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Show Me the Money! When Does Financial Aid Get Disbursed?

The time has come to pay for your college costs and panic sets in. Time to pony up the money! Whether you are in-state or out of state, you know the costs in advance but it still stings when you see the bill. Show me the money! When does this money get disbursed?   For your student’s specific account details, you should log into their account as a third-party user on the FinAid Portal. Here are some specifics:

Financial Aid Money

After being accepted into the University of Maryland, you will then be able to create your UMD Directory ID. Once you have created this account, you can use your Directory ID and password to access your FinAid account which will show you your financial aid status, billing statement, and all things related to money. Within this account, you can view your financial aid options in the “Financial Aid Offer” section. This is where you can enter the number of loans and/or work-study you would like to accept and the grants and scholarships that have automatically been accepted.

It is important to understand how to get financial aid and the important steps that must be taken to ensure your aid. January 1st is UMD’s FAFSA priority deadline. Each year this form must be filled out if you are requesting financial aid. It is important to keep track of this date and several other important dates relating to financial aid. Before the due date, you should make sure that all documents are accurate and complete. These requests are located in the “To-Do” section of your FinAid Account. Once everything is in place, you are then able to submit everything to the Office of Student Financial Aid.

For Undergraduate students, financial aid is calculated based on the costs for a full-time student. This is important to keep in mind considering that if you are not enrolled as a full-time student, your aid package will be adjusted. The same goes for most scholarships and grants. If students are receiving a direct loan, they just have to maintain enrollment in 6 credits, which is not full-time student status.

Keeping Financial Aid

In order to maintain your financial aid eligibility, students must meet certain academic standards. If you are unable to meet these standards, it is important to ask for help from an academic or financial advisor. Failing to meet these standards for the first time will result in students being placed on Financial Aid Warning. While on warning, students will continue to receive financial aid, but if they do not meet the minimum quantitative standards after the warning period, they will be placed on Financial Aid Suspension and will not qualify for their aid.

Note: Scholarship money is considered a form of financial aid. If your student receives monies from a private scholarship in a check made out to them, they need to alert the university by bringing it to the Lee Building so it can be credited to your student’s account. Make sure to include their UID on the check. They can also mail their private scholarship checks to the address below:

University of Maryland
Office of Student Financial Services and Cashiering – Outside Scholarships
1109 Lee Building
7809 Regents Dr.
College Park, MD 20742

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2020-08-22T16:07:43-04:000 Comments

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