin awarding your financial aid.
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What types of financial aid are available to me? In addition to any Fellowships or Assistantships awarded by individual departments, you can receive up to $20,500 in Stafford loans (Stafford loans are one of the only aid programs directly administered by our office to graduate students.)
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Can I receive Federal Work-Study? Graduate students can receive Federal Work-Study. However, it is not automatically awarded. To be awarded FWS, submit a written appeal to the Office of Student Financial Aid for consideration.
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When will I hear about my financial aid award? Students who are applying for the upcoming Fall semester and who have completed their applications between January and March should receive an award letter in June regarding their financial eligibility. Students who apply after this deadline will be notified approximately 4 to 6 weeks after their FAFSA has been filed. The earlier in the year that you file your FAFSA, the more efficient the process will be as a whole. Our best advice would be to complete your FAFSA as soon as possible in the year so that all of your financial arrangements are in place prior to the start of classes.
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When will I receive a refund? If your total financial aid is more than your tuition and fees, you will be sent a refund check. The first refund checks are disbursed within the first week of each semester for students who have completed the financial aid process.
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How will I know what is going on in the financial aid process? Students have access to their information via www.testudo.umd.edu, the university's student information system. To log in, you will need your University ID Number (UID) and your University PIN (will default to your 6 digit birth date for first time users).
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What is a Student Budget? A student budget is an estimated cost of attendance for one academic year. It includes items such as tuition, room and board expenses, personal transportation expenses, and books. The student budget is used in part to determine a student's financial aid eligibility.
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What is an EFC? The EFC is the Expected Family Contribution, determined by the information that is submitted on the FAFSA. It is a baseline estimate of what the Department of Education feels you should be able to contribute to the cost of your education.
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How is financial aid eligibility determined for graduate students? Subsidized and unsubsidized stafford loans are awarded based on the information submitted on the FAFSA. The EFC (Expected Family Contribution), as determined by the FAFSA, is compared to the Student Budget. When the EFC is lower than the student budget, that gap is used to determine eligibility for need based aid programs (Subsidized Stafford Loans).
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If I made a mistake on my FAFSA, can I fix it? Yes, adjustments can be made if the FAFSA is completed incorrectly. If your FAFSA information has not yet been downloaded by the Financial Aid office, you can make corrections directly to your online application or to your Student Aid Report. If we have already downloaded a copy of your information, corrections should be submitted directly to the Office of Student Financial Aid.
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If had a high income last year, do I even qualify for financial aid? Yes, graduate students can receive up to $20,500 in Federal Stafford Loans if they are enrolled in a degree seeking program at least half-time and have not defaulted on any previous federal student loans. Students who experience a material decline in earnings from one tax year to the next have the ability to adjust their FAFSA information.
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Why does the online acceptance ask me to report any additional sources of financial assistance? If it's a University award, shouldn't you have record of it? We ask for you to report any additional financial assistance due to the fact that there are strict regulations on how much need based federal aid a student can receive, in relation to the overall cost of attendance. By reporting an estimated dollar amount of additional financial assistance you are receiving from other sources, we are better able to make sure that you are being properly awarded your financial aid.
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How do I choose a lender? When awarded your Stafford loan eligibility, you are asked to select a lender to provide you with these funds. You can research potential choices from our lender list, which is available on our web site. There will not be a need for you to apply directly with a lender for your Stafford eligibility. We will process your request once we have received your loan acceptance and your lender choice.
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How can I contact the Office of Student Financial Aid? Students can set up appointments with counselors, speak with Bursar representatives, and have their general financial aid questions answered by contacting us at (301) 314-9000 or by sending us an email from our website. Office hours are from 8:30am to 4:30pm, Monday through Friday.
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