Compared to the national average, student debt in Maine is among the highest in the U.S. The average borrower owes $32,600.
Maine offers several private student loans and financial aid facilities to help you to fund your college studies. If you’re planning on attending college in Maine, look into the various loan, scholarship, and grant options to ensure that you do not pay more than what you need to before you graduate.
As part of our state by state guide to financial aid, we have outlined the various scholarships, grants, and student loan programs for students in Maine.
What Scholarship Programs Does Maine Have?
Maine offers several scholarships to students who attend school within the state, including:
The Stephen Phillips Memorial Scholarship Fund offers renewable, four-year scholarships to students with financial need who display academic achievement, a commitment to serving others (in school, their community, or at home), a strong work ethic, and leadership qualities. In most cases, the Phillips Scholarship award ranges from $3,000 to $17,000 yearly.
The scholarship awards $1,000 to high school seniors who wish to study for a four-year degree in vocal music performance or education.
Applicants must have competed in an annual vocal music competition and be ready to enter college in the fall. Click here for more information, including application deadlines and fees.
The grant is available to high school seniors who have demonstrated that they are capable of college-level work but haven’t yet arranged to attend college.
Students must have attended a Maine community college to receive this award.
What Grant Programs Does Maine Have?
Maine also has grant programs that provide needs-based financial assistance to the state’s residents.
The grant provides need-based awards to residents of Maine that are undergraduate students. The amount changes year by year. In the 2018-2019 academic year, the maximum award was $1,500.
What Student Loan Programs Does Maine Have?
Maine is one of the few states with a state-sponsored loan program.
The state-sponsored loan provides low-interest loans that cover the shortfall of the full cost of your education (minus your financial aid package). The amount varies from $1,000 to over $10,000.
The lender performs a credit check before they lend the money, but if your credit does not qualify you for the loan, a co-signer with good credit can help you to obtain the loan.
Maine residents in school in other states or Canada, or out-of-state students attending approved schools in Maine must be enrolled at least half-time to qualify.
Federal Student Loans
Prospective students and residents of Maine have the option of seeking government assistance in the form of federal student loans.
You’ll need to fill out a Free Application for Federal Student Aid (FAFSA).
Private Co-Signed Student Loans
For private student loans, there is an array of options. Students seeking assistance in addition to federal student loans may opt for a private co-signed student loan, for example.
No Co-Signer Student Loans in Maine
Prospective students who don’t have or need a co-signer can take advantage of Funding U’s no co-signer student loans.
Eligibility and restrictions include minimum GPA requirements and graduation rate of the chosen college or university. These can be used in addition to federal student loans to receive further financial support. If you’d like to learn more, click here.
NOTE: Funding U does not offer loans to residents of the state of Maine. However, if you are attending a school located in Maine and are a resident of another state that is eligible you may apply.
What Schools Does Funding U Lend to in Maine?
Funding U’s no co-signer loans are offered to students at eligible four-year, non-profit, undergraduate degree-granting universities. These requirements mean that we do not lend to for-profit schools, 2-year schools, graduate schools, or trade schools.
Our eligibility requirements are based on models to predict how likely a student is to graduate, so we have minimum GPA requirements that students must meet, and minimum 6-year graduation rates that schools must reach to be eligible. Find out more about how we determine our eligibility here.
Below is a table of the schools in Maine that Funding U is currently lending to, with additional details on which grades we are now including based on the school’s six-year graduation rate.
|College of the Atlantic||No||No||Yes||Yes||67||76|
|Maine College of Art||No||No||Yes||Yes||51||72|
|Maine Maritime Academy||No||Yes||Yes||Yes||76||77|
|Saint Joseph's College of Maine||No||No||Yes||Yes||63||82|
|University of Maine||No||No||Yes||Yes||60||75|
|University of Maine at Augusta||No||No||No||No||18||54|
|University of Maine at Farmington||No||No||Yes||Yes||52||72|
|University of Maine at Fort Kent||No||No||No||No||46||61|
|University of Maine at Machias||No||No||No||No||29||63|
|University of Maine at Presque Isle||No||No||No||No||35||57|
|University of New England||No||No||Yes||Yes||63||78|
|University of Southern Maine||No||No||No||No||39||68|
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