University of Maryland Announces $20M Investment in Financial Aid

Per the University of Maryland:
COLLEGE PARK, Md. – In a bold effort to increase affordability and access to the state’s flagship institution of higher education, the University of Maryland launched today a new investment in need-based financial aid providing up to $20 million annually for students from the state of Maryland. The Terrapin Commitment program is the largest single-year investment in need-based scholarships in the university’s history.

“Since 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 Maryland student deserves an equal opportunity to attend the state’s flagship university, and the Terrapin Commitment program is one more measure we are taking to ensure that a University of Maryland education is affordable to all residents of our state.”

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

“In alignment with our Fearlessly Forward strategic plan, we continue to find new and meaningful ways to invest in people and communities,” said UMD Senior Vice President and Provost Jennifer King Rice. “Our investments in need-based financial aid better position us to 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 funding sources—including scholarships, grants and the expected family contribution—fall below UMD tuition and fees, the Terrapin Commitment 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 Commitment will help us continue to recruit and provide new pathways for the best and brightest students in the state, improve graduation rates and reduce student debt.”

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