The financial aid package assembled for you by your university typically draws upon grants, scholarships, work study or other funding for which you may be entitled. This presentation is designed to help you become more informed about these sources of aid.
A grant is a need-based form of financial aid that does
not have to be repaid.
Federal Pell Grants are the most common form of federal aid. They are need based, provided by the federal government and awarded by schools. Did you know that additional Pell Grant funds may be available for unemployed or underemployed workers?
NEW - Maximum Pell Grants: 2009-2010 school year - $5,350 (beginning 7/1/09) 2010-2011 school year - $5,550 (beginning 7/1/10)
Federal Supplemental Educational Opportunity Grants (FSEOG) are awarded by schools and provide assistance for undergraduates with the greatest financial need. The program gives priority to students who receive Federal Pell Grants.
Maine State Grant Program is a need-based state grant award to Maine undergraduate students. The FAFSA (May 1 deadline) serves as the application for this program.
Federal Perkins Loans are available to students who demonstrate financial need. They are federally funded and awarded by the school.
Federal Stafford Loans (subsidized & unsubsidized) are awarded on the basis of financial need and are regulated by the federal government. A subsidized Stafford Loan is the loan of first choice, since the government pays the interest while students are in school.
Federal PLUS Loans are for parents of undergraduate students. They are based on credit history and require a credit check.
Federal Work Study Program allows you to subsidize your tuition and expenses with on-campus (including centers and sites) jobs. To be eligible, you must demonstrate financial need, be enrolled in a degree or certificate program, and take at least six credit hours each semester.
New: In 2009, the Federal Work-Study Program received an additional $200 million, enough to pay for approximately130,000 new work-study jobs averaging $1,500 per job per year