COLLEGE PARK, Md. — The University of Maryland College Park announced Monday that they were increasing efforts to bring affordability to in-state students by launching a need-based financial aid program called Terrapin Commitment.
The program will provide up to $20 million a year to students from the state of Maryland. The program will begin in January 2023 and will ensure that tuition and fees are fully covered for in-state and full-time students who are eligible for the Pell-Grant and have unmet financial needs.
“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," said UMD President Darryll J. Pines.
The goal of the program is to reduce the gap between a student's total financial aid package and the cost of an education. The Terrapin Commitment program is the largest single-year investment in need-based scholarships in the university's history, University of Maryland officials said.
“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 pay the students if an eligible UMD student's funding sources - including scholarships, grants, and the expected family contribution - goes below the university's tuition and fees.
“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," said UMD Senior Vice President and Provost Jennifer King Rice.
All eligible students who submitted the Free Application for Federal Student Aid for the 2022-23 academic year are automatically considered for the Terrapin Commitment. For more information on the program can be found here.