University of Maryland (UMD) Financial Aid and Scholarships
Students Receiving Aid
51%
Total Aid Amount
$143.662M
Financial Aid Official Website
www.financialaid.umd.edu/
Such schemes include Banneker/Key Scholarship, Christa McAuliffe Scholarship, Creative and Performing Arts Scholarship, and Dean's Scholarship. As many as 66% of the students at UMCP get some sort of financial aid, and the total amount of assistance/loans provided is more than $59,112,605 in a year. Notably, a total of 13% of the applicants to University of Maryland-College Park receive the Federal Grant every year. In comparison, 48% of the students are awarded the Student Grant, 40% get the Institution Grant, and 13% of the applicants receive the Pell Grant. Moreover, the average aid amount for Federal Grant awardees stands at $5,061, while the same comes to $4,692 for State Grant receivers and $8,060 for Institution Grant awardees. And, for the Pell Grant awardees, the average aid amount is $4,931. The annual family income of the applicants is also considered for determining the total financial assistance that they will be eligible for. Alternatively, the candidates can also avail of monetary benefits like student loans, apart from financial grants and scholarship schemes to pay for their studies. In contrast to grants and scholarships, student loans are taken by the candidates at a certain rate of interest. While grants and scholarship schemes do not require repayment, student loans should be repaid by the applicants within a given period. Every year, around 30% of the applicants to University of Maryland-College Park opt for student loans.
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