Financial Aid Basics
Costs at Machias
Far too often, students do not pursue a college education because they do not know how to pay for it. The University of Maine at Machias is committed to helping you understand your educational expenses and assisting students and families in creating a plan for your financial aid, work earnings, and other income that will go towards these costs
2018-2019 Academic Year Costs
|New England Regional Program*($373/credit)
|Room & Board**
*Tuition costs based on 15 credits per semester for the Fall and Spring
** Room and Board based on standard double room and 19-meals per week meal plan
In general, to receive aid from the Federal Student Aid Programs, a student must meet the following requirements:
- Be a U.S. citizen or eligible noncitizen;
- Have a valid Social Security Number (your name must be the same as on your Social Security card);
- Have a high school diploma or a General Educational Development (GED) certificate;
- Enroll in an eligible program as a regular student seeking a degree or certificate at the University of Maine at Machias;
- Be registered with Selective Service if required (in general, if you are a male age 18 through 25);
- Meet satisfactory academic progress toward a degree;
- Not be in default on a federal loan or owe money on a federal grant;
And, only if you have previously received federal student aid:
- Certify that you were not convicted for a drug offense that occurred while you were enrolled in school and receiving federal student aid.
Students who meet the above criteria are encouraged to apply for financial aid using the FAFSA.
Completing the FAFSA
The only application needed to apply for financial aid at the University of Maine at Machias is the Free Application for Federal Student Aid (FAFSA). Review the timeline below for important dates and information to be aware of when completing the FAFSA.
October 1, 2018: You can file your 2019-2020 FAFSA
- File the Free Application for Federal Student Aid (FAFSA) by going to www.fafsa.gov
- Students and Parents should never pay to file a FAFSA.
- All filers will need an FSA ID from the Department of Education in order to electronically sign the FAFSA. To get an FSA ID visit fsaid.ed.gov.
- The University of Maine at Machias’ School Code is 002055
October 1, 2018: The IRS Data Retrieval Tool will be available to use
- Available to student applicants and parents who have filed their
- Allows students and/or parents to transfer income information directly from the IRS and transfer it into your FAFSA.
- Confirm that the Financial Aid Office has received your FAFSA by accessing your MaineStreet Student Center and clicking on the “FAFSA Status” link after February 1st.
Submit Additional Documents, if Required:
- Students and/or parents may be required to provide the Financial Aid Office with additional documentation to verify data provided on FAFSA.
- Specific verification requests and instructions will be available to students on their MaineStreet To-Do list.
After completing the FAFSA, students and/or parents may be required to submit additional documentation. This process, known as verification, is to ensure accuracy of the data that was put on the FAFSA. Information that could be requested includes, but is not limited to:
- IRS Data Retrieval
- Official Tax Return Transcripts (from student and/or parent)
- Dependent or Independent Verification Forms
Requests information will be done through the MaineStreet To Do List and will include additional information and links to any forms that must be completed.
Additional information must be submitted before any financial aid can be awarded/and or disbursed to the student account.
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Loan Agreement/Master Promissory Note (MPN)
The Loan Agreement/Master Promissory Note (MPN) is a legal document in which you promise to repay your loans(s) and any accrued interest and fees to the U.S. Department of Education. It also explains the terms and conditions of your loan(s); for example, it will include information on how interest is calculated, when interest is charged, available repayment plans, and deferment and cancellation provisions.
To complete an Loan Agreement/MPN online you will need your FSA ID. You can complete your Direct Loan Agreement/Master Promissory Note at studentloans.gov.
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Entrance Counseling Students who are first time borrowers of subsidized or unsubsidized Federal Direct loans must receive entrance counseling at or before the date the school can release the first loan disbursement. Entrance counseling helps ensure that the borrower understands the terms and conditions of the loan as well as his or her rights and responsibilities, before receiving the loan proceeds.
During Entrance Counseling, you will learn about the following:
- What a loan is and the loan process works
- Managing your education expenses
- Other financial resources to consider to help pay for your education
- Your rights and responsibilities
To complete Entrance Counseling online you will need your FSA ID. You can complete your Direct Loan Entrance Counseling at studentloans.gov.
The University of Maine at Machias is committed to providing financial literacy and money management tools and resources to our students.
Contact our office for more information on our Financial Literacy programming and resources!
Summer Financial Aid
Check back here in Spring 2019 for more information on financial aid during the Summer 2019 semester.
Please contact our office if you believe you have special circumstances that need to be brought to our attention, such as:
- changes in an independent student’s or dependent parent’s employment
- loss of a benefit or other type of income
- changes in marital status
- payment of large unreimbursed medical expenses
- or unexpected costs
Types of Aid
Grants are awarded to students demonstrating high financial need. Grants are free money and do not have to be repaid. The only application required to be considered for these grants is the FAFSA. See below for additional information on the different types of grants.
Federal Pell Grant
A federal grant that is based on the information from the FAFSA. The amount of your Federal Pell Grant depends on your EFC and enrollment status. There is a maximum lifetime limit of 12 semesters or its equivalent for the Pell Grant.
Federal Supplemental Educational Opportunity Grants
Awarded to students who demonstrate exceptional need, generally as a companion award to the Pell Grant. Amounts vary according to funding available, student need, and enrollment status.
State of Maine Grant
The State of Maine Grant is a need-based grant program for Maine residents. To apply, students must file the FAFSA by May 1 and meet EFC eligibility requirements for the given year.
Financial support may be available through University of Maine at Machias institutional grants to help you with college costs. All you need to do is complete the Free Application for Federal Student Aid (FAFSA) and you will automatically be evaluated for eligibility for UMM Grants. A timely FAFSA application maximizes your financing options and March 1 is UMM’s priority funding deadline.
Scholarships are a major source of funding for UMM students to help supplemental other financial aid. Scholarships are considered gift aid and therefore for not have to be repaid. Scholarships may come from the University, the state, or from private donors.
Scholarships from private donors are also called Outside/Private Scholarships. Many of these scholarships are awarded through high school guidance offices, community organizations, or businesses and corporations.
Students are required to report any and all additional resources to the Financial Aid Office. This includes any outside scholarships you may be receiving. You can report scholarships through your Mainstreet Student Center or you can send a copy of your Outside Scholarship award letter to the Financial Aid Office. These copies can be faxed, emailed, or brought directly to our office.
Searching for Scholarships
Our office has multiple resources to assist students with their scholarship search. Remember, when searching and applying for scholarships – NEVER pay to search or apply! Here are some websites we recommend students use to search for scholarships at the state and national level:
Finance Authority of Maine (FAME) www.famemaine.com
Maine Community Foundation www.mainecf.org
Senator George J Mitchell Scholarship www.mitchellinstitute.org
The College Board www.collegeboard.org
Sallie Mae www.salliemae.com
The Federal Work-Study Program provides students with the opportunity to work part-time and earn a bi-weekly paycheck. Funds earned can be used to help pay education expenses. Work-study funds are not applied directly to the student’s bill.
- To qualify, students must file the FAFSA (and answer YES to the Federal Work-Study question on the FAFSA) and meet certain need-based criteria
- The total amount of work-study awarded is what the student is eligible to earn for the academic year. Work-study award amounts are listed as part of the financial aid award in MaineStreet.
For more information on Federal Work-Study, available jobs and the procedure for beginning work as well as for general assistance and guidance, please contact our office.
There are a variety of loan programs available to help finance your college education. Before applying for any loan, evaluate each loan program carefully to choose the loan program that best suits the needs of you and/or your family paying special attention to repayment terms. Some loans defer repayment until after the student leaves school and some enter repayment immediately.
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Federal Direct Loans
Federal Direct Subsidized Loans are need-based loans. The government pays the interest on the loan while the student is enrolled at least half-time and during other authorized periods called deferments. The amount of loan offered is based on academic grade-level. Students borrowing Federal Direct loans on or after July 1, 2012 but before July 1, 2014 do not receive this subsidy during the 6-month grace period due to sequestration. Loans disbursing on or after July 1, 2014 will receive the subsidy during the 6-month grace period. Once the grace period has been used, generally interest begins accruing on the principle as soon as the student is no longer enrolled or has dropped below half-time enrollment.
Federal Direct Unsubsidized Loans are available to students in addition to Direct Subsidized Loans and are not need-based. Also, all students are offered $2,000 in Direct Unsubsidized Loans for the academic year. The government does not pay the interest; the student can choose to either pay the interest while in school or have the interest added to the loan principal to be repaid later.
Interest Rates & Fees
The origination fee for a Direct Loan is 1.066% for loans originated on or after October 1, 2017 and before October 1, 2018. For loans originated on or after October 1, 2016 and before October 1, 2017, the origination fee was 1.069%.
The interest rates for Direct Loans with a first disbursement date on or after July 1, 2018 and before July 1, 2019 are:
- 5.05% on Subsidized & Unsubsidized Undergraduate Direct Loans
The interest rates for Direct Loans with a first disbursement date on or after July 1, 2017 and before July 1, 2018 are:
- 4.45% on Subsidized & Unsubsidized Undergraduate Direct Loans
Private organizations provide alternative educational loans to students as either a supplement to other types of educational loans or to provide an additional source of loan funds. Most are credit-based loans, and some will require periodic payments of principal and interest once disbursed. Interest rates vary, and a separate application is usually sent directly to the lender which is then forwarded to our office for certification of the student’s status.
We strongly recommend that students apply for all Federal Direct Loan eligibility before applying for an alternative loan. Please be aware that if you do not apply for your entire Federal Direct Loan eligibility, certification of your alternative loan could be delayed. Please contact our office if you have applied for an alternative loan and do not wish to borrow your Federal Direct Loan.
How to Apply
- Initiate the application process by choosing a lender and contacting them directly to begin the pre-approval process.
- Your lender will perform a credit review. If approved, your lender will mail you a pre-printed promissory note that you will need to complete and return to your lender.
- Complete the Private Education Loan Applicant Self-Certification form and return it to the lender.
- Once we have received notification from your lender that you have returned your completed promissory note and self-certification, we will certify your loan.
- Once your lender has received all necessary information from you and our office, you will be sent additional disclosures from your lender. Once all requirements are met, your lender will send your loan funds to the Bursar’s Office.
Questions to ask the lender before you apply for an alternative loan:
- Can the loan be used to pay for prior balances?
- Is there a minimum amount I have to borrow?
- Are interest payments required while I’m in school?
- What is the interest rate and is it fixed?
- What are the repayment terms?
Click the link below to see a list of Alternative Education Loan options:
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Federal Direct PLUS Loans are fixed-rate loans provided by the Department of Education to parents of dependent undergraduate students. The lender must perform a minimal check of the borrower’s credit history. There is a 10-year repayment schedule, and deferment options are available. All students must file a FAFSA in order for eligibility to be determined.
Additional Direct Loan Eligibility
If a parent is denied a Parent Direct PLUS Loan, the dependent undergraduate student can be treated as an independent student and may be eligible for additional Direct Unsubsidized Loans. The student must contact our office if they would like to explore this funding option.
Interest Rates & Fees
PLUS Loans with a first disbursement date on or after July 1, 2018 and before July 1, 2019 will have an interest rate of 7.60%.
PLUS Loans with a first disbursement date on or after July 1, 2017 and before July 1, 2018 will have an interest rate of 7.0%.
The origination fee for a Federal Direct PLUS Loan is 4.264% on or after October 1, 2017 and before October 1, 2018. For loans originated on or after October 1, 2016 and before October 1, 2017, the origination fee for a Federal Direct PLUS Loan was 4.276%.
Any and all outside assistance including private scholarships and payments made by non-university organizations (including the state) should be reported to the Financial Aid Office as soon as possible. Federal regulations require that any additional assistance is included on a students award. Please note, that outside assistance may effect your financial aid award.
Policies and Forms
Definition of a Credit Hour
University of Maine at Machias acknowledges and adheres to the federal definition of a credit hour with respect to courses offered face to face, in hybrid format, and online, as developed in 2010 and published in the Code of Federal Regulations (CFR), Title 34, Part 600.02:
[A] credit hour is an amount of work represented in intended learning outcomes and verified by evidence of student achievement that is an institutionally established equivalency that reasonably approximates not less than
(1) One hour of classroom or direct faculty instruction and a minimum of two hours of out of class student work each week for approximately fifteen weeks for one semester or trimester hour of credit [ . . . ] or the equivalent amount of work over a different amount of time; or
(2) At least an equivalent amount of work as required in paragraph (1) of this definition for other academic activities as established by the institution[,] including laboratory work, internships, practica, studio work, and other academic work leading to the awarding of credit hours.
Rev. September 2018
Satisfactory Academic Progress
Federal financial aid regulations require financial aid recipients to make progress toward earning their degree, stay above specific GPA minimums and to complete the degree within a maximum time-frame. You can lose eligibility for aid if you are not doing well in your classes and/or if it is taking a very long time to earn your degree. If you are not meeting the minimum standards, even if you are allowed by your academic dean to continue your enrollment, you will have to do so without benefit of financial aid.
For more detailed information on the policy, click the link below.
Satisfactory Academic Progress Appeal Process
Students not meeting the University of Maine at Machias’ Satisfactory Academic Progress Policy will be notified by letter. Every student has the right to appeal in writing if you believe that you have special circumstances which have impacted your academic progress. If you want to appeal, please complete the Appeal Form below. Send the completed Appeal Form along with appropriate supporting documentation to the Financial Aid Office. The Financial Aid Office will cancel aid for any student who does not appeal, or for whom an appeal is denied. If you have questions about this policy, contact our office.
How to Withdraw
If you withdraw from the university, you will need to contact your academic advisor and the University of Maine at Machias Registrar’s Office to notify them of your intent to withdraw. Once we receive notification of the withdrawal from the Registrar’s Office, the Financial Aid Office will perform necessary financial aid adjustments and will send you an updated award notice on MaineStreet.
Return of Title IV Funds
Policy for Reimbursement to Title IV Accounts for Students Who Withdraw:
When a student receiving Title IV student financial aid withdraws from all courses, the aid must be adjusted in accordance with rules established by the U.S. Department of Education. These calculations may result in the student owing a University balance.
Return of Title IV Funds / Institutional Refunds
When a student withdraws, University policies and federal requirements may result in charges and financial aid being reduced. If a student withdraws on or before the 60% point of the enrollment period, the federal refund calculation is performed. These student refund calculations follow a specific percentage of adjustment based on the date of withdrawal and may require a return of financial aid to the financial aid accounts. Refund calculations take into account all federal financial aid received. The calculation is generally based upon the percentage of the enrollment period which the student has completed.
The day the student officially withdraws is determined to be the withdrawal date. If the student ceases attendance without providing official notification of withdrawal to the institution, the mid-point of the payment period will be the withdrawal date for the purpose of returning Title IV funds.
Return of Funds
Funds returned as a result of a refund or overpayment are returned to the Title IV accounts in an order prescribed by law and regulations.
If you have any questions regarding the Refund Calculation for Withdrawals, please contact the Financial Aid Office for more information.
Family Educational Rights and Privacy Act - FERPA
The Family Educational Rights and Privacy Act, or FERPA, is a Federal law which protects the privacy of student education records. Once a student either turns 18 years of age or attends a school beyond the high school level, all education privacy rights transfer to the student.
The University of Maine System has designated August 15 as the point at which an applicant becomes a student.
After this date, signed consent forms are required in order to speak to anyone other than the student about the student’s personal information. Personal information includes: academic information such as the student’s schedule, instructors, grades, GPA, suspension, requests for official or unofficial transcripts, etc.; all financial aid information specific to the student; billing information and charges.
To complete a Release of Financial Information form (to consent to release information related to financial information only) click on the link below.
Please note that this form does not cover the release of academic, disciplinary, medical and health information.