Maine College Grants and Loans

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Maine College Grants and Loans

Maine Grants

Maine State Grant Program This grant program is need based for Maine residents. To be considered you must submit a FAFSA by May 1. The awards range from $500 to $1250 for full time students. There are a limited number of grants available for part time students, as well.

NextGen College Investing Plan While not technically a grant, thanks to Harold Alfond, all babies who are born in and residents of Maine will have the opportunity to receive a $500 credit to their NextGen College Investing Plan account. Parents need to make sure to open the account. By 2009, the plan should be operating statewide.

NextGen has other advantages for Maine residents that make it a no-brainer to join. After opening the account, you can apply for a one time $50 grant on the baby's first birthday. Then, there is an inital $200 grant for those account owners with a federal adjusted gross income (AGI) below $75,000. On top of that, each year, if either the NextGen account owner or the account beneficiary is a Maine resident and the account owner's federal AGI in 2006 was less than $75,000, you are eligible for a 50% match up to a maximum of $200. Each of these must be applied for and you can find links to the applications on the FAME (Finance Authority of Maine) website. Another benefit is that Maine residents will the Maine Administrative Fee rebated back to their accounts as long as they have a balance of $1,000 or more in the account.

Maine Loans

Educators for Maine Program If you are a Maine student planning on a career in teaching, child care or speech pathology, you may be eligible for the Educators for Maine Loan Program.

Maine Dental Education Loan This is forgiveable loan program for Maine residents who are studying in a postgraduate dental education program. You must be a Maine resident for at least two years prior to entering the program and must agree to practice full time general dentistry in one of Maine's underserved areas in an eligible dental care facility which accepts all patients regardless of ability to pay for services. One year's loans will be forgiven for each year of service. Get more information on requirements at the Maine Financial Aid page.

For more information on Maine state Grants, scholarships and loans, please visit the Financial Authority of Maine financial aid page.

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