$4,413

Avg. Federal Grant

$5,981

Avg. Federal Loan

$4,261,996

Total Aid Awarded

Maine Maritime Academy (MMA) Financial Aid and Scholarships

Students Receiving Aid Percent of Students Receiving Financial Aid.

59%

Total Aid Amount Average Total Aid Awarded per year.

$4.262M

Financial Aid Official Website

https://mainemaritime.edu/admissions/undergraduate-admissions/financial-aid

Among them are scholarship programs such as Maine Difference Scholarship, Maine Metal Products Association Scholarship, Maine Public Relations Council Scholarship, and Maine State Society of Washington D.C. Scholarship. As many as 95% of the students at MMA get some sort of financial aid, and the total amount of assistance/loans provided is more than $5,041,585 in a year. More information regarding the financial assistance schemes can be accessed on MMA’s official financial aid page at https://mainemaritime.edu/admissions/undergraduate-admissions/financial-aid. Notably, a total of 36% of the applicants to Maine Maritime Academy receive the Federal Grant every year. Meanwhile, 67% of the applicants receive the Student Grant and 39% are awarded the Institution Grant, while 36% of the students get the Pell Grant. Moreover, the average aid amount for Federal Grant awardees stands at $4,702, while the same comes to $1,564 for State Grant receivers and $6,089 for Institution Grant awardees. As far as the Pell Grant beneficiaries are concerned, the average aid received stands at $4,400. Among other things, the annual family income of the applicant plays a major role in determining the total financial aid they are actually eligible to receive. Alternatively, the candidates can also avail of monetary benefits like student loans, apart from financial grants and scholarship schemes to pay for their studies. In contrast to grants and scholarships, student loans are taken by the candidates at a certain rate of interest. While grants and scholarship schemes do not require repayment, student loans should be repaid by the applicants within a given period. At Maine Maritime Academy, the percentage of candidates who opt to avail of student loans is around 88%.

Financial Aid Breakdown

Student Receiving Aid

Federal Grant Aid

30%

State Grant Aid

20%

Institution Grant Aid

33%

Pell Grant

30%

Average Aid Awarded

Federal Grant Aid

$4,413

State Grant Aid

$1,691

Institution Grant Aid

$4,890

Pell Grant

$4,069

Federal Aid based on Family Income

Family Income

Average Federal Aid Per Year

Under $30,000

$9,053

$30,001 - $48,000

$7,525

$48,001 - $75,000

$4,413

$75,001 - $110,000

$1,298

Over $110,000

$2,749

Student Loans for Maine Maritime Academy (MMA)

Average Loan Amount Average Loan Amount received per year.

$11,964/Year

Students Taking Out Loans

83%

Loan Default Rate

2.1%

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