University of Maryland, College Park takes the initiative to expand aid for students of significant financial need within the state.
The Terrapin Commitment is the new annual $20-million program described by University of Maryland (UMD) officials as “the largest single-year investment in need-based scholarships in the university’s history." Starting January 1st, 2023, UMD promised to provide money to cover the fees of students who received a federal Pell Grant, which is designed to aid students and families with a demonstrated financial need to pay college tuition.
Pell Grants typically offer a maximum of $6,895, much lower than UMD's in-state tuition and fees in the 2022-2023 school year of $11,232. In addition, the estimated charges for just housing and meals are $14,576. In the 2022-2023 school year, the total charges that families would pay is $25,808.
According to UMD, the Terrapin Commitment will ultimately aid around 4,700 full-time students. The university aims to cover as much of eligible students' expenses as it can. “After covering tuition and fees, we will cover 50% of remaining unmet need, before loans, up to the cost of room and board,” the university said on its website about the program.
By introducing the new Terrapin Commitment investment, the University of Maryland, College Park joined a number of other universities in an effort to attract people from all backgrounds, under the leadership of UMD president Dayrll J. Pines. Ayelette Halbfinger, the president of the student body at UMD and a senior majoring in finance, operations management, and business analytics, expressed her gratitude toward this effort. “We’re thankful they’re recognizing the current lack of support that these communities, these students have and doing something to really help bolster and build up the current financial support opportunities that the university offers,” she says.
Srijani Chakraborty. Hi, I'm Srijani and I'm the Business Editor! I would consider myself to be a big foodie and I love art. Catch you in the library sometime :) More »