2008-2009 Financial Aid Award Guide

Your Award Notification

Most initial awards are based on the assumption that you will enroll full-time for the academic year. If you will enroll part-time, please read the section about Required enrollment. The aid you have been offered is based on several factors: your financial need, whether the Free Application for Federal Student Aid (FAFSA) processor received your FAFSA by UM's Priority Deadline (February 15th), your academic achievement or potential, and the availability of funds. For more information on how financial need is determined, see the section on How to Determine your Eligibility.

Aid From Other Sources

You must report all aid you expect to receive that is not already listed in the award section of your Award Notification. This includes, but is not limited to: UM tuition waivers, non-service fellowships, UM scholarships, private scholarships, vocational rehabilitation benefits, veteran's benefits, employer tuition benefits, and Resident Assistant benefits. If it is not listed as part of your award package, the Financial aid office does not know you are receiving the funding, and your financial aid award may be affected.

Completing Your Award Notification

A copy of your award notification can be obtained at www.testudo.umd.edu. All future correspondence will be via email unless you notify us that you prefer paper. Therefore, it is imperative that the University of Maryland have an accurate e-mail address. Please go to http://www.testudo.umd.edu to change or add a correct e-mail address. In addition, you will need to know your PIN. If you have questions regarding your PIN, please contact Records and Registration at 301-314-8240.

Stafford Loan Application Process

Your financial aid status is available on-line Monday through Saturday between 7:30 am and 7:00 pm. You may accept or decline your awards by visiting http://www.financialaid.umd.edu which is our financial aid website. The website will prompt you to do the following:

1. Complete the loan section(s) of your Award Notification by inputting the amount of funds you need in the Total Column, not to exceed the amount offered.
2. If you are a first time borrower at the University of Maryland, you will be prompted to pick a lender from a drop-down box. If you have had previous loans through the University of Maryland, we will process your loan through the same lender. You do, however, have the option of changing your lender.
3. If you are a first time borrower at the University of Maryland, you will be required to complete an Entrance Interview online. Please do this when prompted since your loan funds will not disburse until this requirement is completed.
4. After you complete your Award Notification on the web, click SUBMIT at the bottom of the page. Your awards will be automatically transmitted to our office for processing.
5. If you are a first time borrower through the University of Maryland, you will receive a Master Promissory Note (MPN) ** in the mail from your lender. Please complete this form and return it to the address specified. Your loan funds will not disburse until the MPN is returned. You will need to complete only one MPN during your course of study here at the University of Maryland.
6. Assuming you have completed all the requirements for the Stafford loans, funds are typically sent to the school the week before each semester starts.

** The Master Promissory Note is a one time contract between the borrower and the lender that reflects the terms and conditions under which the borrower promises to repay the loan.