Attending a four-year institution comes with a lot of financial commitment, and University of Maryland is no different. Hence, verifying University of Maryland’s cost of tuition and University of Maryland’s living expenses is important before sending your application.
This article will provide metrics to help you measure your financial preparation for college. It covers the University of Maryland tuition for in-state and out-of-state students, net price, and financial aid programs you can take advantage of. You will also learn about ways to realistically save in college with or without any form of financial assistance.
University of Maryland Rankings and Profile
- Accreditation: Middle States Commission on Higher Education
- Acceptance Rate: 52%
- Graduation Rate: 88%
- US News & World Ranking: #59 (Best in National Universities)
- Times Higher Education Ranking: #93 (World University Ranking 2022)
University of Maryland is a renowned four-year public institution founded in 1856. It provides educational services to over 30,000 graduate and undergraduate degree-seeking students. These students also have the liberty to select their study pathway from a robust catalog of programs. Some of these programs include business, engineering, and psychology.
Furthermore, the university is known for its affordable, world-class education. It is also a member of the University System of Maryland, the Association of American Universities, and the Big Ten Conference. It is considered a good school because of its unifying factors such as sports, diversity, and arts. This creates a holistic environment and a supportive community.
How Much Does University of Maryland Cost?
University of Maryland costs $10,955 and $38,636 for in-state and out-of-state undergraduate students respectively. Meanwhile, tuition for in-state and out-of-state graduate students are $15,360 and $34,120 respectively. All graduate students pay the same fees of $1,635. However, the total cost of attendance mainly depends on your living arrangement.
University of Maryland Tuition, Fees, and Other Expenses
| Expense | University of Maryland Cost |
|---|---|
| University of Maryland Undergraduate In-State Tuition and Fees | $10,955 |
| University of Maryland Undergraduate Out-of-State Tuition and Fees | $38,636 |
| University of Maryland Graduate In-State Tuition and Fees | $15,360 + $1,635 (fees) |
| University of Maryland Graduate Out-of-State Tuition and Fees | $34,120 + $1,635 (fees) |
| University of Maryland Books and Supplies | $1,250 |
The cost of tuition at University of Maryland differs for in-state and out-of-state undergraduate and graduate degree-seeking students. However, the cost of attendance for both levels of education is lower than the tuition for most four-year schools. Suffice to say, it is relatively affordable, considering the school’s quality of education.
University of Maryland Living Expenses
| Expense | University of Maryland Cost |
|---|---|
| University of Maryland On-Campus Room and Board | $13,348 |
| University of Maryland Off-Campus Room and Board | $14,590 |
University of Maryland’s living expenses are more expensive than most schools, depending on your residence. Moreover, living expenses differ for on-campus and off-campus students. Off-campus expenses also would depend on whether you are staying alone or with your parents. Factors such as proximity, lease structure, and feeding plan can also affect the cost.
Cost of Living in College Park, Maryland
College Park is in Prince George’s County, Maryland. It houses one of the US National Archives in Maryland. The cost of living in College Park, Maryland, is 56.1 percent higher than the national average, with housing, food, and transportation counting as the most expensive categories. Hence, you must consider these while making your school funding decisions.
Some of the thriving industries in the city are real estate, education, construction, and a host of notable professional business services. Meanwhile, the state ranks as the 10th state in the US with affordable healthcare services. So, you can be confident in accessing affordable healthcare while in school.
University of Maryland Financial Aid Statistics
According to the National Center for Education Statistics, 68 percent of undergraduate students receive financial aid at the University of Maryland. This financial aid includes scholarships and grants from the state and federal government, the school, and non-governmental educational aid providers.
University of Maryland offers merit-based assistance to first-year and transfer students with outstanding persona, leadership skills, and academic profiles. They include scholarships from the state and prominent people. You must complete your Free Application for Federal Student Aid (FAFSA) form before or during your application to qualify for any of the above.
Furthermore, University of Maryland offers need-based assistance to students unable to fund their university education. It primarily consists of grants, loan programs, self-help, and state-based scholarships. Some financial aid programs in this section include the federal Pell Grant, Work-Study program, Direct Loan program, and paid internships.
Does University of Maryland Accept FAFSA?
Yes, University of Maryland accepts FAFSA. FAFSA determines a student’s federal government financial aid program eligibility. Fortunately, FAFSA is open to current and prospective undergraduate and graduate students, including local and international students.
Does University of Maryland Accept GI Bill Benefits?
Yes, University of Maryland accepts GI Bill benefits. The GI Bill benefits, also known as the Post-9/11 GI Bill, is a financial aid program that helps you pay for college. It covers tuition and fees, monthly allowance, and other supplies. Furthermore, it is dedicated to helping qualifying US military and veteran students and family members acquire quality education.
Is University of Maryland a Yellow Ribbon School?
Yes, University of Maryland is a Yellow Ribbon school. The Yellow Ribbon financial aid program covers higher out-of-state, private, and graduate school tuition and fees that the GI Bill doesn’t cover. It is mainly for veterans and military students pursuing an undergraduate or graduate program at University of Maryland. However, only a limited number can get it.
University of Maryland Scholarships and Grants
- Banneker/Key Scholarship. This is one of the most competitive merit-based scholarships for incoming first-year students at University of Maryland. Although the award price is not specified, it can cover the total cost of tuition fees, room and board, mandatory fees, and admission into the Honors College. Eligible students are selected based on their involvement in community services, academic strength, subsequent awards, interview performance, and admission documents.
- President’s Scholarship. This is a broad scholarship aid for both in-state and out-of-state students. It provides four-year awards ranging from $2,000 to $12,500 per year. Applicants are evaluated based on their admission materials, past achievements, personal essay, and extracurricular activities.
- Dean’s Scholarship. The Dean’s Scholarship program offers merit-based awards of $1,500 for the first year or $4,500 per year for both the first year and sophomore years. However, it is not renewable and only available for in-state students. Eligible students are selected via evaluation of admission materials including past achievements.
- Frederick Douglass Scholarship. The program awards 30 full and 15 half-tuition scholarships to University of Maryland’s students. Selection is based on reviews of your admission documents and an interview. Moreover, you must be a Maryland resident at the time of application and have a GPA of 3.5 and an associate degree from a community college in Maryland.
- President’s Transfer Scholarship. This program provides funds for a maximum of two years to out-of-state transfer students at University of Maryland. The annual award for eligible students is $5,000, and selection is based on application documents, awards, personal essays, and talents.
University of Maryland Average Net Price by Income
| Family Income | University of Maryland Net Price |
|---|---|
| $0 to $30,000 | $6,739 |
| $30,001 to $48,000 | $10,357 |
| $48,001 to $75,000 | $17,280 |
| $75,001 to $110,000 | $22,100 |
| $110,001 and up | $25,664 |
The net price for graduate and undergraduate education is calculated by considering the cost of tuition, household income, scholarships, grants, loans, and financial aid from the state or federal government. Overall, it gives you an idea of what you will likely spend on an academic program at University of Maryland.
How to Calculate University of Maryland Cost
The University of Maryland cost is calculated by subtracting the amount of scholarship, grant, or aid from the total cost of attendance. Your estimated cost for schooling is the cost of tuition and fees, feeding, accommodation, transportation, and other supplies without the grants, scholarships, and educational benefits you receive. It should also exclude personal expenses.
Furthermore, it is specific to students based on their circumstances and the school’s financial aid policies. Likewise, your residential status can determine your estimated cost. So, you might consider moving in-state to be eligible for more affordable tuition. You can also use the school’s net price calculator to determine your tuition price estimate. Note that students are generally only eligible for in-state tuition rates once they’ve been residents of the state for a certain amount of time.
Is the Cost of College Too High?
No, the cost of college is not too high if you leverage student financial services such as need-based scholarships, some form of grants, graduate assistantships, or loans. You can also make efforts to cut down on expenses, earn more by getting a part-time job, save money, and make informed funding decisions while in college.
University of Maryland Student Debt
- Students Receiving Federal Loans: 27%
- Median Debt After Graduation: $19,500
- Average Monthly Loan Payment: $195
According to Statista, student loan debt is the second-highest consumer debt in the United States, which was $1.6 trillion less than a year ago. Unfortunately, Maryland is among the top 10 states with the highest student loan rates. However, only 27 percent of the university’s students receive federal student loans.
University of Maryland Tuition Payment Plans
University of Maryland offers alternative tuition payment plans to help students pay for tuition according to their financial capacities. An example is the TERP payment plan, which allows students to make monthly payments for the semester or academic year. It is made available via the school’s tuition management systems.
University of Maryland also partners with Ascent, offering students a 60-month loan deferred payment plan. The repayment timeline will start after three months of completing your programs. You can also take advantage of other student financial services available at the school.
University of Maryland Graduate Salaries and Outcomes
According to the US Department of Education College Scorecard, University of Maryland graduates earn a median salary of $71,837, higher than the midpoint figure for four-year schools. Information from the most recent graduate survey shows that 95 percent of graduates have successfully found employment in highly sought-after fields like business, engineering, science, accounting, healthcare, and education.
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How to Save Money in College
- Live with family. One easy way to save money in college is to live with family or relatives. It minimizes your living expenses such as funding your meal plan, paying for utilities, and covering other campus costs. They can also provide additional crisis funding for you in case of emergencies.
- Get a part-time job. To save in college, you need an extra source of income. On that note, you can consider any of the best part-time jobs that pay well in your area to enable you to earn more. In addition, getting a part-time job teaches valuable life skills such as independence, even before you leave college.
- Apply for financial aid programs. Several financial aid programs are available to graduate and undergraduate students pursuing a degree. They include but are not limited to scholarships, grants, and assistantships. Apply for as many as possible to help cover tuition, fees, and other indirect costs while saving your allowances.
- Utilize the library. Textbooks are one of the most expensive necessities in your school journey. To avoid spending so much on them, you can utilize the school library for your study sessions. You can also rent textbooks or purchase digital copies, which is much cheaper than buying hard copies.
- Have a simple budget. You can create a budget for each year in college according to your academic calendar and allowances. This will help you rationalize your expenses. That way, you can separate your needs from wants and still have something in your savings. Creating a budget also helps you learn financial management and discipline.
Is University of Maryland Affordable?
Yes, University of Maryland is affordable. It provides quality, affordable education to students from different facets of life. It also has several financial aid programs such as scholarships and grants, for students looking to reduce their study costs. The application requirements for these forms of aid are not farfetched. So, you can apply for multiple aids so long as you meet their conditions.
University of Maryland Cost FAQ
Differential tuition at UMD is additional tuition for improving the educational experience of some high-demand undergraduate programs in the Robert H. Smith School of Business and James Clark School of Engineering. The funds are used to expand specialized career services, enhance the value of degrees, and improve the University of Maryland’s ranking.
The University of Maryland application fee is $75 for all first-time applicants. When applying to the school, you are expected to pay a non-refundable application fee on the website with a credit card. You can also apply for an application fee waiver before completing your application.
No, University of Maryland does not offer discounts of any sort on tuition to children or relatives of UMD alumni. The school also does not give preferential treatment to children of alumni. If you want discounts, you can apply for any of its scholarship programs and earn your degree at a discounted rate.
The University of Maryland student account balance shows what the student owes the school or what the school owes the student after all charges and payments have been applied. It is unique to each student, depending on their program, payment plan, and other resources. A student account balance is created when applying to the school for the first time.
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