UMF attempts to award a combination of grants, loans, and work-study that will meet most of the need of eligible students (see details below) who have met the March 1 priority deadline. For this purpose, “need” is determined by the following formula as set forth by the Federal Government:
Cost of Attendance – Expected Family Contribution = Need
In this formula, cost of attendance is a computation of the average college costs that a student may incur during the course of an academic year. The actual costs for each student may vary. The Expected Family Contribution (EFC) is determined by the Federal Processor and is based on the information submitted on the Free Application for Federal Student Aid (FAFSA). That quantity — cost minus family contribution — is the maximum amount of need-based aid for which a student may normally qualify. Aid is awarded based on financial need, with the highest priority given to the neediest on-time applicants. To be considered an on-time applicant, the Federal Processor must receive the FAFSA by March 1 (this is not a postmark date). Late applicants may experience late aid notification, decreased aid, increased loans, and/or late payment of aid.
Aid applications are reviewed throughout the year. Students are notified of aid eligibility, including Stafford Loan eligibility, by an award letter. Please read through the award notice and all other documentation that comes with it to be certain that you understand what is being done to help you finance your education.
To receive need-based financial aid, a student must:
- demonstrate financial need by completing the FAFSA;
- have a high school diploma or GED;
- be admitted as a degree candidate at UMF;
- be a US citizen or eligible non-citizen;
- have a valid Social Security Number;
- be making satisfactory academic progress;
- be in good academic standing or on academic probation;
- sign a statement of educational purpose and certification statement on overpayment and default (Step Seven on the FAFSA); and
- register with the Selective Service, if required.
Please Note that a student who is academically dismissed and fails to be reinstated is no longer eligible for matriculation at any campus of the University of Maine, and therefore, is ineligible for financial aid, including Federal educational loans, at those institutions.