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Applying for Financial Aid

Who is Eligible to Apply?
To be eligible for any of the Federal student aid programs, you must meet all of the following criteria:

1. be a U.S. citizen or eligible non-citizen
2. have a valid Social Security Number (and your name must be listed as on your card)
3. have earned a high school diploma or G.E.D.
4. be registered with Selective Service (if required)
5. be offered admission to a Maine Maritime Academy degree program
6. not be in default on a previous Federal educational loan program

All students are encouraged to apply. Every student is eligible for some type of financial assistance, and financial aid applicants may be considered for MMA Scholarships simply by applying for financial aid.

How to Apply -The Free Application for Federal Student Aid
Maine Maritime Academy requires only one financial aid application: the Application for Federal Student Aid (FAFSA). We recommend that you file electronically using FAFSA on the Web.

The Free Application for Federal Student Aid (FAFSA) is the first and most important step in applying for financial aid. It is used to determine your eligibility for need-based financial aid and all Federal, state and institutional student aid programs.

Ways to file
The FAFSA can be filed electronically or in paper form. We recommend that you file electronically. To file electronically, use Application for Federal Student Aid (FAFSA) on the web.

However, if you wish to file a paper FAFSA, contact the Department of Education at 1-800-433-3243 and request that one be sent to you.

Here is a helpful and entertaining FAFSA Video as seen on YouTube.

Maine Maritime Academy School Code
When you submit the FAFSA, you will need to enter the Academys School Code, so that we are sent the results of your application. Our school code is 002044. First Time Applicants
First time financial aid applicants are encouraged to go to http://www.pin.ed.gov to request a PIN number to enable you to sign your FAFSA electronically. Parents may also request a PIN number to enable them to sign the application electronically. If you (and your parents, if applicable) don't sign electronically by PIN, you must print out the signature page and mail it to the processing center. You may request a new PIN number at http://www.pin.ed.gov. Requests for PIN numbers usually take about 2 days.

Renewing the FAFSA
If you are a returning student and you filed a FAFSA the prior year, you may file a renewal FAFSA. If you need a PIN number, go to http://www.pin.ed.gov.

What is a SAR?
In response to filing your FAFSA, the Federal processing center will send you an email so that you can review your Student Aid Report (SAR). Look your SAR over carefully for errors and make any necessary corrections by following the instructions on the SAR. If you provided estimated income information on your application, you must update your application according to the instructions provided on your SAR. Check to make sure that Maine Maritime Academy is listed to receive your financial aid information.

Once your SAR is accurate, keep it with your own financial aid records and watch for information to arrive from us. You may be asked to provide documentation (such as signed copies of your and/or your parents' Federal income tax returns) to verify information listed on the FAFSA. If such documentation is required, we will notify you once we have begun to review your application. Keep financial statements on hand in case we must request them from you at any time during the academic year.

Deadlines
You must apply each January for financial aid for the following academic year, which begins with the Fall Semester. To receive priority consideration for all types of financial aid, your FAFSA must be received at the Federal processing center by Maine Maritime Academys priority deadline. The priority deadline to file the Free Application for Federal Student Aid (FAFSA) is April 15 of each year.

Determination of Aid Eligibility
Eligibility for most types of Maine Maritime Academys financial aid is based on need, which is the computed difference between our cost of attendance and your total family contribution. Your expected family contribution (EFC) is determined using the federal methodology, taking into consideration such factors as familys income level, current assets, and household size. The resulting EFC is the minimum amount of money that the formula assumes you and your family can contribute toward your educational expenses for the next academic year. Note that the EFC may not be the amount that you owe.

The primary responsibility for paying for a college education rests with the student and the student's family. Financial aid is intended to supplement your own resources. We will make every attempt to offer as much financial aid as possible, but it is very rare that all of a student's financial needs are met entirely through receipt of financial aid. We can work with you to find ways to afford college, by looking into alternatives or helping you find ways to reduce your expenses.

Notification of Your Financial Aid Award
Once we have received all of the materials required for your application, we will mail you a Financial Aid Award Letter. Read the instructions and any enclosures carefully to make sure you know what to do next.

Any time changes are made to your award, even after you have accepted the financial aid offer, you will be notified. Changes may be necessary at any time during the academic year, under any or all of the following circumstances:

• corrections and updates to original application data (your corrections or ours)
• changing of majors
• changes in housing plans
• changes in residency status
• changes in enrollment level each semester
• changes in your and/or your family's circumstances
• receipt of additional assistance and/or scholarships
• receipt of additional information affecting continued eligibility
• discontinued attendance in classes
• withdrawal from all classes

Students are encouraged to contact the office to discuss the impact on their financial aid eligibility before their status changes, if at all possible.

First year students begin receiving financial aid packages in March. Returning students begin receiving their financial aid packages in May.

If you feel you have any concerns or special circumstances that should be brought to our attention, such as changes in the students (or other family members) employment, loss of a benefit or other type of income, changes in marital status, or unexpected/unusual costs, please refer to Financial Aid Review Request Form.

Disbursement of funds
As funds become available at the beginning of each semester, your financial aid is placed on your student account with Maine Maritime Academys Finance/Bursar's Office. If the amount of your aid is more than what you owe Maine Maritime Academy, a refund check will be issued to you according to the Academys policies.