Understanding your aid offer will help you financially prepare for the academic year at the University of Southern Maine. Financial aid offers are unique to each recipient, based on information provided in the FAFSA along with the student’s degree program, enrollment plan, grade level, residency, and housing plans. Your initial financial aid offer will be sent to you by U.S. mail or maine.edu email. You may also review the offer in your MaineStreet account, which can be accessed through your MyUSM campus portal. Future communications will be sent to your maine.edu email address or through your MaineStreet Message Center and To-Do list. You can contact the Student Financial Services office or your Financial Aid Counselor with any questions.
The financial aid offered to you is based on your Cost of Attendance, Student Aid Index, and the availability of funding:
- Estimated Cost of Attendance (COA) — this is an estimated average Cost of Attendance. It reflects costs that a typical student would incur for their anticipated enrollment period. Your individualized COA includes direct costs billed by USM (tuition and fees, housing and food – if living on campus), as well as out-of-pocket educational expenses you may incur (such as books, supplies, travel, and miscellaneous expenses).
- Student Aid Index (SAI) — is determined by the Department of Education and is based on the information you provided on the FAFSA application. This index is used by the financial aid office to determine your eligibility for need-based financial aid. The Student Aid Index (SAI) is not a dollar amount of aid eligibility or what your family is expected to provide. A lower SAI indicates a higher financial need.
- Financial Aid — your financial aid offer may include: grants, scholarships, work-study (earned paycheck), or loans (must be repaid). Many types of aid require “financial need” which is determined by federal regulations: COA – SAI = Financial Need
Offers of financial aid are conditional upon receipt of funds from all sources and may not cover all educational expenses. Federal guidelines require you to report the receipt of any outside aid (scholarships and/or tuition reimbursements) to Student Financial Services for inclusion in the financial aid offer. Receipt of outside aid may result in adjustment to your financial aid offer.
Student Financial Services reserves the right to revise offers of financial aid at any time during the year based on availability of funds and/or changes in regulations and/or procedures mandated by University, state, or federal authorities.