UMUC Financing Your Education

Financing Your Education Discover affordable financial options that work within your budget

www.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 available to guide you through the financial aid process and determine the path that makes your education at UMUC the most affordable (p. 11).

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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 based on your financial need.

Cost of Attendance (COA) – Expected Family Contribution (EFC) = NEED

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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 www.umuc.edu/admissions.

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 UMUC receives a copy of your FAFSA. Once you log into www.fafsa.gov, you’ll be prompted to create an FSA ID number. GoArmyEd students, please complete the online common application at goarmyed.com before submitting the FAFSA.

3. Use the IRS Data Retrieval Tool.

When completing the FAFSA, use the IRS Data Retrieval Tool to directly import your tax information from 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 application. 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.

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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 military.umuc.edu/tuition 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 www.umuc.edu/fedgov for the latest information.

Some fees are additional. As of fall 2015, almost all undergraduate course materials (textbooks) are available online at no additional cost. Tuition and fees are subject to change. Consult the UMUC website at www.umuc.edu/tuition for the most up-to-date information.

UMUC tuition and fees are due in full 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. 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 www.umuc.edu/transfercredit.

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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. Undergraduates must have earned at least 15 credits, graduates 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.

Students 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 www.umuc.edu/scholarships.

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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, or 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 www.umuc.edu/thirdparty for more information.

3. Military and Veterans Benefits UMUC enrolls 54,000 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.

• Active Duty: visit military.umuc.edu/tuition • Veterans: visit military.umuc.edu/vetstuition • Spouses and families: visit military.umuc.edu/famtuition Military servicemembers and their dependents are eligible for either in-state or reduced military rates for most UMUC programs. For more information, visit military.umuc.edu/tuition.

“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, www.benefits.va.gov/gibill. www.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 www.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 www.umuc.edu/ grants for details.

For information about grants and scholarships offered by the state of Maryland, visit the Maryland Higher Education Commission at www.mhec.state.md.us or call 410-767-3301 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 halftime in an eligible program of study. Loans must be repaid.

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Federal Direct Loans may be subsidized (need-based) or unsubsidized (non-need-based).

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 prior to your loan disbursement. Visit www.umuc.edu/loans and click on Federal Loans to find out more.

Alternative loans can be used to supplement your financial aid. For more information, visit www.umuc.edu/loans and click on Alternative Loans.

Stafford Loan Maximums Year

Dependent Independent Undergraduate Undergraduate

Graduate

First Year $3,500 subsidized, $9,500, but no more than

$2,000 unsubsidized $3,500 in subsidized loans

Second Year $4,500 subsidized, $10,500, but no more than

$2,000 unsubsidized $4,500 in subsidized loans

Third Year and Beyond

$5,500 subsidized, $2,000 unsubsidized

$20,500

$12,500, but no more than $5,500 in subsidized loans

Maximum Total $31,000, but no more than $57,500, but no more than Debt $23,000 in subsidized loans $23,000 in subsidized loans

$138,500; the graduate debt limit includes loans received for undergraduate study

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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 www.irs.gov/uac/ Tax-Benefits-for-Education:-Information-Center or the Department of Education’s Federal Student Aid site, https://studentaid.ed.gov/sa/types/tax-benefits.

I highly recommend to all veterans that they complete a Veterans Online Application (VONAPP).

Many 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

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We’re Here to Help Contact Us

Additional Resources

UMUC Financial Aid Office www.umuc.edu/options 800-888-UMUC (8682) help.umuc.edu

Federal Student Aid Information Phone: 800-433-3243 Web: www.fafsa.gov

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.

Maryland Higher Education Commission (State grants and scholarships) Phone: 410-767-3301 or 800-974-0203 Web: www.mhec.state.md.us General Financial Aid Information, Advice, and Tools www.finaid.org Details on 1.5 million scholarships, grants, fellowships, and forgiveable loans www.petersons.com

Student Accounts For help with the monthly payment plan, employer-provided tuition assistance, and tax benefits, contact studentaccounts@umuc.edu.

Veteran Student Affairs For help with veterans benefits, visit military.umuc.edu/vabenefits.

Technical Support For technical support, visit help.umuc.edu.

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About UMUC Serving Busy Professionals Worldwide University of Maryland University College (UMUC) specializes in high-quality academic programs that are convenient for busy professionals. Our programs are specifically tailored to fit into the busy lives of those who wish to pursue a respected degree that can advance them personally and grow their careers.

UMUC has earned a worldwide reputation for excellence as a comprehensive virtual university and, through a combination of classroom and distance-learning formats, provides educational opportunities to more than 80,000 students. The university is proud to offer highly acclaimed faculty and world-class student services to educate students online, throughout Maryland, across the United States, and in more than 20 countries and territories around the world.

UMUC serves its students through undergraduate and graduate programs, noncredit leadership development, and customized programs. For more information regarding UMUC and its programs, visit www.umuc.edu.

NONDISCRIMINATION University of Maryland University College (UMUC) is committed to ensuring that all individuals have equal access to programs, facilities, admission, and employment regardless of personal characteristics unrelated to their ability, performance, or qualifications as determined by UMUC and/or University System of Maryland policy or by federal, state, or local authorities. UMUC prohibits discrimination or harassment of any individual due to race, religion, color, creed, gender, gender identity and expression, marital status, age, national origin, ancestry, political affiliation, mental or physical disability, sexual orientation, or veteran status (including Vietnam-Era veterans). All inquiries regarding UMUC’s Nondiscrimination Statement or compliance with applicable statutes and regulations should be directed to the Director, Diversity Initiatives, Office of the President, 3501 University Boulevard East, Adelphi, MD 20783-8000 (phone 301-985-7940, fax 301-985-7678, e-mail diversity-initiatives@umuc. edu, website www.umuc.edu/diversity). In accordance with this Nondiscrimination Statement and UMUC’s commitment to equal access, UMUC has revised Policy 040.30 Policy and Procedures on Affirmative Action, Equal Opportunity, and Sexual Harassment.

You may access the revised policy and procedures online (www.umuc.edu/policies/adminpolicies/admin04030.cfm) or contact Diversity Initiatives to have a copy mailed to you.

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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 governed by the University System of Maryland Board of Regents and certified by the State Council of Higher Education for Virginia.

UMUC is a constituent institution of the University System of Maryland.

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Financial Aid Office 3501 University Boulevard East Adelphi, MD 20783 USA 800-888-UMUC (8682)

www.umuc.edu/options