Deposits

Deposit

A deposit of $250 is required of all degree seeking students upon their acceptance. This deposit is applied as the Security Deposit on the first bill. This deposit is refundable if Admissions is notified of the candidate’s decision to withdraw their acceptance on or before May 1st. Students who withdraw between May 2nd and June 1st will have 50% of their deposit refunded.

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.

Treatment of Title IV Aid When a Student Withdraws

The law specifies how Maine Maritime Academy must determine the amount of Title IV program assistance that you earn if you withdraw from school. The Title IV programs that are covered by this law are Federal Pell Grants, Iraq and Afghanistan Service Grants, TEACH Grants, Direct Loans, Direct PLUS Loans, Federal Supplemental Educational Opportunity Grants (FSEOGs), and Federal Perkins Loans.

Though your aid is posted to your account at the start of each period, you earn the funds as you complete the period. If you withdraw during your period of enrollment, the amount of Title IV program assistance that you have earned up to that point is determined by a specific formula. If you received (or your school or parent received on your behalf) less assistance than the amount that you earned, you may be able to receive those additional funds. If you received more assistance than you earned, the excess funds must be returned by the school and/or you.

The amount of assistance that you have earned is determined on a pro rata basis. For example, if you completed 30% of your period of enrollment, you earn 30% of the assistance you were originally scheduled to receive. Once you have completed more than 60% of the period of enrollment, you earn all the assistance that you were scheduled to receive for that period.

If you did not receive all of the funds that you earned, you may be due a post-withdrawal disbursement. If your post-withdrawal disbursement includes loan funds, your school must get your permission before it can disburse them. You may choose to decline some or all of the loan funds so that you don’t incur additional debt. Your school may automatically use all or a portion of your post-withdrawal disbursement of grant funds for tuition, fees, and room and board charges (as contracted with the school). The school needs your permission to use the post-withdrawal grant disbursement for all other institutional charges. If you do not give your permission (some schools ask for this when you enroll), you will be offered the funds. However, it may be in your best interest to allow the school to keep the funds to reduce your debt at the school.

There are some Title IV funds that were scheduled to receive that cannot be disbursed to you once you withdraw because of other eligibility requirements. For example, if you are a first-time, first-year undergraduate student and you have not completed the first 30 days of your program before you withdraw, you will not receive any Direct Loan funds that you would have received had you remained enrolled past the 30th day.

If you receive (or your school or parent receive on your behalf) excess Title IV program funds that must be returned, the Academy must return a portion of the excess equal to the lesser of:

  1.  your institutional charges multiplied by the unearned percentage of your funds, or
  2. the entire amount of excess funds

The school must return this amount even if it didn’t keep this amount of your Title IV program funds.

If your school is not required to return all of the excess funds, you must return the remaining amount.

For any loan funds that you must return, you (or your parent for a Direct PLUS Loan) repay in accordance with the terms of the promissory note. That is, you make scheduled payments to the holder of the loan over a period of time.

Any amount of unearned grant funds that you must return is called an overpayment. The maximum amount of a grant overpayment that you must repay is half of the grant funds you received or were scheduled to receive. You do not have to repay a grant overpayment if the original amount of the overpayment is $50 or less. You must make arrangements with your school or the Department of Education to return the unearned grant funds.

The requirements for Title IV program funds when you withdraw are separate from any refund policy that your school may have. Therefore, you may still owe funds to the Academy to cover unpaid institutional charges. The Academy may also charge you for any Title IV program funds that the school was required to return. If you don’t already know your school’s refund policy, please see above. The Academy’s Registrar’s office can also provide you with the requirements and procedures for officially withdrawing from school.

If you have any questions about your Title IV program funds, you can call the Federal Student Aid Information Center at 1-800-4-FEDAID (1-800-433-3243). TTY users may call 1-800-730-8913. Information is also available on Student Aid on the Web at www.studentaid.ed.gov.

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.