Deposits

Deposit

A deposit of $100 is required of all degree seeking students upon their acceptance. This deposit is refundable if Admissions is notified of the candidate’s decision to withdraw his/her acceptance on or before May 1st. This deposit is applied as the Security Deposit on the first bill.

Security Deposit

A contingency deposit of $200 is required from all students. This charge appears on the student’s first bill and is reflected as a credit on the final statement after Graduation or disenrollment. This deposit must be maintained as long as the student is enrolled at Maine Maritime Academy.

The deposit will be retained for unreturned Academy-issued equipment, clothing, library books, or any other unpaid charges. Any remaining balance, up to $200, will also be retained if a student disenrolls without notifying the Registrar’s Office before the first day of classes.

Students who maintain residence in Curtis Hall are not held liable for the cost of routine repairs to corridors or public areas but are charged on a proportional basis for willful damage caused by unidentified students resulting from negligence or vandalism. Determination and scope of damage charges are the responsibility of the Dean of Student Services.

Payment and Refund Policies

Payment Schedule

In determining the amount due each semester, the student may subtract any scholarships, loans, grants, or payment plans under which payments are made directly to the Academy by the sponsoring organization and for which the Academy had been notified in writing of the student’s eligibility and acceptance.

It is the policy of Maine Maritime Academy that all expenses, including tuition, fees, room, board, and deposits are due and are to be paid by each student on or before the dates shown in the following schedule:

Semester Payment Due Date
Fall Semester Tuition deposit upon acceptance or May 1
Fall Semester August 15
Spring Semester January 5

Payments sent by mail should be mailed at least five business days in advance of the due date to assure receipt on or before the due date. Those choosing to pay by Direct Debit (a.k.a. ACH or Electronic Check) from a checking or savings account at no additional cost or those choosing to pay by Mastercard, VISA, Discover, or American Express (with a 2.9% fee added to credit card transactions) may do so by signing onto the portal and clicking “Make a Payment”. This takes you to the secure website of CashNet, the company which processes these types of payments on behalf of Maine Maritime Academy.

As part of the formal registration process each semester, student accounts must be paid in full, or satisfactory arrangements to make payments must be approved by the Finance Office, before students enter classes at the beginning of a new semester. Failure to follow this process may result in an additional registration fee. Students with unresolved outstanding balances may be disqualified from participation in all academic and non-academic activities and may be prevented from entering the residence hall or utilizing their meal cards.

Late Payment Fees

The college may charge interest on all unpaid accounts beyond a 30-day grace period at the rate of one percent per month or 12 percent per annum.

Students who disenroll with an unpaid balance are responsible for making payment arrangements with the Finance Office upon departure. Additional collection charges may be assessed if a satisfactory plan is not met monthly, or if turned over to an outside collection agency.

Student Accounts

Upon payment of the initial deposit, an account is established in the Finance Office for the student, using the student’s name and an assigned number as the account identification. All checks should show the student’s name and identification number on the face of the check in order to assure proper credit to the student’s account. Normally, students will receive an itemized statement of account in July for the fall semester and in December for the spring semester. Students are encouraged to check their billing details on the portal on a regular basis especially for changes in charges or credits.

If for any reason a student account is overpaid, any excess may be refunded upon request or may be left on account for the next semester. All refunds will be paid by check within 10 days following a request.

Tuition Payment Plans

Parents and students who prefer to pay for their educational expenses in monthly installments may want to consider a tuition payment plan available for students of Maine Maritime Academy. A mailing from Tuition Management Systems, who offers a tuition payment plan, will be sent directly to students and their parents. Refer to the section entitled Extended Payment Program under Sources of Aid.

Veterans and ROTC Students

Veterans and ROTC students who receive allowances directly from the government are responsible for payment of their fees and charges on the same basis as other students.

Withdrawal

Students withdrawing from the Academy must complete the formal withdrawal procedure as prescribed by the Vice President for Academic Affairs. Failure to follow the prescribed procedures, especially at the end of a semester, may result in additional charges until the student is officially disenrolled.

Refund Policy

Students who voluntarily withdraw from the Academy are entitled to a refund of tuition, fees, and room and board charges, according to the following schedule:

First Year Students:

  • After beginning of orientation (but prior to beginning of classes): 100 percent of tuition and fees, plus 95 percent of room and board.

All Students:

  • Withdrawal within first day of classes up to end of second week: Unused deposits, plus 90 percent of tuition, room and board;
  • Withdrawal during third or fourth week: Unused deposits, plus 50 percent of tuition, room and board;
  • Withdrawal during fifth, sixth, seventh, or eighth week: Unused deposits, plus 25 percent of tuition, room and board;
  • Withdrawal during ninth week or beyond: No refund.

The same percentages will be used for returning private or Academy financial aid. No fees are refunded after the first day of classes; the exception to this is summer co-op charges. Students who are suspended or dismissed after the start of a semester are not entitled to any refund. The Department of Education mandates the return of federal financial aid for Title IV recipients. This refund policy does not pertain to withdrawal from any class(es) after the add/drop period. It only applies to students voluntarily withdrawing entirely from Maine Maritime Academy.

Special Refunds

Refunds of up to 100 percent of tuition, room, board, and fees may be granted in exceptional circumstances. Such special refunds are subject to approval by the President.

Planning a Total Budget

In anticipating total costs of attending Maine Maritime Academy, be certain to add funds to cover books, transportation, spending money, and clothing. First-year students also should plan for the required laptop computer and uniforms (if applicable); clothing for regimental students costs approximately $2,000 in the first year, and a total of approximately $800 as upperclassmen.