Your Financial Aid Package
Factors used in the determination of your financial aid package include your cost of education and your Estimated Family Contribution (EFC), which is derived from the income and asset information that you and your family provide on the financial aid application (FAFSA).
2008-2009 Annual Expenses:
| In-State | Out-of-State | |
| Tuition and Fees | $6,775 | $17,515 |
| Room and Board | $ 6,936 | $6,936 |
| Total Direct Expenses: | $13,711 | $24,451 |
Determining Your Financial Aid Package:
| Cost of UMM Education | $__________ |
| (--)Expected Family Contribution (EFC)* | $__________ |
| (=)Financial Need (Eligibility) | $__________ |
| *How can you estimate your EFC? Try using the web based calculator at www.finaid.org |
Financial Aid Package Examples:
| Jessica: | |
| Pell Grant | $4731 |
| SEOG | $1200 |
| Perkins | $1000 |
| Work Study | $1600 |
| UMM Grant | $1500 |
| Stafford Loan | $5500 |
| Housing Award | $1500 |
| Ashley: | |
| Pell Grant | $2181 |
| SEOG | $700 |
| Work Study | $1600 |
| ME State Grant | $1200 |
| Stafford Loan | $5500 |
| Housing Award | $1500 |
| Michael: | |
| Presidential Scholarship | $5500 |
| Stafford Loan | $5500 |
| Housing Award | $1500 |
Will I receive enough financial aid to cover my entire need?
Not always. If your financial need is not fully met by aid provided by UMM, there are other options available. Some of these choices may include a tuition payment plan, which allows you to spread out payments over a set period of time, a Parent PLUS loan, or an alternative loan.