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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. Students with a low student aid index (SAI/EFC) who have filed their FAFSA prior to or by the March 1st priority date, have a greater chance of being considered for certain University of Maryland Baltimore awards.
  2. Students with an approved state residency classification, may 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. The date that your FAFSA was processed by the Dept. Of Education is recorded in your FAFSA Submission Summary. 

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 typically receive financial 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 typically receive financial award package notifications in April. These awards are set to be applied toward the Fall and Spring semesters.

Maryland State Aid 

  1. Maryland legislative scholarships (Senatorial and Delegate) are awarded during the Fall semester. If you have been notified of a MD legislative award, please make sure to certify your semester enrollment in MDCaps promptly after you are registered for classes.  
  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

Your federal student loan(s) disbursement will occur once all actions are met:

  1. Accurate submission of a Direct Loan Request Form (the amount accepted on this form, matches what you 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 your total federal loan for the current school year.  
  • Return all or a portion of each semester’s loan disbursement.
  • Request all or a portion of your remaining Direct Unsubsidized Loan or *Direct PLUS loan eligibility for the school year. 

*IF you are eligible

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. 

We are happy to help you with this so 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/forms-and-resources/ 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, then a refund of the excess aid will be generated and sent directly to you. 

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

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 

 

Office of Student Affairs
University of Maryland School of Medicine
685 W. Baltimore Street, Suite 150
Baltimore, MD 21201
410-706-7476
studentaffairs@som.umaryland.edu