Maine Maritime Academy > Undergraduate Catalog > Affording MMA

Affording MMA

At Maine Maritime Academy, we are deeply committed to supporting our students in their educational pursuits. We understand that financial considerations can play a significant role in shaping a student’s academic journey, and we strive to provide accessible financial aid options to help students achieve their goals. Our aim is to ensure that financial barriers do not hinder the pursuit of higher education, and we are dedicated to assisting students in accessing the resources they need to succeed.

We understand that navigating the financial aid process can sometimes be complex and overwhelming. However, we are here to help. We encourage all students to reach out to the Maine Maritime Academy Financial Aid Office with any questions, concerns, or uncertainties they may have. Our knowledgeable and friendly staff are available to provide personalized guidance and support throughout the financial aid journey. Whether you need assistance with completing the application, understanding the requirements, or exploring additional funding opportunities, we are here to assist you.

Currently, more than 75% of Maine Maritime Students receive grants and scholarships, and over 60% receive need-based financial aid, showcasing the institution’s dedication to supporting its students financially. The academy collaborates with various sources, including federal, state, and campus-based programs, to alleviate the burden of educational expenses.

For any questions or inquiries related to financial aid, please contact the Financial Aid Office:

Quick Hall
1 Pleasant Street, Castine ME 04420
Phone: (207) 326-2339
Email: financialaid@mma.edu
Our Office Hours are Monday to Friday, 8:00 am to 4:00 pm

Types of Financial Aid

Scholarships

Merit-based Scholarships

Merit-based scholarships at Maine Maritime Academy are awarded to admitted students based on their high school cumulative grade point average (CGPA) and information from their enrollment application. These scholarships are offered on a first-come, first-served basis, and funds are limited each year, so meeting the eligibility criteria does not guarantee an award. Non-traditional and transfer students are evaluated on a case-by-case basis, taking into consideration available funds and merit data. To maintain eligibility for merit scholarships, continuing students must submit a Free Application for Federal Student Aid  (FAFSA) annually, and complete each academic year with a cumulative GPA of 3.0 or higher at the close of each spring semester and remain in good academic standing according to the Student Honor Code of Conduct and Responsibilities. Changes to a student’s degree program may result in a reassessment of merit award eligibility and limits.

Endowed Scholarships

Endowed scholarships at Maine Maritime Academy are made possible through the generosity of friends and alumni of the institution. These scholarships are assessed and awarded annually to undergraduate students. To be considered for endowed scholarships, students must submit a Free Application for Federal Student Aid (FAFSA) and the MMA Endowed Scholarship Application. The priority deadline for consideration is January 31st. Recipients of endowed scholarships are expected to write thank you notes to the donors. To maintain eligibility for endowed scholarships, continuing students must complete each academic year with a cumulative GPA of 2.5 or higher at the close of each spring semester.

Private (Outside) Scholarships

Maine Maritime Academy encourages students to pursue private scholarship opportunities, as they can significantly contribute to their overall financial aid package. Private organizations offer financial assistance to thousands of qualified individuals each year. High schools, community organizations, professional associations, businesses, and industries frequently offer scholarships to students. Some scholarships are based on financial need or scholastic achievement, while others have different criteria. To explore private scholarship opportunities, students should consult their high school guidance counselors and public libraries for lists of organizations offering scholarships and utilize free scholarship search engines online.

Grants

Federal Grants

Federal grants, such as the Pell Grant and Federal Supplemental Educational Opportunity Grant (FSEOG), provide valuable financial assistance to eligible students. Students must complete the FAFSA each year until the completion of their bachelor’s degree to be eligible for federal grants. The FAFSA collects information about a student’s financial situation, which is used to assess their eligibility for federal grants and other financial aid programs. It’s essential to meet the designated deadlines and provide accurate information to maximize eligibility for federal grants.

Pell

The Pell grant is awarded based on financial need, and eligibility is determined by completing the Free Application for Federal Student Aid (FAFSA). The specific criteria for receiving a Pell Grant may vary each year, and the award amounts are determined by the Department of Education.

FSEOG

FSEOG is awarded by Maine Maritime Academy to undergraduate students who demonstrate extraordinary financial need. These grants are allocated on a first-come, first-serve basis, and FSEOG funds are limited, so early completion of the FAFSA is highly encouraged.

State Grants

Maine State Grant Program

Maine Maritime Academy primarily participates in the Maine State Grant Program. Run and managed through the Finance Authority of Maine (FAME), this grant is tailored to assist full-time undergraduate students from Maine who demonstrate financial need in working towards their first degree. Successfully completing the FAFSA is the only required step in a Maine student’s application process.

Other State Grant Programs

There are a few other state grant programs that provide additional financial aid opportunities to eligible students. The application process and requirements for state grant programs may vary, so it’s important for students to check with their guidance counselor or the relevant state agency to determine how to apply for these funds. In many cases, completing the FAFSA may be the only requirement for state-administered grant programs. It’s also crucial to be aware that most states limit the use of their grants to in-state institutions. However, there may be limited circumstances where students can utilize their state grants for out-of-state education (e.g. – Vermont students may transfer VSAC grants to MMA).

Federal Work-Study

By participating in work-study programs, students have the chance to gain valuable work experience, contribute to their educational expenses, and develop important skills that can enhance their future career prospects.

Work-Study Opportunities

Maine Maritime Academy provides work-study opportunities for students with demonstrated financial need. These work-study positions are available both on campus and in community service roles. Students awarded Federal College Work-Study funds after successfully completing their FAFSA have the opportunity to work up to 20 hours per week during the academic year. Work schedules for work-study positions are designed to accommodate students’ class schedules. This allows students to balance their academic commitments with their work responsibilities. The specific work-study opportunities offered on campus provide valuable hands-on experience and contribute to the overall learning environment at Maine Maritime Academy.

Application Process

To secure a work-study position, eligible students must follow the application process outlined by Maine Maritime Academy. Students who have been awarded Federal College Work-Study funds can explore the available positions and apply for relevant job opportunities. The process typically involves submitting an application or resume to the respective department supervisor responsible for hiring. For students who are not awarded Federal College Work-Study funds, there is still the opportunity to seek employment on campus for up to 20 hours per week during the academic year. While the availability of on-campus employment for students may be limited, Maine Maritime Academy provides a website (studentjobs.mma.edu) where job postings are regularly updated. Students can browse through the available positions and apply as per the provided instructions. It’s important to note that students employed through work-study programs are compensated at least minimum wage.

Loans

It’s essential for students to carefully consider their loan options, including federal loans, private loans, and institutional loans, and make informed decisions based on their individual financial situations and borrowing needs. Students who are planning to borrow should properly budget and apply for loans on an annual basis. Loans are typically disbursed evenly between semesters, and various lender-specific limitations may exist. Many lenders do not require a student to make payments while they are enrolled in college, although most lenders will continue to charge interest each year.

Federal Student Loans

Maine Maritime Academy processes various federal student loans which help students finance their education. Students are required to successfully complete the FAFSA each year in order to be eligible for federal loans.

Federal Direct Subsidized Loans

These loans are available to students with verified financial need. Interest is “subsidized,” while the student is enrolled in school. Eligibility for subsidized loans is determined based on financial need as calculated by the FAFSA.

Federal Direct Unsubsidized Loans

These loans are available to students who do not qualify for a subsidized loan or who need additional funds beyond the subsidized loan amount. Interest may accrue on unsubsidized loans while the student is in college. The annual loan limits for unsubsidized loans vary based on the student’s academic year, ranging from $5,500 in the first academic year, $6,500 in the second, up to $7,500 per academic year for subsequent years until the successful completion of an undergraduate degree. Graduate students are eligible for up to $20,500 in unsubsidized loan funds per year.

Loan Repayment Options and Interest Rates

Interest rates for federal student loans are determined annually by the Department of Education. There may be various repayment options, including standard repayment, income-driven repayment plans, and loan forgiveness programs. The specific interest rates, repayment options and eligibility criteria can be explored in detail through the U.S. Department of Education’s Federal Student Aid website.

Private Student Loans

If additional funding is needed beyond federal loans, students may consider private student loans. Private loans are offered by various lenders and financial institutions. It’s important for students to carefully evaluate their options, including interest rates, repayment terms, and borrower benefits, before selecting a private loan. Students can use resources such as www.elmselect.com to research and compare rates and terms offered by different private lenders. However, it’s important to note that there are many lenders not included on this website. Students are encouraged to conduct thorough research, compare multiple lenders, and reach out to the Financial Aid office for specific questions regarding rates, terms, and lenders.

Institutional Loans

Maine Maritime Academy also offers limited institutional loan funds through the generosity of friends and alumni. These funds are typically reserved for students and families who may have difficulty securing loan approvals or competitive credit rates and terms elsewhere. The institutional loan amounts are limited to $10,000 per student per academic year.

Other Resources

Maine Foster Care Tuition Waiver Program

Maine Maritime Academy participates in a state tuition waiver program for foster and adopted children/wards who meet eligibility criteria and are receiving subsidies from the Maine Department of Health and Human Services (DHHS). The waiver covers a student’s cost of tuition during the Fall and Spring semesters and is renewable for up to five years of full-time enrollment, contingent on good academic standing. Students are required to provide proof of acceptance/enrollment at an eligible Maine school and must file the FAFSA each year. The waiver application opens annually in March and is available online as a PDF document which must be printed, completed, signed, and mailed to the Finance Authority of Maine (FAME). The program follows Maine law, detailed in 20-A M.R.S.A. §12571 et seq. and Chapter 608 of the Rules of the Finance Authority of Maine. Eligible students are selected on a first-come, first-served basis. Renewal applications are mailed annually to current recipients by the end of March. For more information and specifics, please visit The Finance Authority of Maine (FAME) website.

Native American Tuition Waiver Program

Maine Maritime Academy participates in a tuition waiver program for Maine residents who are affiliated with the Passamaquoddy Tribe, the Penobscot Nation, the Houlton Band of Maliseet, or the Aroostook Band of Micmac. Eligibility extends to those who are listed on the current Maine tribal census or have a parent or grandparent included on the census. The waiver specifically covers in-state tuition charges at Maine Maritime Academy. It does not cover expenses related to food and housing, additional fees required for course enrollment, medical costs, fines or other associated fees, books, supplies, or other indirect expenses. To apply for this program, all eligible applicants are required to complete the Native American Tuition Waiver Form, available from the Financial Aid Office, and the Free Application for Federal Student Aid (FAFSA). Students must provide all necessary documentation to the Financial Aid Office to ensure that they meet the program’s requirements for eligibility.

Veteran’s Tuition Benefits

Maine Maritime Academy recognizes and supports veterans of the US Armed Forces, and our programs are approved for enrollment of military personnel, veterans, and their eligible dependents under various educational assistance programs, including the GI Bill®. Programs at the academy are also approved by the State Approving Agency for Veterans Education Programs. It is important for veterans and their dependents to contact Maine Maritime Academy’s VA Certifying Official to inquire about necessary documentation to confirm your status as a “covered individual” or for any additional questions regarding veteran’s tuition benefits.

GI Bill® is a registered trademark of Veterans Affairs (VA). More information about education benefits offered by VA is available at the official US government website at https://www.benefits.va.gov/gibill.

Veterans

All current and former members of the US Armed Forces who were honorably discharged are eligible for in-state tuition rates, regardless of whether or not they are receiving benefits and without regard to their date of discharge.

Veterans’ Dependents

Maine Maritime Academy provides benefits for dependents of veterans as well.

In-State Tuition Rates

Effective July 1, 2017, “covered individuals” as defined in 38 U.S.C. §3679(c) are assessed in-state tuition rates at Maine Maritime Academy. The in-state tuition rate remains in effect until the individual completes their academic program, even after their GI Bill® benefits have been exhausted, transferred, or expired.

Covered Individual
      • A veteran who lives in the state where the institution of higher learning is located, enrolls in the school within three years of discharge or release from a period of active duty service of 90 days or more.
      • Spouses or Children using Transferred Post-9/11 GI Bill® Benefits who live in the state where the institution of higher learning is located, and who enroll in the school within three years of the transferor’s discharge or release from a period of active duty service of 90 days or more.
      • Anyone using transferred Post-9/11 GI Bill® benefits who lives in Maine while attending MMA, and the transferor is a member of the uniformed service serving on active duty.
      • Spouses or children using benefits under the Marine Gunnery Sergeant John David Fry Scholarship who live in the state where the institution of higher learning is located.
      • Continuous Enrollment and Benefit Usage: To continue receiving the benefit, the student must remain continuously enrolled at MMA, except during regularly scheduled breaks between courses, semesters, or terms. The student must have enrolled at MMA prior to the expiration of the three-year period following discharge or release and must be using educational benefits under either chapter 31 or chapter 33 of title 38, U.S.C.
Yellow Ribbon Program

Maine Maritime Academy participates in the Yellow Ribbon Program, offering scholarships for non-Maine resident students who have had 100% of benefits transferred to them from a spouse or parent veteran. These scholarships are provided on a first-come, first-served basis and cover the difference between the in-state tuition rate and the student’s out-of-state or regional tuition rate after the Yellow Ribbon Program payment has been received by MMA.

Tuition Waivers

Eligible dependents of veterans, including orphans, widows, widowers, spouses, and children, may qualify for a tuition waiver under Maine law. Initial eligibility is determined by the Veterans Affairs Office of the State of Maine, and student inquiries should be directed towards that office. The waiver typically covers tuition, mandatory fees, and lab fees, but may be reduced to ensure that its value, combined with other grants and benefits received by the student, does not exceed the total cost of education.

Student Incentive Programs (SIP)

Navy ROTC

The Naval Reserve Officer Training Corps (NROTC) Program is a multi-year education and training program which runs concurrently with a student’s college education. Accepting a NROTC scholarship after accepting standard financial aid may result in an adjustment of financial aid funds. Students participating in the NROTC program are divided into two major categories of students.

Scholarship Program

Four-year Navy or Marine Corps ROTC scholarships are awarded to prospective first-year college students annually by the Naval Service Training Command on a highly competitive basis nationwide. The Scholarship typically covers full tuition and mandatory fees and includes a stipend for textbooks and subsistence.

College Program

NROTC students who are not on scholarship are enrolled in the NROTC College Program, which may cover uniforms and relevant textbooks, and a stipend in certain cases. College Program students may compete for scholarships during their first three years at college. If selected for scholarship, College Program students will begin to receive the same benefits as four-year national scholarship recipients. The length of these scholarships (3 or 2 years) depends on when the student is selected for the scholarship. College Program students incur no obligation to the Navy until they begin their junior year or are awarded and accept a scholarship, and graduates are eligible for active-duty commissions in the Navy or Marine Corps.

Strategic Sealift Midshipman Program (SSMP)

SSMP is an education and training program conducted by the Department of Naval Science. Cadets (students enrolled in SIP) receive funding to offset the cost of uniforms, books, and tuition in return for a service obligation. Maine Maritime Academy students must be enrolled in the U.S. Coast Guard unlimited license program and meet certain physical and medical requirements to compete for SSMP. Unlike other commissioning programs, members of the SSMP are not required to complete active duty service. Midshipmen who accept SIP are obligated to apply for and accept, if offered, a commission in the U.S. Navy Reserve. Please see the section on Naval Service Commissioning Programs in this catalog for more information. These funds are considered a resource and are expected to be used for educational funding. Financial aid awards may need to be revised after a student accepts the SSMP agreement.

Applying for Financial Aid

Maine Maritime Academy treats all financial information provided by students and families as confidential. Our goal is to help you navigate the financial aid process and make your education affordable. For further assistance or if you have any questions, please contact our financial aid office.

Note: The availability of financial aid is subject to funds availability, and other eligibility criteria may apply.

Overview

At Maine Maritime Academy, we understand the importance of providing financial aid opportunities to our students. To ensure that you have access to the available financial resources, it is crucial to follow the proper application process. The Free Application for Federal Student Aid (FAFSA) is a key component of the financial aid process. It is a comprehensive form that collects information about your family’s financial situation. The FAFSA determines your eligibility for various federal, state, and campus-based financial aid programs. It is essential to complete the FAFSA accurately and submit it in a timely manner to maximize your financial aid opportunities. To ensure consideration for the widest range of financial aid options, it is crucial to be aware of the deadlines for submitting the FAFSA. The FAFSA becomes available on October 1st each year, and it is recommended to submit it as soon as possible after that date. Be sure to check specific deadlines and submission instructions on the FAFSA website (www.studentaid.gov) to meet all requirements.

Required Documentation

When applying for financial aid, there are certain documents that you may need to submit along with your applications. Completing the FAFSA will require your Social Security Number (or Alien Registration Number, if applicable), driver’s license or government-issued identification, federal income tax returns (including all schedules) or an IRS data exchange, etc. To simplify the financial aid application process, it is recommended to gather all the required documentation beforehand and organize them in an orderly manner. Create a checklist to ensure you have all the necessary documents and consider keeping them in a dedicated folder or file for easy access and reference during the application process.

Tips

Maximizing your financial aid opportunities is crucial in making your education more affordable. Consider the following tips to present your financial situation effectively and explore additional scholarships or grants:

    • Be honest and thorough when completing the FAFSA, ensuring accurate reporting of your financial information.
    • If there have been any significant changes in your family’s financial circumstances, collect documentation and provide explanations to the financial aid office to support your case.
    • If you believe that the results determined by the FAFSA do not adequately represent your financial situation, please reach out to the financial aid office.
    • Research and explore scholarship opportunities specific to your field of study, background, or other criteria. Online scholarship databases, such as GoingMerry (goingmerry.com), Fastweb (www.fastweb.com), or Scholarships.com (www.scholarships.com), can help you find relevant scholarships.
    • Check with professional organizations, community foundations, and local businesses that may offer scholarships.
    • Stay updated on scholarship application deadlines and requirements and submit applications well before the due dates.

Additional Information

MMA Financial Aid Portal

Accepted students can access the MMA Financial Aid Portal at myfinaid.mma.edu. This portal allows students to view a real-time statement of their financial aid offer, review their budgeted cost of attendance, accept or decline federal loans (after completing the FAFSA), upload required verification documentation, complete a FERPA form to grant access to parents or designated individuals, and gather more information about various scholarship and loan programs.

Payment Plan

Maine Maritime Academy offers a monthly payment plan in partnership with Nelnet Campus Commerce. The payment plan allows students to make equal monthly payments over a 10-month period. It can be used to cover all MMA costs or supplement final costs after financial aid. Students can also coordinate the payment plan with loans to lower their monthly payments. Information about the payment plan is typically sent directly to entering first-year students from Nelnet Campus Commerce. For more details or to sign up online, students can visit the Nelnet Campus Commerce website at mycollegepaymentplan.com/mma. Alternatively, students can contact the Finance Office at (207) 326-2243 for further assistance.