UMD Announces $20 Million Investment in Needs-Based Financial Aid

In a bold effort to increase affordability and access to the state’s flagship higher education institution, the University of Maryland today launched a new investment in need-based financial aid, offering up to $20 million annually to students across the state of Maryland. The Terrapin Commitment Program is the largest one-year investment in need-based scholarship in the university’s history.

“From day one of my presidency, I have emphasized the importance of increasing financial support and access to our university,” said UMD President Darryll J. Pines. “Every student in Maryland deserves an equal opportunity to attend the state’s flagship university, and the Terrapin Commitment Program is one more step we are taking to ensure that a University of Maryland education is affordable for all. residents of our state.”

The goal of the Terrapin Pledge is to bridge the gap between a student’s total financial aid and the cost of an education. The program will begin in January 2023 and ensures that tuition and fees are fully covered for eligible Pell Grant students enrolled full-time with unmet financial need. The program will significantly reduce the financial barriers to obtaining a higher education for low-income Marylanders.

” In accordance with our Move forward without fear strategically, we continue to find meaningful new ways to invest in people and communities,” said UMD Senior Vice President and Vice President Jennifer King Rice. “Our investments in need-based financial aid allow us to better serve the people of our state, opening the door for more Marylanders to attend a world-class flagship institution.”

If an eligible UMD student’s sources of funding—including scholarships, grants, and expected family contribution—are less than the UMD tuition and fees, the Terrapin Pledge will pay the difference.

“This investment in need-based financial aid is extraordinary and it will change the way we can support our low-income students,” said Associate Vice President of Enrollment Management Barbara Gill. “The Terrapin Pledge will help us continue to recruit and provide new pathways for the state’s best and brightest students, improve graduation rates, and reduce student debt.”

All students who have submitted the Free Application for Federal Student Aid (FAFSA) for the 2022-23 academic year and meet the above eligibility requirements are automatically considered for the Terrapin Pledge. Find additional information about the program.