UMD Makes $20M Investment in Need-Based Financial Aid
By Terp Staff
Photo by Stephanie S. Cordle
Starting this semester, the university is setting aside an additional $20 million annually for scholarships for low-income students from Maryland in an ambitious effort to increase affordability and access.
The new Terrapin Commitment reduces the gap between a student’s total financial aid package and the cost of an education. The program ensures that tuition and fees are fully covered for Pell Grant-eligible, in-state students who are enrolled full-time and have unmet financial need.
“Our investments in need-based financial aid better position us to serve the people of our state—opening the door for more Marylanders to attend a world-class flagship institution,” says Senior Vice President and Provost Jennifer King Rice.
All students who submit the Free Application for Federal Student Aid (FAFSA) and meet the eligibility requirements are automatically considered for the Terrapin Commitment. If their funding sources—including scholarships, grants and the expected family contribution—fall below UMD tuition and fees, the Terrapin Commitment pays the difference.
“The Terrapin Commitment will help us continue to recruit and provide new pathways for the best and brightest students in the state, improve graduation rates and reduce student debt,” says Associate Vice President of Enrollment Management Barbara Gill.
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