Types of Financial Aid

All UMM financial aid awards are subject to federal, state, and institutional "over award" regulations, regardless of whether specific award criteria are related to "need" as defined by the federal government. No student may receive total funding that exceeds their "need" as it is defined in federal regulations.

UMM Presidential Scholarships

Awarded to first-time or transfer students attending UMM full-time. For first-time students, eligibility is based on achieving at least 1,000 combined SAT scores or 22 on ACT scores. For transfer students or others who have not taken the SAT or ACT, eligibility is based on a GPA of at least 2.75. Scholarship amounts vary according to student status:

  • $1,000 for transfer students
  • $2,000 for first-time students who are Maine residents
  • $4,500 for first-time students from outside Maine
  • Not available to students paying tuition at the Canadian or NEBHE rates.

UMM Campus Housing Awards

$1,500 awarded to first-time, full-time students living in UMM's residence halls. Not available to students paying tuition at the Canadian or NEBHE rates. (Note: All first- and second-year students are required to live on campus, although older students may petition to have this requirement waived.)

UMM Travel Grants

$2,000 for transfer students who are residents of states other than Maine and pay out-of-state tuition.

Tuition advantages for Canadian and NEBHE students

Two groups of out-of-state students qualify for special tuition advantages to assist them in paying college expenses. Canadians and students from New England states who pursue selected academic programs as identified by the New England Board of Higher Education (NEBHE) can save approximately $5,500 per year. (This amount can vary according to the number of credits in which the student enrolls.) Our Admissions Office can advise you of which programs qualify under the NEBHE program.

Federal and State Need Based Grants

Federal Pell Grants

Awarded to financially needy undergraduate students. Amount is determined by the EFC calculated using the FAFSA, the cost of attendance, and enrollment status. Maximum annual award for a full-time student in 2008-09 is $4,731.

Federal Academic Competitiveness Grants (ACG)

Eligibility requirements similar to Pell Grants. Students must be full-time and meet specified academic criteria to be determined by UMM according to federal guidelines.

National Science and Mathematics Access to Retain Talent (SMART) Grants

Eligibility requirements similar to Pell Grants. Students must be full-time and meet specified academic criteria to be determined by UMM according to federal guidelines.

Federal Supplemental Educational Opportunity Grants (SEOG)

Awarded to undergraduate students who demonstrate exceptional need, generally as companion awards to the Pell Grant. Amounts vary according to funding availability, student need, and enrollment status.

Maine State Grants

Awards for full-time and part-time students. Maximum award for a full-time student in 2007-08 was $1,200. In order to be considered, a student must:

  • Be a Maine resident for at least one year prior to application;
  • Have graduated from an approved secondary school or received a GED;
  • Be enrolled in an eligible school for a first undergraduate degree;
  • Have financial need, as determined by the FAFSA; and
  • Meet general eligibility requirements for student financial assistance.

University Grants

Need-based grants awarded to full-time students on the basis of need as established by the FAFSA and availability of funding. Award amounts vary according to EFC.

Loan Programs

Federal Family Educational Loan Programs

FFELP includes four types of loans for students and parents of dependent undergraduate students. The loans have competitive interest rates and repayment is deferred until the student graduates or leaves school. FFELP student loans require students to apply for financial aid using the FAFSA as the eligibility determinant. Your UMM Award Letter informs you of your estimated eligibility based on your FAFSA information. To borrow a Stafford or Perkins Loan, you must meet the eligibility requirements for all Title IV student aid.

Federal Subsidized Stafford Loans

Low interest, fixed rate, need-based. The government pays the interest to your lender while you are enrolled at least half-time or during authorized periods called "deferments." Payment on the principal is not required during these times.

Federal Unsubsidized Stafford Loans

Available to students who do not qualify for a Subsidized Stafford Loan or who qualify for less than the annual maximum. The government does not pay the interest to your lender on this type of loan. You either pay interest while in school or have it added (capitalized) to the principal of the loan. The interest rate and repayment plan is the same as the Subsidized Loan.

Federal Perkins Loans

Made through a combination of federal and university funds. 5% interest rate. Repayment begins nine months after the student graduates or leaves school.

Federal Parent Loans for Undergraduate Students (PLUS)

Available for eligible parents of dependent undergraduate students. Borrowers must be US citizens or eligible non-citizens and must meet the credit criteria determined by the lender. No minimum or maximum loan amounts but the amount cannot exceed the total cost of education less other financial aid received by the student. Fixed interest rate of 8.5%. The student must be enrolled at least half-time in a degree program.

Repayment begins 60 days after the loan is fully disbursed although some payment deferments are possible. Maximum repayment period is ten years. The size of the monthly payment is based on the loan amount; minimum payment is $50 per month.

If you decide that a PLUS is your best option:

  • Complete the UMM Federal PLUS Loan Request Form and send it to the Financial Aid Office.
  • UMM will certify the loan by providing information to your loan servicer about the school and the student's academic information. The loan servicer/guarantor will ask the parent borrower to complete and sign a master promissory note (MPN) either online or on paper.
  • When you (the parent) have submitted a completed MPN to the guarentor, a credit review will be completed by the lender and you will be notified of your eligibility for the loan by the lender.
  • When the loan is approved, the lender will notify UMM of disbursement plans.

Private Alternative Loan Programs

Alternative loans are another option for students seeking to supplement the traditional forms of financial aid. These loans should be the last option a family considers after trying to secure scholarships, grants and FFELP loans.

Native American Waivers and Scholarships

A two-part program funded by the University of Maine System (UMS) to encourage eligible, qualified Native Americans to pursue higher education in Maine.

First, tribal membership must be determined by the University of Maine System Coordinator of the North American Waiver and Scholarship Program; the student applies directly to the UMS for this step. Then the student must complete a UMM-specific Native American Program Agreement, to receive a full waiver of all mandatory fees and tuition.

Second, the room and board scholarship pays for room and board charges (standard double occupancy) for students meeting the following eligibility requirements:

  • Apply for federal student aid using the FAFSA;
  • Be enrolled as a matriculated (admitted into a degree program) student;
  • Enroll for at least 12 credits each semester;
  • Reside in a campus residence hall; and
  • Show continuing satisfactory academic progress as defined by UMM and federal guidelines.

Outside scholarships

Outside scholarships are offered by organizations other than UMM. Students apply for them on their own initiative, and the organizations consider applications and make awards according to their own criteria. Students receiving any federal aid are required by law to report these awards to UMM where the awards will be incorporated into the award packages.