Paying For College


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Paying For College

  1. 1. Financial Opportunities in 2009/2010
  2. 2. A Note <ul><li>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. </li></ul>
  3. 3. Grants <ul><li>A grant is a need-based form of financial aid that does </li></ul><ul><li>not have to be repaid. </li></ul><ul><li>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? </li></ul>NEW - Maximum Pell Grants: 2009-2010 school year - $5,350 (beginning 7/1/09) 2010-2011 school year - $5,550 (beginning 7/1/10)
  4. 4. Grants <ul><li>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. </li></ul><ul><li>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. </li></ul>
  5. 5. Grants <ul><li>University Grants are awarded by UMS institutions based on financial need and availability of funds. </li></ul><ul><li>Federal SMART Grant assists majors in physical, life, computer sciences, mathematics, technology, engineering, foreign language; or non-major single liberal arts programs. </li></ul>
  6. 6. Grants <ul><li>Veteran’s Benefits are available to those who have served in the US Armed Forces under the GI Bill of Rights. </li></ul><ul><li>Parents as Scholars (PAS) program helps low-income parents in two-to-four year college programs. It is run by the DHHS through the Aspire Program. </li></ul>
  7. 7. Scholarships <ul><ul><li>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. </li></ul></ul><ul><li>Osher Scholarships offer Maine residents with a high school diploma or GED and no previous college experience free tuition. </li></ul><ul><li>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. </li></ul>
  8. 8. Scholarships <ul><li>The Competitive Skills Scholarship is open to adult workers and pays for education and training (including apprenticeships) for jobs in demand in Maine. </li></ul><ul><li>North Star Alliance Initiative provides scholarships for training in the marine trades industry, including boat building and composites. </li></ul><ul><li>Check your university’s financial aid office for all available scholarships. </li></ul>
  9. 9. Loans <ul><li>Federal Perkins Loans are available to students who demonstrate financial need. They are federally funded and awarded by the school. </li></ul><ul><li>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. </li></ul><ul><li>Federal PLUS Loans are for parents of undergraduate students. They are based on credit history and require a credit check. </li></ul>
  10. 10. Work Study <ul><li>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. </li></ul>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
  11. 11. Career Resources <ul><li>Workforce Investment Act provides career development services and job search assistance. Low income and dislocated workers are eligible. </li></ul><ul><li>Trade Adjustment Assistance is available to assist people who have become unemployed because of increased imports from foreign countries. </li></ul><ul><li>Base Realignment and Closure (BRAC) Grant is available to dislocated workers who live or work within 50 miles of the Brunswick Naval Air Station. </li></ul>
  12. 12. Additional Programs <ul><li>Maine Apprenticeship Program is designed to help students completing coursework while working full-time in the occupation they are training for. </li></ul><ul><li>Opportunity Maine reimburses student loan payments through a tax credit for those who earn a degree at a Maine school and continue to live and work in Maine after graduation. </li></ul><ul><li>Lifelong Learning Account (LILA) is a matched non-taxable savings account available through some Maine employers to pay for education and training. </li></ul>
  13. 13. Additional Programs <ul><li>Family Development Accounts are matched savings accounts that allow participants to save up to $2,000 over a two-year period for education, home ownership, or starting or expanding a small business. </li></ul>
  14. 14. American Opportunity Tax Credit <ul><li>A new $2,500 college tax credit for 2009, 2010 and possibly beyond </li></ul><ul><li>Authorized for two years by the recent stimulus bill </li></ul><ul><li>Married couples filing jointly who have adjusted gross incomes of up to $160,000 ($80,000 for single people) can claim the full credit for 2009 and 2010 </li></ul><ul><li>A family that doesn't earn enough to pay income taxes can get $1,000 back </li></ul>
  15. 15. For more information <ul><li>Contact your local University College center: </li></ul><ul><li>or call 1-800-868-7000 </li></ul>