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Merit Scholarships - MMA recognizes students' academic achievement by awarding merit scholarships from $2,500 to $8,500 a year for first year students recently graduated from high school. Merit awards are competitive and available to students who attain specific academic performances, choose a particular area of study, have strong personal character and who meet certain demographic criteria. These scholarships are awarded whether or not a student has financial need.
A separate application is not required; decisions on merit scholarship recipients are made as part of the admissions process provided the application packet is complete by March 1. Academic merit scholarships are awarded under Early Action and Regular Decision. However, the number of scholarships available is limited.
MMA scholarships are renewable for 8-10 consecutive semesters (depending on major), based on maintaining a minimum grade point average of 3.3 at MMA.
For more information, contact the MMA Office of Admissions.
Scheel Scholarships - Academic merit award for upperclass MMA students who best exemplify the academic excellence and intellectual curiosity demonstrated by Mr. Henry A. Scheel, one of America's most respected Naval architects and yacht designers.
- Recipients are selected by a faculty committee and honored during Homecoming Weekend.
- Limited number; competitive
II. Need-based Grants:
Two Maine Maritime endowed grant funds are reserved for incoming first-year students with need as determined by their FAFSA data. Individual awards typically range from $600 to $2000.
Pell - Highly need-based;ranges from $555 to $5550 a year.
SEOG - Must be Pell eligible to receive;range from $400 to $1000.
Perkins - Five percent Loans fixed interest; repayment deferred until 9 months after graduation or withdrawal; a high-need loan;
Subsidized Stafford - A need-based loan with a low variable interest rate (6.8% effective 7/1/12); interest is federally subsidized while student is enrolled; repayment deferred until 6 months after graduation or withdrawal; maximum dollar amounts: $3500 (1st year); $4500 (2nd year); $5500 (3rd and 4th years); Students must complete a Master Promissory Note at www.studentloans.gov. MMA will certify student enrollment status and loan amount.
Unsubsidized Stafford loans - borrower is responsible for interest; - $2000 available to ALL students; - independent students are eligible for additional unsubsidized Stafford loan amounts. Students must complete a Master Promissory Note at www.studentloans.gov.
Parent Loan of Undergraduate Students (PLUS) - The federal PLUS program helps parents assist their dependent children in meeting the costs of higher education. Under the federal PLUS program, parents are the actual borrowers. Parents are eligible to borrow up to the Cost of Attendance minus any financial aid the student is eligible to receive. Parents must complete a Master Promissory Note at www.studentloans.gov and complete a PLUS loan supplemental form.
III. Work Study:
On campus or community service employment. Students earn bi-weekly paychecks, and may work up to 20 hours a week; wages range from $7.50 to $11.00 an hour.
IV. Veteran's Educational Assistance:
Maine Maritime Academy programs are approved for the enrollment of military personnel, veterans, and their eligible dependents by the various educational assistance programs (GI Bill). Students who plan to receive VA benefits must contact the Registrar.
VI. Stategic Sealift Officer (SSO):
For students pursuing a USCG Unlimited License and designed to ensure the United States has a sufficient merchant marine to serve as naval support in time of a national emergency. The Maritime Administration (MARAD) is presently funding a Student Incentive Payment (SIP) of $8,000 annually to offset school costs.
Maine - FAFSA data submitted by the May 1 deadline will be forwarded to The FAME/Maine program. - If your EFC is less thanFAME's specified dollar amount, public college students (MMA) will receive $1000 for the year.
New England, Pennsylvania, Maryland - These states have a reciprocal agreement with the State of Maine.
Each state calculates grant eligibility differently - most will use your FAFSA information. Each state's deadline is listed on the cover of the FAFSA.
I. Private Scholarships/Grants:
Private organizations offer financial assistance to many qualified individuals each year:
II. Alternative Loans - Alternative loans are credit-based, private loans offered by many lenders that can be used to supplement aid provided by Stafford and/or federal PLUS loans. Alternative loan requests can be denied by the lender based on credit history and ability to pay the loan. When borrowing an alternative loan, interest begins to accrue immediately after disbursement. Dependent and independent students are eligible to borrow, however, a co-signer may be required.
Contact our Finance/Business Office at (207)326-2243 or contact Tuition Management Systems at (800)356-8329.
If your family/individual financial circumstances change dramatically during an academic year it is possible that your financial aid could also change. If you feel that you have significant reason to request a review of your financial data, you may do so. Each review situation is handled on an individual basis and not all requests result in a change of financial aid.
All colleges have the right to review, but not all colleges will review in the same manner. Making requests for another child at another institution may not result in the same changes at both schools. We will do our best to help.