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Financial Aid Steps

Completing your FAFSA 

Completing your FAFSA is an important first step in identifying all your financial aid options. We highly encourage you to complete your Federal Application for Federal Student Aid (FAFSA) as early as October 1st of each year and well before the priority awarding deadline of March 1st the following year.

Q: Why is it important to file my FAFSA prior to March 1st?

  1. If you have a low expected family contribution (as demonstrated on your Student Aid Report), filing your FAFSA before this priority date will increase your chances of being considered for certain University of Maryland Baltimore awards.
  2. If you have been approved for in-state residency classification, you can apply for Maryland state legislative scholarships. As one part of the scholarship application process, you must provide proof that you filed your FAFSA by this date. This date that your FAFSA was processed by the Dept. Of Education is recorded in your Student Aid Report.

We would like you to position yourself to receive all potential forms of aid so be sure to complete your FAFSA on time! Visit the Federal Student Aid Website to file your FAFSA application. UMB School Code is 002104.

File your FAFSA application

Awarding

Awarding for the new school year takes place during the Spring semester of the previous school year. For example:

Federal Aid 

  1. Incoming first year M.D. students are awarded and sent award package notifications in March. These awards are set to be applied toward the Fall and Spring semesters.
  2. Rising year 2, 3, 4 M.D. students are awarded and sent award package notifications in April. These awards are set to be applied toward the Fall and Spring semesters.

State Aid 

  1. Legislative Scholarships are awarded at the beginning of the new Fall semester. 
  2. If selected for a Graduate Professional scholarship, you will be awarded during the Spring semester.  

External scholarships, external grants, or other forms of aid received from independent sources (non-UMB and not federal or state aid) will be credited to your account upon receipt of these funds by the Student Accounts Office.

Aid Disbursement

Financial Aid disbursement of federal student loan(s) will occur once you have completed:

  1. An accurate Direct Loan Request Form (according to what you have accepted in SURFS).
  2. If applicable: Direct Loan Entrance Counseling, Master Promissory Notes (Unsubsidized and Graduate PLUS).
  3. Enrolled in a minimum of six credit hours.
  4. No other outstanding federal student aid or financial aid requirements listed in SURFS.

The university will disburse the following forms of aid approximately ten days before classes begin for students who have completed all outstanding student requirements (in SURFS):

  1. Institutional aid (UMB grant or UMB Admission Scholarship)
  2. Maryland legislative scholarships   

Important things to note about Aid Adjustments and Aid Disbursements:  

An adjustment to your initial award package may be necessary if additional information is received that is different from the assumptions used to determine the original package. This could include (but not limited to): 

  • changes in your enrollment load 
  • residency reclassification 
  • receipt of additional funding
  • withdrawal from the university
  • FAFSA verification corrections
  • Any conflicting university data that requires correction 

You will receive an electronic notification each time your award package has been adjusted.  

Loan Adjustment Periods  

As the borrower, you have a right to: 

  • Reduce the amount of your federal direct loan offer for the current school year.  
  • Return all or a portion of the semester’s loan disbursement.
  • Request all or a portion of your remaining Direct Loan or PLUS loan eligibility for the school year. 

If you wish to make changes to your loan(s), please take note that your request must be completed within the specified loan adjustment periods for the respective semester. The specific Loan Adjustment Period Dates 

Fall 2023 Loan return period: 

TBD

 Fall 2023 Loan Increase Period: 

TBD

Spring 2024 Loan Return Period: 

TBD

Spring 2024 Loan Increase Period: 

TBD

Please contact us by email to schedule an appointment if you need any assistance. If no assistance is needed, then you can initiate this process by completing the Loan Adjustment Authorization Form by visiting https://www.umaryland.edu/fin/financial-aid-forms/ and this form will be listed under General Forms.  

Receiving your Aid Refund                 

If your current semester's financial aid disbursement is greater than your current semester's direct charges, you may request a refund of the excess aid. 

The University of Maryland, Baltimore utilizes BankMobile Disbursements to deliver your aid refunds.  

The graphical representation below has been created for explanation purposes only. The university strives for a 7–10-day refund process, however, please note that federal student aid regulations require that loan refunds be received by the student within 14 days. 

For additional frequently asked questions on disbursements and refund please visit: https://www.umaryland.edu/student-financial-services//disbursements-and-refunds/#refund