Financing Your MBA

Merit Based Awards

Merit-Based Awards

Numerous financial aid options exist for students wishing to pursue an MBA at the Smith School. There are many fellowships, scholarships, assistantship opportunities, need-based awards, and private loans available. In order for students to be automatically considered for merit scholarships they must apply by December 15, 2019 (international students) or January 15, 2020 (domestic students). No separate application is needed. Merit-based awards and graduate assistantships are open to Full-time MBA students only.

The Smith School awards scholarships based on academic achievement, evidence of leadership, GMAT/GRE 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 whose applications are complete by the priority deadline receive automatic consideration.

  • December 15, 2019, is the priority application deadline for international students.
  • January 15, 2020, is the priority application deadline for domestic students.

Tuition & Fees for One Year

  In-State Out-of-State
Credits per year 27* 27*
Tuition $46,116 $56,646
Fees $2,315 $2,315
Total $48,431 $58,961

*Average credits completed in the first year

The MBA program at Smith is 54 credits. Students typically complete 26-34 credits during their first year and the remaining credits in their second year.

Tuition: Based on $1,708 per credit hour for in-state and $2,098 per credit hour for out-of-state.

Fees: Based on a one-time MBAA fee of $725 and university fee of $810 per semester.

The above tuition and fees are for the fall 2019 start. Fall 2020 tuition will be published in July 2020 after approval by the University System of Maryland Board of Regents.

Tuition Payment Methods

For your convenience, you may make payments by mail, in-person, online or over the phone. Payments can be made with Visa, MasterCard, or Discover credit cards. Personal checks are also accepted. All checks and money orders must be in US dollars drawn on a US bank.

TERP Payment Plan

The best way to avoid lump-sum payments and cover the gap between financial aid and the cost of education without resorting to additional borrowing from alternative sources is to enroll in the interest-free TERP Payment Plan.

By enrolling in this plan, you can spread your payments over either eight or ten months. The annual enrollment fee is $50 for the ten-month plan or $80 for the eight-month plan. You can include most university charges: tuition, fees, and parking permits. You can also arrange to have your monthly payments debited directly from your checking or savings account.

In-State Classification

Applicants are granted in-state status if they have been domiciled in Maryland for at least 12 months prior to the last day of registration for the forthcoming semester, and have been financially independent for the previous 12 months. For a complete list of residency requirements, please contact Residency Reclassification Services.


U.S. Military Members and Veterans

The University of Maryland has a Veterans Program Office to assist military service members and veterans in their educational pursuits. Scholarship and VA benefits information can be found online. Military personnel have the opportunity to receive a scholarship up to a full two-year scholarship award. Learn more about the military at Smith

The Forté Foundation

Forte FoundationThe Smith School is a proud partner school to the Forté Foundation, a non-profit consortium of leading companies and top business schools working together to launch women into fulfilling, significant careers through access to business school education, opportunities, and a community of successful women. Forté provides fellowships as well as numerous life-long benefits to select Smith MBA women. Scholarships award up to a full two-year scholarship. Learn more about the Forte Foundation.

Note: There is no separate application for this award. All women applicants to the Smith MBA program are automatically considered.

Management Leaders for Tomorrow (MLT)

Management Leaders for Tomorrow

As an MLT Partner School, Smith makes a definitive commitment to grow leaders from the African American, Latino/a and Native American communities. Our partnership provides students with scholarships as well as opportunities for career coaching, ongoing professional development and valuable networking events with industry peers. Scholarship awards up to two-year scholarship awards. Learn more about MLT.



Americorps is a volunteer-based program, for domestic service, supported by the federal government. Volunteers focus on Disaster Services, Education, Public Safety, Health Care, Veteran and Military families, Economic Opportunity, or Environmental Stewardship. Students who have successfully completed their tour will be automatically considered for scholarship awards up to a full two-year award. Learn more about the Americorps program.

Peace Corps

Peace Corps

The Peace Corps is an independent agency within the executive branch of the United States government. Volunteers spend their time overseas working in one of six sectors (Agriculture, Education, Community Development, Health, Environment, or Youth Development). Years of services for a Peace Corps volunteer can up to two years of service. Students who have successfully completed their tour will be automatically considered for scholarship awards up to a full two-year award. Learn more about the Peace Corps program.

Teach for America

Teach for AmericaTeach for America is a national corps of leaders who commit to teaching in low-income schools for at least two years in one of the organizations 52 partnered communities. Admitted students who have participated in the Teach for America program will be automatically considered for scholarship awards up to a full two-year award. Learn more about the Teach for America organization.

Graduate Assistantships

Financial assistance through college and university research and teaching assistantships is widely available to academically qualified students. Students awarded graduate assistantships pay in-state tuition rates, receive a partial tuition waiver and a stipend for 180 hours of work per semester. Assistantships give 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 a Graduate Assistantship (GA) throughout the University of Maryland at College Park. GA positions are handled independently by each department; therefore, students are encouraged to contact each department directly.

Double Terp Scholarship

A one-time $10,000 Double Terp Scholarship is available exclusively to current seniors and undergraduate alumni of University of Maryland, College Park, who are newly-admitted into Part-Time MBA Program at Maryland Smith.


Federal employees and their spouses who are admitted to the Smith part-time MBA program after January 30, 2017, may be eligible for Smith’s FedGrant, which reduces graduate program tuition by 30 percent, as part of Smith’s alliance with the Federal Government. Learn more about FedGrant requirements.

Federal Student Loans

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). The application is available online; UMD-College Park’s FAFSA code is 002103.

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). After all application materials are received, Federal loans will be certified, and the student will be notified. This notification process typically begins mid to late June.

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

International Student Loans

The Smith School is not responsible for, affiliated with, or endorses companies or organizations listed.

All merit-based scholarships and graduate assistantship positions are open to international students; however, if students would like to explore additional opportunities to subsidize their education, this list can be used as a resource. The list is not exhaustive and students are welcome to select any private vendor of their choice.