WHAT IS FINANCIAL AID?
Financial Aid is money that can help you pay for college!
Financial aid is made up of:
-Grants are
aid that you are given by the federal government, your college or
another institution that you will not need to repay. Grants are
typically need-based aid (awarded based on a student’s financial need).
-Scholarships are
aid that you are given, sometimes from your college or community
organizations, that you will not need to repay. Scholarships are
typically merit-based (based on a student’s academic, athletic or other
achievements, not financial need). Check out our Scholarships page for more information!
-Work-Study is aid granted through the federal government or your college and provides an opportunity for you to work part-time on or off-campus.
-Loans are aid that you borrow from the federal government or a private lender, which you will need to repay. Learn more about Federal Loans.
Source: https://www.famemaine.com/education/topics/learning-about-financial-aid/financial-aid-basics/
Financial aid comes from the federal government, private sources, and colleges & universities.
Everyone is eligible for some kind of financial aid!
All seniors should plan to apply for financial aid, even if they are undecided about going to college or if they think their parents make too much money to qualify.
Deadlines for financial applications are very important!
To apply for federal financial aid:
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Both the student and one parent must create an FSA ID. Parent and student must have their social security numbers to create an FSA ID.
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Both the student and parent must complete the Free Application for Federal Student Aid (FAFSA)
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Both the student and parent(s) must complete the CSS Profile if required by the school
NEED HELP?
*Check out the Finance Authority of Maine (FAME Maine)'s Paying for College page and their Informational Videos page!
*Compare college costs with this handy college comparison calculator from Big Future! or download FAME's Comparing Costs & Financial Aid Offers worksheet.