Financial Aid 101

Types of Student Aid

More information is available at the following links

University Aid

University aid is financial assistance provided to students available from University funding. For UMFK, this type of assistance is usually in the form of scholarships (i.e., free money). Some of these funds are from various donations made by community members and alumni.

Award Notices

We strive to provide financial assistance to qualified students based on financial needs. When we offer you a financial aid package, it’s reflected on the UMFK Financial Aid Award Notice. Your eligibility and aid package are based on the information you and your family gave on your financial aid application (i.e., Free Application for Federal Student Aid – FAFSA), any federal and state requirements, and the available funds.

Your initial award notice is mailed to you as a first-time UMFK student. In the following years, you can view your award in MaineStreet. If there are changes to your aid package, we will email you asking you to review your new award notice on MaineStreet. This updated notice will reflect any changes to your financial aid package.

We ask you to review your initial award notice and accept or decline the package. You can accept or decline your award through MaineStreet. Changes in your enrollment status, living arrangements, outside assistance not previously reported, etc., must be reported to the financial aid office or recorded in MaineStreet.

Types of Aid Offered to You

Grants and Scholarships: most grants or scholarships offered in your aid package either come from or are administered by UMFK. This may include but is not limited to: Federal Pell Grant, Federal SEOG, University Scholarships, and State Grants. This aid will appear on your UMFK award notice. As long as you meet all eligibility requirements (including being registered for classes), the funds are usually credited each semester to your account through the business office.

Outside Scholarships (Not awarded by UMFK): outside scholarships are money you receive from sources other than UMFK. This could include high school scholarships, employer assistance, and other sources. External assistance can affect your financial aid offer, and previous offers may need adjusting, so keeping the financial aid office informed of all outside help is essential. Usually, loans are the first type of aid adjusted. Remember, It is your responsibility to report to our office all the outside assistance you expect to receive.

Once we know the anticipated outside funds, the amount will be added to your award notice (viewable in MaineStreet) and listed as “Outside Assistance.” All reported outside scholarships will be added and reflected as one figure on the Award Notice. For financial aid purposes, this total is divided into two parts, one half each for the fall and spring semesters, though sometimes scholarships are more heavily paid during the spring semester.

Outside scholarships are usually credited to your account only once the funds are received. Some stipulations may apply, and disbursing procedures vary. Check with the external source granting you the award. If funds are only available after your first semester, notify the Business Office for arrangements to be considered.

Work-Study: if you’re offered and accept a work-study award, you will receive more information about hiring and payroll procedures at a later time. Your work-study award will not be credited to your student account. Instead, the total listed on your award notice is the amount you can earn. As you start to earn money from a work-study job, you can request a portion of these funds be applied directly to your account. Once you are in the payroll system, the work-study payroll is processed every two weeks.

When reviewing your award letter to determine how much you may need to pay out of pocket, we suggest you do not include the work-study allocation as part of your total aid since you only receive these funds as earned from a work-study job and is not immediately available upfront.

Loans: student loans must be repaid with interest. Educational loans include the Federal Subsidized and Unsubsidized Direct Loan, the Federal Parent (PLUS) loan, and (non-federal) Alternative loans.

Learn More about Loans

For more information and application details for different types of loans, visit the following pages.

Estimating Your Educational Costs

Your award is based on your estimated educational cost, which includes DIRECT (tuition, fees, and on-campus room and board) and INDIRECT (books, off-campus room and board, transportation, utilities, medical/dental, child care, etc.) COSTS. Your student bill, generated by the UMFK Business Office, will list your DIRECT COSTS only. To determine your estimated cost of education, review our Tuition and Fees page, noting appropriate estimate that corresponds to your circumstances. If you are living off-campus, you may also want to consider other personal living and school-related costs, such as gas and rent.

Coming Up with Your Share

If, after estimating your educational cost, reviewing your award notice, and evaluating your available financial resources, your total aid and finances combined are not enough to pay your education bill, consider the following options:

  • Look for a summer job
  • Lower your indirect costs
  • Take fewer classes (although this may affect the amount of financial aid received)
  • Budget your miscellaneous expenses
  • Apply for additional outside scholarships
  • Consider a roommate if you live off-campus
  • Apply for a UMFK payment plan
  • Reduce your travel expenses
  • Consider additional loan options
  • Consider on-campus or off-campus employment