Student Financial Services

Types of Aid

Grants

  • Federal Supplemental Educational Opportunity Grants (SEOG) - This is a federally funded program to help needy students. Grants will range from $100 to $4,000 and do not have to be repaid.
  • State of Maine Grants - This is a State funded need-based grant program for eligible Maine residents. To apply, students must file the FAFSA by May 1st each year.
  • University Grants - These are funded by the University. Awards range from $100 to $4,000 and are given on the basis of financial need and do not have to be repaid.

Scholarships

  • USM offers scholarships to help current students reduce the cost of their college education.

Federal Work Study

  • Federal Work Study Employment - This is a program funded by the University and the federal government. Eligible students may earn between $600 and $3,500 per year. A student's financial need governs the amount that can be earned.

Loans Available for Students

  • Federal Perkins Loans - Funded by the federal government, the University, and former borrowers repaying loans, this program lends money to needy students. No repayment is required until after the student ceases half time course of study. Once repayment begins, the student is charged 5% simple interest on the amount borrowed. While the monthly repayment amount varies with the amount borrowed, a minimum of $40 must be repaid each month. Loans vary between $200 and $2,500 annually.
  • Federal Nursing Student Loans - Funded by the federal government, the University, and loans repaid by former borrowers, money is lent to needy nursing students. Repayment terms are similar to those of the Perkins Loan. Loans range from $200 to $2,500.
  • Federal Subsidized Direct Loan - This federal program allows students to secure low-cost loans. Eligibility for Subsidized Direct Loans is based on demonstrated financial need.
  • Federal Unsubsidized Direct Loan - This program provides access to borrowing for students who do not qualify for need-based assistance. The student is responsible for the interest as it accrues.
  • Federal Direct PLUS Loans - Graduate students, law students, and parents of dependent undergraduate students may borrow a Direct PLUS loan to help cover the student's college costs. A student's dependency status and cost of education are determined using US Department of Education criteria.
  • Alternative Loans - This alternative, credit-based loan program provides long term financing options for qualified families.