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.
-
Loan Options
- 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 PLUS Loans allow graduate
students and parents of dependent undergraduate students to borrow up to the
annual cost of education minus any financial aid. The interest rate on
these loans is fixed at 8.5%.
- 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 fixed at
6.8%.
-
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.
-
-
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.
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