Sources of Financial Aid
Maine Maritime Academy
I. Merit Scholarships
MMA recognizes students’ academic achievement by awarding annual merit scholarships from $3,500 to $10,000. Merit awards are competitive and available to students who attain specific academic performances, choose a particular area of study, have strong personal character, and who meet certain demographic criteria. These scholarships are awarded whether or not a student has financial need.
II. Need-based Grants
Maine Maritime has one endowed grant fund that is reserved for incoming first-year students with need as determined by their FAFSA data. Individual awards typically range from $600 to $2000.
Highly need-based; ranges from $602 to $5730 a year; determined by expected family contribution (EFC); does not have to be repaid.
Supplemental Educational Opportunity Grant (SEOG)
Must be Pell eligible to receive; range from $100 to $1000; does not have to be repaid.
Must be repaid with a five percent fixed interest rate; repayment deferred until 9 months after graduation or withdrawal; a high-need loan; $5500 is the maximum award in a year; funds are limited and issued on a first come first serve to financially needy students; must be repaid to MMA.
A need-based loan with a low variable interest rate (4.66% effective 7/1/14); interest is federally subsidized while student is enrolled; repayment deferred until 6 months after graduation or withdrawal; maximum dollar amounts: $3500 (1st year); $4500 (2nd year); $5500 (3rd and 4th years); Students must complete a Master Promissory Note at www.studentloans.gov. MMA will certify student enrollment status and loan amount.
Unsubsidized Stafford loans – borrower is responsible for interest (4.66%); – $2000 available to ALL students; – independent students are eligible for additional unsubsidized Stafford loan amounts. Students must complete a Master Promissory Note at www.studentloans.gov.
Parent Loan of Undergraduate Students (PLUS)
The federal PLUS program helps parents assist their dependent children in meeting the costs of higher education. Under the federal PLUS program, parents are the actual borrowers. Parents are eligible to borrow up to the Cost of Attendance minus any financial aid the student is eligible to receive. Parents must complete a Master Promissory Note at www.studentloans.gov and complete a PLUS Loan Supplement form. If a parent is denied a Parent Direct PLUS Loan based on credit, the student may be eligible for additional Unsubsidized Stafford Loans.
III. Work Study
Work study is money earned while attending school; does not have to be repaid; on campus or community service employment. Students earn bi-weekly paychecks, and may work up to 20 hours a week; wages range from $7.50 to $11.00 an hour.
IV. Veteran’s Tuition Benefits at MMA
Maine Maritime Academy will charge in-state tuition rates to all current and former members of the US Armed Forces who were honorably discharged, regardless of whether or not they are receiving benefits and without regard to their date of discharge.
Effective July 1, 2015, an individual with Chapter 33 benefits who is a “covered individual” as defined in 38 U.S.C. § 3679(c)* will be assessed in-state tuition rates at Maine Maritime Academy. Further, once the in-state tuition rate is applied to the eligible individual, it shall remain in effect until the individual completes their academic program, even after GI Bill benefits have been exhausted, transferred, or are otherwise expired.
A “covered individual” is defined in the Choice Act as:
- A veteran who lives in the state in which the institution of higher learning is located (regardless of his/her formal state of residence) and enrolls in the school within three years of discharge from a period of active duty service of 90 days or more.
- A spouse or child using transferred benefits who lives in the state in which the institution of higher learning is located (regardless of his/her formal state of residence) and enrolls in the school within 3 years of the transferor’s discharge from a period of active duty service of 90 days or more.
- A spouse or child using benefits under the Marine Gunnery Sergeant John David Fry Scholarship who lives in the state in which the institution of higher learning is located (regardless of his/her formal state of residence) and enrolls in the school within three years of the service member’s death in the line of duty following a period of active duty service of 90 days or more.
Please contact the Registrar’s Office at 207-326-2441 or email@example.com for information regarding necessary documentation to confirm your status as a “covered individual”, a Veteran, or an active duty service member, to apply for Yellow Ribbon Program benefits, or if there are additional questions.
Yellow Ribbon Program Participation
MMA has 5 scholarships for non-Maine resident students who have had 100% of benefits transferred to them from a spouse or parent Veteran that has been discharged for more than 3 years prior to the first date of the Dependent’s enrollment at MMA. These are offered on a first come, first served basis and provide an additional scholarship equivalent to the difference between the In State tuition rate and the spouse’s or dependent’s Out of State or Regional Tuition rate after the Yellow Ribbon Program payment has been received by MMA for that student. http://www.benefits.va.gov/gibill/yellow_ribbon.asp
Veteran’s Dependent Waiver
Per Maine law, tuition, mandatory fees and lab fees will be waived for eligible orphans, widows & widowers of veterans as well as spouses and children of veterans who are disabled, missing in action, (most often referred to as Chapter 35 benefits eligibility). Initial eligibility is determined by the Veterans Affairs Office of the State of Maine. Students must be enrolled in an associate’s, bachelor’s or master’s degree program. The tuition waiver may be reduced by an amount necessary to ensure that the value of this waiver, combined with all other grants and benefits received by the student, does not exceed the total cost of education. See MRSA, Title 37-B, Section 505, as amended 2008, P.L. c.521 for details.
V. Navy ROTC Scholarship and College Programs
On-campus Navy/Marine Corps ROTC programs train qualified young men and women to become officers in these services upon graduation from college. For scholarship opportunities, please contact Commanding Officer, NROTC Unit, Maine Maritime Academy, (207) 326-2352, email firstname.lastname@example.org, or visit the Navy and Marine ROTC national scholarships website.
VI. Strategic Sealift Officer Program (SSOP)
Formerly the Merchant Marine Reserve (MMR), this program is an excellent way to help finance your MMA education. The SSOP is designed to train and educate highly qualified students for commissioning and reserve duty service as officers in the Strategic Sealift Readiness Group (SSRG) component of the U.S. Navy Reserve (USNR). If selected, an incentive payment of $8,000 per academic year is provided for up to a maximum of four years. This program is designed for students pursuing a USCG Unlimited License and to ensure the United States has a sufficient merchant marine to serve as naval support in time of a national emergency. For information about SSOP, click here.
FAFSA data submitted by the May 1 deadline will be forwarded to The FAME/Maine program. – If your EFC is less than FAME’s specified dollar amount, public college students (MMA) will receive $1000 for the year.
New England, Pennsylvania, Maryland
These states have a reciprocal agreement with the State of Maine.
Each state calculates grant eligibility differently – most will use your FAFSA information. Each state’s deadline is listed on the cover of the FAFSA.
Other Sources of Financial Aid
I. Payment Plan Option
MMA offers an affordable, interest-free alternative to lump sum payments. The Monthly Tuition Payment Plan from Tuition Management Systems
- spread your payments over 10 months, interest free, for a $55 fee,
- borrow less, save money by using current income and savings to make monthly payments.
Contact our Business Office at (207)326-2243 or contact Tuition Management Systems at (800)356-8329.
II. Alternative (Private) Education Loans
Alternative loans are credit-based loans offered by many lenders (banks and credit unions) that can be used to supplement the financial aid. The student is the borrower and a credit worthy co-signer may be required. These loans typically offer a fixed or variable interest rates and lack the benefits of federal student loans. Students may borrow up to the Cost of Attendance minus any financial aid they are eligible to receive. Please refer to www.elmselect.com for a list of lenders. A separate application is usually sent directly to the lender, which is then forwarded to our office for certification of the student’s status.
III. Native American Tuition Waiver
For students who are enrolled at MMA, this program covers in-state tuition charges for:
- Students whose names are included on the current Maine tribal census, or who have at least one parent or grandparent included on the current Maine tribal census, of the Passamaquoddy Tribe, the Penobscot Nation, the Houlton Band of Maliseet, and Aroostook Band of Micmac, and who provide MMA with official documentation directly from the tribe, Nation or band in a sealed envelope, similar to the process used for official transcripts. Click here for more information.
IV. Private Scholarships/Grants
Private organizations offer financial assistance to many qualified individuals each year:
- Contact your local business and community organizations;
- High school guidance offices receive many scholarship notifications; check regularly
- Endowed MMA Scholarships
Some websites offering additional financial aid information:
- The College Board
- College Scholarships
- College Tool Kit
- Collegiate Funding
- Dept. of Education Federal Student Aid
- FinAid: Guide to Financial Aid
- Finance Authority of Maine (FAME)
- Maine Community Foundation
- Mapping Your Future
- Scholarship Coach
MMA does its best to meet the need of its students. If you have questions regarding financial aid awards, contact Kathy Heath, Director of Financial Aid.
If your family/individual financial circumstances change dramatically during an academic year it is possible that your financial aid could also change. If you feel that you have significant reason to request a review of your financial data, you may do so. Each review situation is handled on an individual basis and not all requests result in a change of financial aid.
All colleges have the right to review, but not all colleges will review in the same manner. Making requests for another child at another institution may not result in the same changes at both schools. We will do our best to help.