Federal Pell Grant

This is a federally-funded grant program designed to form the foundation of all aid received. The amount of the grant is based upon the student's cost of attendance at the school. It also varies, depending upon the number of credits for which the student is enrolled. Whenever enrollment status changes, so does the amount of the Pell Grant.

Federal Supplemental Educational Opportunity Grant (FSEOG)

This is a federally funded program intended for undergraduate students of exceptional financial need,. FSEOG grants are available in amounts ranging from $100 to $4,000 per year, depending upon funding levels.

Federal Perkins Loan

Eligibility is based on exceptional need. Undergraduates are limited to borrowing $3,000 for each year of undergraduate study with a maximum of $15,000 for four years. Graduate students may borrow up to $30,000 including undergraduate loans. These loans have a simple interest rate of 5 percent annually. Interest does not begin to accrue until nine months after last attendance. A student's monthly repayment amount will depend upon the size of the debt and the length of the repayment period. Cancellation of the loan amount plus interest is granted under certain conditions.

Federal Work-Study Program

With the assistance of federal funds, the University is able to provide many employment opportunities on campus or, in some instances, in off-campus agencies. On-campus work-study academic year awards are determined first. If additional funds are available, off-campus and summer awards can be made. Eligible students are limited to part-time employment during the school term, but may work 40 hours per week during the summer or other school vacations. Eligibility is based on need.

Federal Direct Stafford Loan Program

Federal Stafford Loans are available through the William D. Ford Federal Direct Loan Program (Direct Loan) and the Federal Family Education Loan (FFEL) Program. The major differences between the two are the source of the loan funds, some aspects of the application process, and the available repayment plans. Stafford loans are either subsidized (the federal government pays the interest on the loan until repayment begins and during authorized periods of deferment) or unsubsidized (students are charged interest from the time the loan is disbursed until it is paid in full). Subsidized loans are awarded on the basis of financial need; unsubsidized loans are not based on financial need.

Stafford Loans disbursed on or after July 1, 1994 have a variable interest rate, adjusted each year, but will never exceed 8.25 percent. Students pay a service fee of 4 percent, deducted proportionately from each disbursement of the loan. Students may borrow up to $2,625 during the first year of a program of study; $3,500 after completion of the first year; and $5,500 upon completion of two years of study. The aggregate loan limit for an undergraduate student is $23,000.

Repayment begins six months after last attendance on at least a half-time basis.

Federal Direct PLUS Loans

Federal PLUS Loans enable parents with good credit histories to borrow for the education expenses of each child who is a dependent undergraduate student enrolled at least half-time. PLUS Loans are available through both the Direct Loan and FFEL Programs. Most of the benefits to parent borrowers are identical in the two programs. The variable interest rate is adjusted each year but will never exceed 9 percent.

The yearly limit on the PLUS Loan is equal to the student's cost of attendance minus any other financial aid received. Parents pay a fee of 4 percent of the loan, deducted proportionately each time a loan payment is made. There is no grace period for these loans; interest begins to accumulate at the time the first disbursement is made. Generally, parents must begin repaying both principle and interest 60 days after the date of the final loan disbursement.

Scholarship Awards

Maine Student Incentive Scholarship Program

The 108th Maine Legislature enacted this program of grant assistance for students enrolled in Maine post-secondary institutions. Maine residents interested in this opportunity may apply by completing the Free Application for Federal Student Aid (FAFSA)

The Educators for Maine Program

The Educators for Maine Program replaces the Blaine House Scholars Program. This Program is a state funded program for graduating high school seniors and college students who want to become teachers. Also, post-baccalaureate students who are pursuing graduate studies in education, as well as teachers, are eligible to apply for loans under the Educators for Maine Program.

Recipients may borrow a maximum of $3,000 per year up to a total of $12, 000. Student loans are competitive based on academic merit and are renewable provided the student maintains a 2.50 grade point average and attends school full time. Teacher loans also are competitive and based on the relevance of the request to the individual's teaching career. Application materials are available through the Finance Authority of Maine, Maine Education Assistance Division.

Robert C. Byrd Honors Scholarship Program

Created by Congress under Title IV, Part A, Subpart 6, of the Higher Education Act of 1965 as amended by the Higher Education Amendments of 1986, this Program promotes student excellence and achievement and recognizes exceptional students who show promise of continued excellence. Non-renewable grants of $1,500 are awarded to eligible graduating Maine high school seniors who are entering their freshman year at an accredited institution. Application materials are available through the Finance Authority of Maine, Maine Education Assistance Division.

Paul Douglas Teacher Scholarship Program (formerly Congressional Teacher Scholarship Program)

Funds are awarded to high school seniors graduating from a Maine high school who are enrolled as full-time students and are pursuing a course of study leading to teacher certification. Application materials are available through the Finance Authority of Maine, Maine Education Assistance Division.