Occasionally, students and their families need to supplement their own resources. Consider these alternatives as you put together a plan for paying for college.

Payment Plans

When you sign up for a payment plan, you can arrange to pay all or part of your billed costs by spreading out these costs over a period of months. Payment plans are not loans and there are no interest or finance charges. Further information is available from the University of Maine Bursar's Office at (207) 581-1521.
 

Work Options

Employment during the summer and winter breaks can build up savings to meet expenses in September and January. It's best to consider that these earnings will help pay for books and incidental expenses, rather than to help pay each semester's bill. Once enrolled, the University of Maine Office of Student Employment can assist students in locating both work study and non-work study jobs, either on or off campus.
 

Alternative Education Loans

There are a variety of loan programs available for helping to finance a college education, all of which will have to be repaid either upon disbursement of the loan funds, or once the student completes the degree or leaves school. Before applying for any loan, ask many questions and evaluate each loan program carefully to choose the one which is best for you. Some options include:
 

Federal Parent Loans for Undergraduate Students (PLUS) which make it possible for parents to borrow money to help pay educational costs. The interest rate on these loans is variable, not to exceed 9%.
 

Federal Additional Unsubsidized Stafford Loans are only available to independent students, or to a student whose parents are unable to obtain a PLUS Loan. The interest rate on these loans is variable, not to exceed 8.25%.
 

Alternative Loans from Private Lenders Most are credit-based loans, and will require periodic payments of principal and interest once disbursed. Interest rates vary, and a separate application is usually sent directly to the lender, which is then forwarded to the Office of Student Financial Aid for certification of the student's status. There is a partial list of such lenders here.

 

Explore benefits through the Armed Forces

If you are a member of the Armed Forces, or a dependent or spouse of one, you may be eligible for benefits through programs offered by the specific branch of the service from which your are affiliated. Talk with the Veterans Affairs Office on campus, the campus ARMY or NAVY ROTC offices, and with Armed Forces recruitment officers.
 

Talk with an Expert

Your lender, accountant, or a Financial Planner, may be able to give you specific advice relative to your own particular financial situation, and provide suggestions as to how to tap into other resources. Possibilities might include home equity loans, lines of credit, loans against retirement funds or life insurance policies, or any number of other ideas.