Types of Aid
Merit Scholarships
General Information
Renewal Criteria
Federal Direct Loans
Students
Federal Direct Subsidized Loans are need-based loans. The government pays the interest on the loan while the student is enrolled at least half-time and during other authorized periods called deferments. The amount of loan offered is based on academic grade level.
Federal Direct Unsubsidized Loans are available to students in addition to Direct Subsidized Loans and are not need-based. Students must complete the FAFSA each year in order to receive Direct student loans.
Parents
Federal Direct PLUS Loans are fixed-rate loans provided by the Department of Education to graduate students and parents of dependent undergraduate students. Parents have the option of applying for these loans each year, and these loans require a credit check. There is a 10-year repayment schedule, and deferment options are available.
Required
Students who are first time borrowers of subsidized or unsubsidized Federal Direct Loans must complete a Master Promissory Note (MPN) and loan entrance counseling before the school can release any loan funds. The Master Promissory Note (MPN) is a legal document in which you promise to repay your loans and accrued interest and fees.
Alternative Loans
Alternative educational loans through private organizations are available to students as an additional financing option. Most of these loans are credit-based, in the student’s name, and require a co-signer. We strongly recommend that students accept all offered Federal Direct Loans before considering an alternative loan.
Annual Direct Loan Limits
Federal regulations specify the maximum Federal Direct Loan amount any student can borrow each academic year depending upon grade level. Actual eligibility is specified on the University of Maine financial aid offer and may be less than the annual maximum. Below are the loan borrowing limits per academic year (fall and spring).
Dependent Students
| Grade Level | Subsidized | Unsubsidized | Combined Subsidized and Unsubsidized |
|---|---|---|---|
| First-Year | $3,500 | $2,000 | $5,500 |
| Sophomore | $4,500 | $2,000 | $6,500 |
| Junior/Senior | $5,500 | $2,000 | $7,500 |
Independent Students
| Grade Level | Subsidized | Unsubsidized | Combined Subsidized and Unsubsidized |
|---|---|---|---|
| First-Year | $3,500 | $6,000 | $9,500 |
| Sophomore | $4,500 | $6,000 | $10,500 |
| Junior/Senior | $5,500 | $7,000 | $12,500 |
Annual Direct Loan Limits
Federal regulations specify the maximum Federal Direct Loan amount any student can borrow each academic year depending upon grade level. Actual eligibility is specified on the University of Maine financial aid offer and may be less than the annual maximum. Below are the loan borrowing limits per academic year (fall and spring).
Dependent Students
Independent Students
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