University of Maryland expands Terrapin Commitment to increase need-based financial aid

Access to financial aid took center stage during the recent EBA Committee Session held by the Maryland General Assembly, highlighting a significant investment aimed at improving student success. The University of Maryland College Park announced a remarkable 63% increase in institutional aid expenditures, totaling $93.9 million for 2024, largely driven by the launch of the Terrapin Commitment program. This initiative, introduced in spring 2023, represents the university's largest single-year investment in need-based aid, aiming to fully cover in-state tuition for eligible students.

The impact of financial aid on student persistence and graduation rates was underscored, with data showing that students receiving aid are more likely to graduate compared to their peers without support. However, the session also revealed challenges, including a decline in undergraduate degree production, attributed in part to the pandemic's lingering effects.

In terms of budget discussions, the proposed budget for the upcoming year reflects a 4.9% decrease in state funds, amounting to $39.5 million. This reduction comes alongside a commitment to maintain essential services and support programs, including a restoration of funding for the Empowering Joint Steering Committee and investments in new facilities.

University leaders emphasized the importance of collaboration with the General Assembly, expressing gratitude for ongoing support in higher education. They outlined plans to address the reduction in state support through cost-cutting measures and revenue enhancement strategies, ensuring that the university continues to serve Maryland's youth and maintain its position as a leader in innovation and research.

As the University of Maryland strives to navigate these financial challenges, the focus remains on ensuring that no student is denied access to education due to financial constraints, reinforcing the institution's commitment to fostering a prosperous future for all Marylanders.