Financial Aid

Federal PELL Grant

This program provides need-based grants to eligible students. Financial need is determined by the Department of Education using a standard formula. Students apply for the PELL Grant by completing the FAFSA online at www.fafsa.gov.

Maine State Grant

This program provides grants to students who are also eligible for the PELL Grant. Students apply for this grant by completing the FAFSA online by May 1 of the upcoming FAFSA year.

Federal Direct Stafford Loan

Subsidized Stafford Loan: Fixed-interest loan (3.4%). Interest is paid by the government while the student is in school. Interest begins accruing after graduation or withdrawal below half-time status. Payments are deferred until 6 months after graduation or withdrawal below half-time status.

Unsubsidized Stafford Loan: Fixed-interest loan (6.8%). Interest accrues while the student is in school. Payments are deferred until 6 months after graduation or withdrawal below half-time status. Students have the option to pay on the interest while they are attending school.

Students must complete Entrance Counseling and a Master Promissory Note before taking out any Direct Stafford Loans.

Parent PLUS Loan

This program provides fixed-interest loans (7.9%) to parents of dependent students. The PLUS loan is a credit-based loan and requires a separate application and Master Promissory Note completed by the parent.  Payments are deferred until 6 months after graduation or withdrawal below half-time status. (If a parent is not eligible for the PLUS loan, the student becomes eligible for additional Unsubsidized Stafford Loans.)