Financial Aid Alerts
No Financial Aid Disbursements April 30, 2015
Attention All Students Receiving Financial Aid
Please be advised that financial aid disbursements will not occur on Thursday, April 30, 2015. The normal disbursement process will resume on Tuesday, May 5, 2015.
Financial Aid Tips for New and Current Students
If Summer 2015 is your first term at UMUC, you must submit the 2014-2015 FAFSA in order for the Financial Aid Office to determine your eligibility. Please follow the financial aid application instructions. If you are in the One Year MBA program, you must complete the 2015-2016 FAFSA to be eligible for Summer Financial Aid, regardless if it is your first semester at UMUC or a continuing student.
Important factors regarding federal loan funding for the Summer 2015 term:
- Enrollment: You must be enrolled in at least half-time status status to be eligible for federal loan funding.
- Disbursements: Loan disbursements will be made no sooner than 10 days prior to the start of classes in which you have reached half-time status.
If you will continue your enrollment at UMUC into the 2015-16 academic year, please remember to also complete the 2015-16 FAFSA application.
The Financial Aid Office will automatically let you know whether or not you have remaining financial eligibility for the Summer 2015 term. If you are in the One Year MBA program, you must complete the 2015-2016 FAFSA to be eligible for Summer Financial Aid, regardless if it is your first semester at UMUC or a continuing student.
If you have remaining eligibility for the summer term, some factors may affect your award:
Enrollment: You must be enrolled in at least half-time status to be eligible for federal loan funding.
- Satisfactory Academic Progress: If it is determined you are not meeting satisfactory academic progress, known as SAP, at the end of the spring term, your financial aid will be canceled for the summer term. If you do not meet SAP, you will need to make payment arrangements with the Office of Student Accounts.
- Disbursements: Disbursements will occur after satisfactory academic progress is calculated and no sooner than 10 days prior to the start of classes in which you have reached half-time status enrollment.
Changes to Loan Origination Fees for Direct Loan Borrowers
A series of mandatory across-the-board federal budget cuts known as sequestration went into effect in 2013. These cuts affect all federal government programs, including federal student financial aid.
As a result, effective October 1, 2014, loan origination fees for Direct Loan borrowers in the 2014-2015 academic year will increase slightly.
The origination fees for all loans disbursing on or after October 1 will be as follows: 1.073% for Direct Subsidized and Unsubsidized Loans and 4.292% for Direct PLUS Loans (Parent and Graduate).
The Financial Aid Office may contact you if additional information is needed. Please check your preferred e-mail for notifications.
Complete the Free Application for Federal Student Aid
The 2014-15 Free Application for Federal Student Aid is available at http://fafsa.gov.
When you apply, please enter school code 011644 to ensure University of Maryland University College receives your FAFSA information.
We also encourage you to use the IRS Data Retrieval Tool, which streamlines the FAFSA process by enabling you to transfer your tax information directly into your application for aid. You can access the IRS Data Retrieval Tool on the FAFSA website.
If you have questions about financial aid at UMUC, please contact us.