Office of Financial Aid & Scholarships - Financial Aid and ...

Office of Financial Aid & Scholarships

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   Grants/Scholarships
     Awarded by MD state
     Student & Parent must be a
      Maryland State Resident

   Application Process
       Must file FAFSA by March 1 each year
       Create a MDCAPS Account
       Additional application may be required
       http://mhec.state.md.us/

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• E-Bills are issued on the 1st business day of the month
• E-Bills are due on the 20th of every month
• Late Fees are assessed on the 25th of every month
• Payment Plans are available for making payments more
  affordable!!
• E-Refunds are issued through your Higher One Card!

   Dropping from classes can affect your financial aid

   Dropping below full-time (12 credits) after your aid
    has already disbursed could result in the return of all
    or a portion of the aid you received
     Resulting in an open balance on your account

   BEFORE dropping classes, be sure to discuss with
    your Financial Aid Counselor how your financial
    aid will be affected

    Initial award packages
     are based on student               Part-time students can still
     being enrolled full-time            receive financial aid
    (12 or more credits)                  Awards will be prorated based on
                                           enrollment
   Anything less than 12               Students must be enrolled in a
    credits is considered                minimum of 6 credits to
    part-time                            receive Federal Stafford Loans
     Waitlisted and audited
      classes do not count toward       If you will be enrolling in less
      enrollment for financial aid
      purposes                           than 12 credits, notify our
                                         office
                                          Submit the Enrollment Update
                                           Form

Your progress will be evaluated using the
   Students must maintain a minimum                    following standard:
    standard GPA and make steady
    progress toward degree completion          Total # of    Minimum       % of
                                               Completed     Cumulative    Attempted
                                               Credits       GPA           Courses
                                                                           Completed
   Students who do not meet the SAP
    requirements may lose their                0-29          2.0           50%
    federal, state, or institutional           30-59         2.0           60%
    financial aid eligibility
                                               60+           2.0           67%

       A SAP Appeal can be submitted for students who do not meet
        the requirements due to extenuating circumstances
         Visit our website for more details
          ▪ http://www.umbc.edu/financialaid/sap_appeals.html

   If you are not meeting SAP, you do still have
    options for payment
     Alternative Loans
     Payment Plan through Student Business Services

Professional Judgment Appeal
   Change in the original information listed on the
    FAFSA
     Loss of job, reduction in income, marriage or
      divorce, etc.

   The Professional Judgment Appeals Committee
    will review complete appeals
     Submitting an appeal does not guarantee it will be approved!

   Contact your assigned Financial Aid Counselor for
    more information if you think you may qualify

Student 1:
Mary is a sophomore at UMBC. She received an email on August 1st letting her
know that her e-bill was available for the Fall 2015 semester. She decides it’s
not a big deal and she can wait a little while. August 20th comes and suddenly
she gets an alert for a past due balance. She panics and calls her mom, who of
course, has no idea what is going on with her bill. Mary’s Mom calls SBS and
Financial Aid, but both offices say they cannot speak to her because they do
not have a FERPA on file. Mary then calls the financial aid office, who tells her
she does not have any financial aid because she did not complete her financial
aid to-do’s.

                         What did Mary do wrong?

Student 2:
Ethan is a Junior at UMBC. He received his E-Bill on August 1st and noticed that
it was due on August 20th. Nothing to sweat though, Ethan sees that he has
enough anticipated aid on his bill to cover his balance because he took care of
all his financial aid to do’s months ago. But, just to be sure, he forwards his e-
bill to his mom who kindly reminds him…again…that she already saw the bill
because he granted her Parent PIN Access. Ethan’s Mom called the Financial
Aid office later that day just to check in and confirm that his financial aid is
good to go. Since the FERPA was on file, she was good to go!

                          What did Ethan do right?

   What does FAFSA stand for?
   How much does it cost to complete the FAFSA?
   Name two (2) types of free money?
   True or False? When initially determining aid
    eligibility the FAFSA will review my grades.
   What is the day in which bills are issued?
   What is the day in which bills are due?
   Do you get paper bills in the mail?

Provides students with
the necessary tools to
make informed and
effective financial
decisions

http://financialsmarts.umbc.edu/

   Part Time enrollment is a great option for
    students working PT/FT and aid is available
   Check your myUMBC account regularly for
    all UMBC updates.
   Contact your assigned Financial Aid
    Counselor with any questions regarding
    financial aid eligibility
     http://www.umbc.edu/financialaid/contact.html

   Get Social! Find our office on Facebook,
    Twitter, and follow our Blog!