Policy Number: VIII-2.41(A)
University of Maryland, College Park Policy Guidelines for Financial Aid Awards to Undergraduate Students
(Approved by the President )
The University of Maryland System Board of Regents has defined institutional student financial aid as "financial assistance provided from state-supported unrestricted funds, i.e., those general state funds and tuition and fee revenues that are not specifically restricted as to the purpose(s) for which the funds may be expended."
At the University of Maryland at College Park, need-based financial aid is awarded based on demonstrated financial need as determined by the federal methodology and the goal of attracting and retaining a talented and diverse undergraduate student population. The University awards merit scholarships to its most talented undergraduate freshmen, and transfer and continuing students. "Talent" includes performance on traditional academic measures (strength of academic program, performance in academic program, and standardized test scores); artistic, musical, or athletic abilities; extracurricular involvement; leadership; and community service. Specific criteria for both need- and merit-based awards will vary with the size and quality of the applicant pool in relation to available funds.
- All awards are based on demonstrated financial need and/or talent as defined above. Residency status will be used as a factor in determining the amount and nature of the award. The amount of the awards varies, but for students who receive "full-ride" scholarships, the awards may include, but not exceed, the cost of tuition, mandatory fees, room and board, and an allowance for books required for classes in which the student is enrolled.
- Financial aid funds are awarded primarily to full-time students.
- Need-based awards are available to transfer students on the same basis as new freshmen and continuing students. A limited amount of merit funds will be awarded to new transfer students from Maryland community colleges or other institutions in the University of Maryland System.
- Mission-related financial aid awards will be offered in support of the University goal of recruiting and retaining to graduation a talented and diverse student population.
- The total amount of funds expended for merit-based aid shall not exceed the total of need-based aid expended from federal, state and institutional funds.
- The President's annual financial aid report to the Regents, required by System policy VIII-2.41, will include any recommended revisions or modifications of these policy guidelines