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Student Financial Aid

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 through the Federal Unsubsidized Direct Loan program. Graduate students who need more than the $20,500 in any one academic year may borrow through the Federal Grad PLUS loan program to help cover any remaining educational expenses. The amount you may borrow is up to the Cost of Attendance minus other aid.
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Can I receive Federal Work-Study?
Graduate students can receive Federal Work-Study (FWS). However, it is not automatically awarded. To be awarded FWS, submit a written appeal to the Office of Student Financial Aid for consideration. Please visit the Federal Work-Study website to learn more about the program.
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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 FAFSA between October and February should receive an award letter by March 1 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 financial aid refund. The first refunds are disbursed within the first week of each semester for students who have completed the financial aid process. You can register to have your financial aid refunds directly deposited to your personal checking account by completing the Student Account Direct Deposit Authorization form. Questions related to the Student Account Direct Deposit Authorization form can be addressed by the Financial Service Center at 301-314-9000, option #3 or email billtalk@umd.edu.
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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 Directory ID or UID and password. If you are unable to locate your Directory information or remember your password, please contact the Division of Information Technology. You will need to enter personal information. Be sure to remember and keep your password in a safe location. You'll need your directory ID and password to register for classes, check your financial aid and student accounts, and access various other campus resources.
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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?
Graduate students can receive financial aid up to the Cost of Attendance minus the Federal Direct loans and other aid received.
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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, documentation may be required to verify the corrections made to the FAFSA. Please contact the Office of Student Financial Aid for additional information.
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If I had a high income last year, do I even qualify for financial aid?
Yes, graduate students can receive up to $20,500 through the Federal Direct Unsubsidized loan program 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. Please review the Appeals section of our website for more 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 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?
Graduate degree students may be eligible to receive financial aid from the Federal Direct Loan programs (Unsubsidized and Grad PLUS). The Department of Education is the lender.
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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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