Financial Aid

Several financial aid options exist for students wishing to pursue an MBA at the Smith School. There are many fellowships, scholarships and assistantship opportunities as well as need-based awards and private loans. Learn more about your options below.

Financial assistance options available through the University and the Smith School of Business:

• Merit-based Awards
• Graduate Assistantships
• Federal Student Loans: Domestic students can borrow need-based and non need-based loans through the Federal Family Education Loan Program.
• Private Educational Loans: Domestic students can borrow non need-based loans in addition to Federal Student Loans.
• Scholarships Outside the University: Additional outside scholarship sources available to both domestic and international students.
• International Students: Sources of financial aid for international students. http://www.financialaid.umd.edu/MBA/eAppProcessInter.html.

Merit Based Awards

There is no separate application for these awards -  applicants admitted to the Smith MBA program are automatically considered for financial support.

The Smith School of Business awards scholarships based on scholastic merit, evidence of leadership, GMAT scores, and work experience. The generous donors who provide these scholarships recognize the importance of attracting outstanding students from all over the world to the Smith School MBA program. All applicants to the Full-Time MBA whose applications are complete by February 15 receive automatic consideration.

Graduate Assistantships

There is no separate application for these awards - applicants to the Smith MBA program are automatically considered for financial support.

Financial assistance through college and university research and teaching assistantships is widely available to academically qualified students. Students awarded graduate assistantships  receive a tuition waiver and are paid a 9.5-month stipend for 180 hours of work per semester. Assistantships offer students the opportunity to develop skills in a variety of areas including technology, communications, business research, teaching, small business counseling, and project management.

MBA students not awarded graduate assistantships through the Smith school may apply for an Graduate Assistantship (GA) throughout the University of Maryland at College Park. A resource for locating GA positions on the College Park campus is at: http://www.umd.edu/employment/#student. GA positions are handled independently by each department throughout the university, therefore, students are encouraged to contact departments directly.

Federal Student Loans

Students who are U.S. citizens or permanent residents may apply for Federal Student Loans through the Office of Student Financial Aid by completing the Free Application for Federal Student Aid (FAFSA) by February 15. The application is available online at http://www.fafsa.ed.gov.

After the FAFSA is received by the Office of Student Financial Aid, additional information specific to the individual student may be requested. (For example, a student who has worked full-time and is terminating employment will receive a form requesting additional information about the current year's expected income). When all application materials are received Federal loans are certified, and the student is notified. This notification process typically begins mid to late June.

An application for aid has no bearing on the application for admittance to the program.

UMD-College Park's FAFSA code is 002103.

Private Educational Loans

You should exhaust your Federal loan eligibility first before applying for loans from private sources. MBA students may choose to borrow a private educational loan through many lenders. MBA students have used the following lenders:

Citi Bank - offers the Citi Assist Loan program for Graduate and Professional students.

Sallie Mae - offers the MBA Loan program. Students can apply online with Sallie Mae.

Access Group – offers an MBA Loan Program. Students can apply online with Access Group. Also, Access Group charges no originating fees for its loans.

Outside Scholarships

Scholarships from outside the school are available from many sources. There is some effort involved in securing outside funds. The key is to apply early. Private scholarships may be based on various selection criteria: academic achievement, religious affiliation, ethnicity, memberships, civic activities, hobbies, or special talents. Start your scholarship search by contacting your employee benefits office, your parent(s), employer(s), church, civic groups or any other organization you think may have some scholarship opportunities. The Internet is a great resource for scholarship information, and here are some helpful sites to begin your research.

Two general scholarship sites:

• http://www.finaid.org/
• http://www.fastweb.com/

In addition, the following organizations provide information on scholarships for students who meet certain criteria.

• Senatorial Scholarships and Delegate Scholarships- If your senator or delegate make awards themselves, you should also contact him or her for further instructions on how to apply. The State Scholarship Administration can provide a list of all state legislators. Applicants must show financial need and must be residents of Maryland. Each senator and delegate establishes the final criteria to select recipients. Applicants must complete and mail the FAFSA to the federal processor by March 1. Find Maryland elected officials at http://mdelect.net
• The American Association of University Women (AAUW) Educational Foundation
• The Paul and Daisy Soros Fellowships for New Americans
• National Society of Hispanic MBA's
• National Black MBA Association for minority students enrolled full-time in an MBA program.
• USA Funds - Educational Scholarships - scholarship programs to help lower-income students pay for higher education; awards are targeted to members of ethnic minority groups or individuals with physical disabilities.
• American Institute of Certified Public Accountants (AICPA)
• Environmental Leadership Program (ELP) Fellowship - ELP is a non-profit organization dedicated to training and supporting a new generation of environmental leaders from diverse cultural backgrounds, disciplines, and sectors.
• AMCF Richard Metzler and Roland Berger Scholarship Primary bases for selection is commitment to management consulting. Other qualities such as initiative, character, responsibility and community service are also considered.
• Instituto Ling Fellowship Program - for Brazilian citizens with entrepreneurial spirit and leadership skills to contribute to Brazilian economic, social and cultural development.
• The Gerondelis Foundation - for Greek or Cypriot Nationals: phone (781) 595-3311.
• Muskie Fellowship Program - Funded by the U.S. government to encourage economic and democratic reform in the Newly Independent States, the program offers highly qualified individuals the opportunity to pursue graduate study in the U.S.
• Fulbright Scholars Program - Sponsored by the Bureau of Educational and Cultural Affairs of the United States Department of State. Its primary goal is to promote educational and cultural exchange and increase mutual understanding between the people of the United States and people of various other countries.
• The SmartStudent Guide to Studying in the USA - Scholarships for International Students