Understanding Your Financial Aid Award Letter
After you submit your FAFSA, UMaine Financial Aid will issue you an award letter. This award will detail the financial aid you are eligible to receive. This will include federal and UMaine specific money.
You do not need to accept everything in your financial aid award. For example, you may wish to borrow less than you are eligible to take out. Additionally, your award will not list private scholarships you have received outside of UMaine. These scholarships can help lower your Expected Family Contribution, or may lower the amount you need to borrow. See our Scholarship page for more information on scholarships.
Below, find information posted on the UMaine Financial Aid website to help answer frequently asked questions about financial aid packages.
How is my financial aid award calculated?
Your financial aid award is unique to you. Many things may impact your financial aid eligibility, including: your Estimated Family Contribution (EFC), number of classes you take each semester, your housing plans, and the number of credits you have earned toward your degree. For more information on how the financial aid award is calculated, click here.
How does the financial aid office notify me about my financial aid package?
You will receive a paper letter when you’ve been awarded which will direct you to view and accept your award on MaineStreet. From that point forward, we will notify you via e-mail if you have anything you need to do in order to receive your aid, or if there have been changes made to your award.
What types of aid may I receive in my award as an undergraduate student?
As an undergraduate student you may receive an offer for the following aid in your award package: Federal Pell Grant, Federal Supplemental Grant, University of Maine Grant, Federal Perkins Loan, State of Maine Grant, Federal Work Study. If you qualify for any of these awards, they will be a part of your Financial Aid Package.
What types of aid may I receive in my award as a graduate student?
As a graduate student you may receive Federal Unsubsidized Direct Loan.
How do I accept my financial aid award?
Certain aid (scholarships, grants, assistantships, etc.) are automatically listed as accepted on your MaineStreet account. If you wish to receive any other type of aid such as loans, you must accept them on MaineStreet.
Is there anything else I need to do to receive my aid?
There may be additional steps to take in order to receive certain types of aid:
Federal Loans – First-time borrowers are required to complete a Master Promissory Note and Entrance Counseling before receiving the loan funds.
Federal Work Study – You will need to find a job before being able to earn your Federal Work Study funds.
Can my award change?
Your award may change based on the following circumstances:
- Corrections or updates to your FAFSA
- Changes in your housing plans
- Changes in your residency status
- Changes in enrollment level each semester
- Changes in your (or your family’s) financial circumstances
- Receipt of additional assistance and/or scholarships
- Receipt of additional information affecting eligibility
- Discontinued attendance in classes
- Withdrawal from all classes
Any time your award changes you will be notified by e-mail and you will be able to see the changes on your MaineStreet account.
Students are encouraged to notify the Financial Aid office as soon as any of the above circumstances occur.