Financial Aid

Loans

Please contact the Financial Aid Office by e-mailing us or calling (207) 948-9235 for more information on loans. Loan counseling and processing information is also available.

A loan is money that you borrow and must pay back with interest. If you apply for financial aid, you may be offered loans as part of your financial aid award.

Federal Perkins Loans

  • Limited by federal funding
  • Interest-free while borrower remains in school at least half-time
  • Up to 10 years to repay beginning 9 months after no longer enrolled at least half-time
  • Varies based on available funds

Federal Direct Loans (formerly Stafford Loans)

  • May apply whether receiving other financial aid or not
  • Must be enrolled at least half-time
  • Long term, low interest

Federal Direct Subsidized Loans:

  • Repayment deferred while student remains in school at least half-time
  • U.S. Department of Education pays interest while student remains in school at least half-time, and for 6 months after student leaves school
  • Maximum $3,500 first-year students; $4,500 second-year students; $5,500 third-, fourth-, and fifth-year students

Federal Direct Unsubsidized Loans:

  • All students receive a base Unsubsidized Stafford loan
  • Student responsible for interest payments during all periods (including while in school)
  • Combined maximum Subsidized and Unsubsidized $5,500 first year students; $6,500 second year students; $7,500 third‑, fourth-, and fifth-year students

Federal Direct Parent Loans for Undergraduate Students (PLUS Loans)

  • Federal loan program available to parents of dependent undergraduate students (and to graduate or professional-degree students)
  • Annual cost of attendance minus other aid per eligible student
  • Fixed interest rate and repayment schedule
  • Parents can request deferment of payments while the student is enrolled in school
  • For more information regarding Federal Direct PLUS Loans, visit www.StudentLoans.gov

Alternative Loan Programs

Alternative Loans are private loans designed as an additional way to finance the costs of higher education when federal loan options are exhausted.  They are offered through private lenders whose loans are not associated with federal student loan programs.  Because of this, terms and conditions vary greatly. Typically, private loans are credit-based, which means that borrowers are required to pass a credit check. In many cases, a co-signer may be required. Most of these programs offer a variable interest rate with the ability to defer the payment of principal while the student is enrolled in school.