Financial Opportunities in 2009/2010
Grants
A grant is a need-based form of financial aid that does
not have to be repaid.
 Federal Pell Grants are the most c...
Grants
 Federal Supplemental Educational Opportunity Grant
  are awarded by schools and provide assistance
 for undergrad...
Grants
 University Grants are awarded by UMS institutions
 based on financial need and availability of funds.

 Federal ...
Scholarships
Scholarships help you pay for undergraduate tuition. Like grants,
they do not have to be repaid. Generally, t...
Loans
 Federal Perkins Loans are available to students who
 demonstrate the most serious financial need. They are
 federa...
Work Study
 Federal Work Study Program allows you to subsidize
 your tuition and expenses with on-campus jobs.

 To be el...
For more information
  Contact your local University College center:
       www.learn.maine.edu/ucenters.php
            o...
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Paying For Collegeu

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Paying For Collegeu

  1. 1. Financial Opportunities in 2009/2010
  2. 2. Grants 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 are 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)
  3. 3. Grants  Federal Supplemental Educational Opportunity Grant 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 serves as the application for this program.
  4. 4. Grants  University Grants are awarded by UMS institutions based on financial need and availability of funds.  Federal SMART Grant assists majors in physical, life, computer sciences, mathematics, technology, engineering, foreign language; or non-major single liberal arts programs.  Federal Academic Competitiveness Grant is a need based program providing $750 for the first year of study and $1,300 for the second year.
  5. 5. Scholarships Scholarships help you pay for undergraduate tuition. Like grants, they do not have to be repaid. Generally, they are reserved for students with special qualifications. Examples include:  North American Indian Waiver & Scholarship Program waives tuition, fees, and on-campus room and/or board for qualified and eligible North American Indians residing in Maine.  The Competitive Skills Scholarship is open to adult workers and pays for education and training (including apprenticeships) for jobs in demand in Maine Check your university’s financial aid office for all available scholarships.
  6. 6. Loans  Federal Perkins Loans are available to students who demonstrate the most serious 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.
  7. 7. Work Study  Federal Work Study Program allows you to subsidize your tuition and expenses with on-campus 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
  8. 8. For more information Contact your local University College center: www.learn.maine.edu/ucenters.php or call 1-800-868-7000

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