Office of Financial Aid & Scholarships Play Video 3 4 - - PowerPoint PPT Presentation

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

• r 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 being enrolled full-time (12 or more credits)

 Anything less than 12

credits is considered part-time

• Waitlisted and audited

classes do not count toward enrollment for financial aid purposes

 Part-time students can still

receive financial aid

• Awards will be prorated based on

enrollment

 Students must be enrolled in a

minimum of 6 credits to receive Federal Stafford Loans

 If you will be enrolling in less

than 12 credits, notify our

• ffice
• Submit the Enrollment Update

Form

 Students must maintain a minimum

standard GPA and make steady progress toward degree completion

 Students who do not meet the SAP

requirements may lose their federal, state, or institutional financial aid eligibility

Your progress will be evaluated using the following standard:

Total # of Completed Credits Minimum Cumulative GPA % of Attempted Courses Completed

0-29 2.0 50% 30-59 2.0 60% 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

• ptions 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!