The University of Maryland announced a $20 million investment in need-based financial aid for state residents from low-income families on Oct. 24.
The expansion of tuition assistance is the largest single-year investment in need-based scholarships in the university’s history, according to a news release announcing the program.
The Terrapin Commitment Program aims to cover tuition and fees for Pell-eligible, in-state students who are enrolled full-time at the University of Maryland – reducing the gap between a student’s financial aid package and the cost of education, according to the program’s website. It will begin in January 2023.
“We continue to find new and meaningful ways to invest in people and communities,” university Senior Vice President and Provost Jennifer King Rice said in the Oct. 24 announcement. “Our investments in need-based financial aid better position us to serve the people of our state.”
If an eligible student’s funding sources – including scholarships, grants and expected family contribution – fall below the university’s tuition and fees, the program will pay the difference.
“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.”
Students who submitted the Free Application for Federal Student Aid (FAFSA) for the 2022-23 academic year and meet the eligibility requirements are automatically considered for the Terrapin Commitment program.
