The University of Maryland launched a $20 million investment program for need-based financial aid to start in January 2023, according to a campus wide email Monday.
This is the largest single-year investment in need-based scholarships in the university’s history.
The Terrapin Commitment program aims to cover tuition and fees for Pell eligible, in-state students who are enrolled full-time at the university — reducing the gap between a student’s total financial aid package and the cost of education, the email said.
“Since day one of my presidency, I have emphasized the importance of increasing financial support and access to our university,” university President Darryll Pines said in the news release. “Every Maryland student deserves an equal opportunity to attend the state’s flagship university.”
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If the eligible student’s funding sources, such as scholarships, grants and expected family contributions, are below this university’s tuition and fees, the program will pay the difference.
“We continue to find new and meaningful ways to invest in people and communities,” university Senior Vice President and Provost Jennifer King Rice said. “Our investments in need-based financial aid better position us to serve the people of our state.”
Students who submitted the 2022-2023 academic year Free Application for Federal Student Aid and meet the eligibility requirements are automatically considered for the Terrapin Commitment.
“This investment in need-based financial aid is extraordinary,” Barbara Gill, the associate vice president of enrollment management, said in the news release. “It will change the way we can support our low-income students.”