{"id":248,"date":"2014-09-26T00:02:03","date_gmt":"2014-09-26T00:02:03","guid":{"rendered":"http:\/\/mainemaritime.edu\/admissions\/?page_id=248"},"modified":"2025-08-21T19:25:02","modified_gmt":"2025-08-21T19:25:02","slug":"sources-of-aid","status":"publish","type":"page","link":"https:\/\/mainemaritime.edu\/admissions\/general-admissions\/financial-aid\/sources-of-aid\/","title":{"rendered":"Sources of Aid"},"content":{"rendered":"

Sources of Financial Aid<\/h1>\n

Maine Maritime Academy<\/h2>\n

I. Need-based Grants<\/strong><\/h3>\n

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.<\/p>\n

Federal<\/h2>\n

I. Grants<\/h3>\n

Pell<\/strong>
\nNeed-based federal grant awarded by the Department of Education for students with financial need, as determined by the FAFSA.<\/p>\n

Supplemental Educational Opportunity Grant (SEOG)<\/strong>
\nMust be Pell eligible to receive; range from $100 to $1000; does not have to be repaid.<\/p>\n

II. Loans<\/h3>\n

Subsidized
\n<\/strong>A need-based loan with a low variable interest rate (determined July 1 of each year); 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 an Entrance Counseling form and a Master Promissory Note at www.studentaid.gov<\/a>. MMA will certify student enrollment status and loan amount.<\/p>\n

Unsubsidized loans – borrower is responsible for interest; – $2000 available to ALL students; – independent students are eligible for additional unsubsidized loan amounts. Students must complete an Entrance Counseling form and a Master Promissory Note at www.studentaid.gov<\/a>.<\/p>\n

Parent Loan of Undergraduate Students (PLUS)
\n<\/strong>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.studentaid.gov<\/a>. If a parent is denied a Parent Direct PLUS Loan based on credit, the student may be eligible for additional Unsubsidized Loans.<\/p>\n

III. Work Study<\/h3>\n

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 are based on the current State of Maine minimum wage rate.<\/p>\n

IV.\u00a0Veteran’s Tuition Benefits at MMA<\/h3>\n

Veterans<\/h3>\n

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.<\/p>\n

Veterans\u2019 Dependents<\/h3>\n

Effective July 1, 2017, an individual who is a \u201ccovered individual\u201d as defined in 38 U.S.C. \u00a7 3679(c)* will be assessed in-state tuition rates at Maine Maritime Academy.\u00a0\u00a0 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.<\/p>\n

A \u201ccovered individual\u201d is defined as:<\/p>\n