FINANCING YOUR EDUCATION DISCOVER AFFORDABLE FINANCIAL OPTIONS THAT WORK WITHIN YOUR BUDGET
The University Made For You UMUC.EDU/OPTIONS
Higher Education Is an Investment That’s More Affordable Than You Think University of Maryland University College (UMUC) offers the affordability of a state university with the convenience of online study. UMUC is committed to helping you find ways to meet, manage, and lower your education costs through a variety of financial aid and payment options. Use this handy brochure to REVIEW the basics of financial aid so you understand the requirements and benefits of applying for financial aid (pp. 3–5). EXPLORE the many tuition payment options so you can decide which ones are the best fit for your life and budget (pp. 6–9). FIND contact information for counselors and other resources that can guide you through the financial aid process and help you determine the path that makes your education at UMUC the most affordable (p. 11).
2
INTRODUCTION TO FINANCIAL AID Returning to school as an undergraduate or graduate student is a major investment. That’s why UMUC recommends that you apply for financial assistance, regardless of your income or financial situation. Many students who do not think they will qualify for financial aid end up receiving assistance. WHAT IS FINANCIAL AID? Financial aid is intended to supplement your family’s financial contributions to your education. Available funds include grants, scholarships, and loans. Financial aid can come from a variety of sources, including the federal and state governments, UMUC, and private donors. WHAT IS FINANCIAL NEED? Financial need is the difference between the cost of attendance (COA) at UMUC and the expected family contribution (EFC). The information you report on the Free Application for Federal Student Aid (FAFSA) is used by the U.S. Department of Education to determine your EFC. The COA is an estimate of your expenses at UMUC for a period of enrollment and includes tuition, fees, supplies, transportation, room and board, and personal expenses. UMUC determines your award eligibility for federal and state financial aid and for institutional grants and scholarships based on your financial need. COST OF ATTENDANCE (COA) – EXPECTED FAMILY CONTRIBUTION (EFC) = NEED
UMUC.EDU/OPTIONS
3
APPLYING FOR AID AT UMUC Almost all of the forms you need to apply for admission and financial aid are available online. 1. APPLY FOR ADMISSION TO UMUC. If you have not already been admitted as a student, complete the online application at umuc.edu/admissions. If you’re serving in the U.S. Army, you need to complete the online common application at GoArmyEd.com before submitting the FAFSA. 2. COMPLETE THE FREE APPLICATION FOR FEDERAL STUDENT AID (FAFSA). The FAFSA should take you less than 20 minutes to complete. Include UMUC’s school code—011644—to ensure that UMUC receives a copy of your FAFSA. Once you log into fafsa.gov, you’ll be prompted to create an FSA (federal student aid) ID number. 3. USE THE IRS DATA RETRIEVAL TOOL. When completing the FAFSA, use the IRS Data Retrieval Tool to directly import your tax information from the IRS to your FAFSA form. 4. BE AWARE OF THE TIMELINES. From the date you submit your FAFSA with UMUC’s school code, it typically takes three to five business days for UMUC to receive your FAFSA. If you’ve already been admitted, the Financial Aid Office will review your application immediately. UMUC will contact you by e-mail if you need to submit additional information. 5. BE PREPARED TO SUPPLY ADDITIONAL INFORMATION. UMUC will use guidance from the Department of Education to determine if you need to submit additional information for your application to be assessed further. If additional information is needed, UMUC will e-mail you directly.
4
TUITION AND FEES Maryland residents receive in-state tuition at UMUC. Military servicemembers and their dependents are eligible for either in-state or reduced military rates for most UMUC programs. Visit umuc.edu/military for the latest information. Non-Maryland-resident federal employees and their dependents may be eligible for a 25 percent discount on out-of-state tuition with the Federal Education and Development (FED) Program. Visit umuc.edu/fedgov for the latest information. Some fees are additional. Almost all course materials (textbooks) are available online at no additional cost. Tuition and fees are subject to change. Consult the UMUC website at umuc.edu/tuition for the most up-to-date information. UMUC tuition and fees are due by the due date provided at the time of registration (unless you are enrolled in our interest-free monthly payment plan or receiving financial aid or tuition assistance from your employer).
Save time and money
as you pursue your degree—especially if you’re an undergraduate. Whether you’ve taken classes at a community college, gained know-how on the job, or been trained in the military, we’ll help you transfer your credits to UMUC. For more information on prior learning and transfer credits, visit umuc.edu/transfercredit. UMUC.EDU/OPTIONS
5
GREAT WAYS TO PAY FOR YOUR EDUCATION 1. SCHOLARSHIPS UMUC offers a wide variety of scholarship opportunities based on merit and/ or financial need. Award amounts vary by scholarship. UMUC offers Maryland community college graduates the opportunity to earn a bachelor’s degree with the UMUC Completion Scholarship, which significantly reduces the cost of the undergraduate degree. To be considered for a UMUC-sponsored scholarship, undergraduate and graduate students must meet a minimum 3.0 GPA requirement. Undergraduate students must have earned at least 15 credits, graduate students at least 9 credits. Students who have met UMUC’s established scholarship criteria will be invited to apply via the “To Do List” in the MyUMUC Student Portal. You should also investigate private scholarship opportunities. Each year, companies and organizations award hundreds of thousands of scholarships. There are scholarships for academic or artistic achievements; for students interested in specific fields of study; for residents of certain cities, counties, or states; and for members of religious, ethnic, or underrepresented groups. The best way to find scholarship opportunities is to use online scholarship search engines or free websites that compare your personal circumstances against a database of scholarships. Also, be on the lookout for local scholarships, as there may be less competition for scholarships that cover a limited geographic area. To find information on local scholarship opportunities, talk to local community college or high school counselors or check the bulletin board at your local library. For more information on scholarships, visit umuc.edu/scholarships.
6
2. EMPLOYER-PROVIDED TUITION ASSISTANCE Many companies and organizations offer tuition assistance to retain employees and develop their knowledge and skills. If you are employed by the federal, state, city, or county government, you may also be eligible for tuition assistance. Ask your supervisor or human resources department if tuition benefits are available. Visit umuc.edu/thirdparty for more information. 3. MILITARY AND VETERANS BENEFITS UMUC enrolls 50,000 active-duty servicemembers, veterans, and their family members. UMUC advisors are skilled in helping military veterans and active-duty personnel—as well as their spouses or dependents—explore the education assistance benefits available to them through the Montgomery GI Bill®*, Post-9/11 GI Bill, Veterans Educational Assistance Program (VEAP), and Survivors and Dependents Program. Learn more at umuc.edu/milbenefits. Military servicemembers and their dependents are eligible for either in-state or reduced military rates for most UMUC programs. For more information, visit umuc.edu/military.
“It was a huge relief when I received a scholarship. It allowed me to focus on studies and not financial repercussions. It gave me a sense of security.” GRETCHEN DAVIS 2014 MS in Cybersecurity Policy, UMUC Scholarship Recipient
* GI Bill is a registered trademark of the U.S. Department of Veterans Affairs. More information about education benefits offered by the VA is available at the official U.S. government website, benefits.va.gov/gibill.
UMUC.EDU/OPTIONS
7
4. UMUC’S INTEREST-FREE MONTHLY PAYMENT PLAN Manage your educational expenses by paying tuition over several months or the full semester rather than in one lump sum. With UMUC’s monthly payment plan, there are no finance charges, just a low nonrefundable enrollment fee. Monthly payments can be made by credit card, check, money order, or electronic payment from a checking or savings account. You can authorize a one-time payment each month or set up automatic recurring payments. Enrolling in this payment plan may be more cost effective than paying monthly interest charges on your credit card. To learn more, visit umuc.edu/paymentplan. 5. GRANTS AND LOANS GRANTS are need-based financial awards that do not have to be repaid. Award amounts vary, depending on enrollment status and need level. Grants are available to qualified students from a variety of sources, including the federal and state governments. Federal Pell Grants are available to qualified UMUC undergraduates who have not earned a bachelor’s degree and are based on Expected Family Contribution (EFC) as determined by FAFSA and current enrollment. Other grant programs available at UMUC include the Maryland Part-Time Grant, the Educational Assistance Grant, and Legislative Scholarships. See umuc.edu/grants for details. For information about grants and scholarships offered by the state of Maryland, visit the Maryland Higher Education Commission at mhec.state.md.us or call 410-767-3300 or 800-974-0203. FEDERAL LOANS offer lower interest rates and more flexible repayment plans than most private loans. Low-interest student loans are available to qualified undergraduate and graduate students who are enrolled at least half-time in an eligible program of study. Loans must be repaid.
8
Federal Direct Loans may be subsidized (need-based) or unsubsidized (non-needbased). Subsidized loans are available to undergraduates only. The amount you can borrow varies based on your dependency status and current year in school. If you do not enroll in both the fall and spring semesters, you may not be eligible for the annual amounts listed in the chart on this page. Some fees may be deducted before your loan disbursement. Visit umuc.edu/loans and click on Federal Loans to find out more. Alternative or private loans can be used to supplement your financial aid. For more information, visit umuc.edu/loans and click on Private Loans.
Stafford Loan Maximums YEAR
DEPENDENT UNDERGRADUATE
INDEPENDENT UNDERGRADUATE
GRADUATE
First Year
$3,500 subsidized, $2,000 unsubsidized
$9,500 but no more than $3,500 in subsidized loans
Second Year
$4,500 subsidized, $2,000 unsubsidized
$10,500, but no more than $4,500 in subsidized loans
Third Year and Beyond
$5,500 subsidized, $2,000 unsubsidized
$12,500, but no more than $5,500 in subsidized loans
Maximum Total Debt
$31,000, but no more than $23,000 in subsidized loans
$57,500, but no more than $23,000 in subsidized loans
$20,500 unsubsidized, yearly maximum
$138,500 for graduate or professional students; no more than $65,500 of this amount may be in subsidized loans; graduate aggregate limit includes all federal loans received for undergraduate study
Source: https://studentaid.ed.gov/sa/types/loans/subsidized-unsubsidized#how-much
UMUC.EDU/OPTIONS
9
TAX BENEFITS The federal government offers tax credit programs that allow you to reduce your income tax bill. For more about tax credits, deductions, and savings plans, visit the IRS Tax Benefits for Education Information Center at irs.gov/uac/Tax-Benefits-forEducation:-Information-Center or the Department of Education’s Federal Student Aid site, studentaid.ed.gov/sa/types/tax-benefits.
“ Many [veterans] are not educated on what benefits they have rightfully earned and end up losing out as I did as an Army veteran. You don’t know what you don’t know. So, I urge them to at least check to see if they have any educational benefits lingering. It could definitely be helpful with financing their education.” CHANTELLE SMITH UMUC Military Advisor
10
WE’RE HERE TO HELP CONTACT US UMUC FINANCIAL AID OFFICE 800-888-UMUC (8682) umuc.edu/help OFFICE LOCATION UMUC ACADEMIC CENTER AT LARGO 1616 McCormick Drive Largo, MD 20774 Hours of Operation Monday–Thursday, 8:30 a.m.–8 p.m. Friday 8:30 a.m.–5 p.m. STUDENT ADVISING To contact a UMUC advisor, e-mail studentsfirst@umuc.edu. STUDENT ACCOUNTS/THIRD PARTY BILLING For help with employer-provided tuition assistance, contact thirdparty@umuc.edu (Civilian/ Corporate) tpveterans@umuc.edu (Veterans) tpmilitary@umuc.edu (Military)
ADDITIONAL RESOURCES FEDERAL STUDENT AID INFORMATION 800-433-3243 fafsa.gov MARYLAND HIGHER EDUCATION COMMISSION (State grants and scholarships) 410-767-3300 or 800-974-0203 mhec.state.md.us GENERAL FINANCIAL AID INFORMATION, ADVICE, AND TOOLS finaid.org DETAILS ON 1.5 MILLION SCHOLARSHIPS, GRANTS, FELLOWSHIPS, AND FORGIVEABLE LOANS petersons.com
VETERAN STUDENT AFFAIRS For help with veterans benefits, visit umuc.edu/vabenefits TECHNICAL SUPPORT For technical support, visit umuc.edu/help
UMUC.EDU/OPTIONS
11
ABOUT UMUC University of Maryland University College was founded more than 70 years ago specifically to serve the higher education needs of working adults and servicemembers. Today, UMUC continues that tradition online and offers more than 90 degrees, certificates, and specializations backed by the reputation of a state university and the University System of Maryland. For more information, visit umuc.edu.
NONDISCRIMINATION UMUC is committed to equal opportunity for all individuals and adheres to federal, state, and local laws and regulations that prohibit discrimination and retaliation, as incorporated by UMUC Policy 040.30 Affirmative Action and Equal Opportunity (umuc. edu/policies/adminpolicies/admin04030.cfm) and UMUC Policy 041.00 Sexual Misconduct (umuc.edu/policies/adminpolicies/ admin04100.cfm). UMUC does not discriminate against any person on the basis of race, religion, color, creed, sex, gender, gender identity or expression, marital status, age, national origin, ancestry, political affiliation, mental or physical disability, sexual orientation, genetic information, veteran status (including Vietnam-era veterans), or any other protected characteristic under applicable federal, state, and local law. UMUC is committed to ensuring that all individuals have equal access to programs, facilities, admission, and employment; no person shall be excluded from participation in, be denied the benefit of, or otherwise be subjected to unlawful discrimination in this institution’s programs and activities. All inquiries regarding UMUC’s Nondiscrimination Statement or compliance with applicable statutes or regulations should be directed to the fair practices officer, Office of Diversity and Equity, UMUC, 3501 University Boulevard East, Adelphi, MD 207838000 (phone 301-985-7955 or e-mail fairpractices@umuc.edu). Inquiries regarding sexual misconduct, including sex- and gender-based discrimination, should be referred to Steven Alfred, UMUC’s Title IX coordinator, by phone at 301-985-7930 or e-mail at titleixcoordinator@umuc.edu.
University of Maryland University College is accredited by the Middle States Commission on Higher Education, 3624 Market Street, Philadelphia, PA 19104 (267-284-5000), an institutional accrediting agency recognized by the U.S. Secretary of Education and the Council for Higher Education Accreditation. UMUC is a constituent institution of the University System of Maryland and is governed by the USM Board of Regents. UMUC is certified to operate by the State Council of Higher Education for Virginia. UMUC at Quantico, Corporate Center, 525 Corporate Drive #101, Stafford, VA 22554.
University of Maryland University College—Financial Aid Office 3501 University Boulevard East / Adelphi, MD 20783 / umuc.edu / 855-655-UMUC 18-MKT-106 (7/18)