Award Letter - University of Maine at Fort Kent

Award Letter Information
The University of Maine at Fort Kent strives to provide financial assistance to qualified students on the basis of financial need and we are pleased to make you an offer of financial aid. Our offer is reflected on the UMFK Financial Aid Award Letter. Your aid eligibility and aid package have been based on the information you and your family provided to us on your financial aid application and/or the Free Application for Federal Student Aid (FAFSA), applicable federal state requirements and funds available.

Additional Award Letters may be sent to you in the future. These letters will reflect changes or updates to your financial aid package. You do not need return future Award Letters unless you have changes to report, as listed on your Award Letter, and later on in this document and if a prior Award Letter was completed, signed and returned to us. You will need to return future Award Letters if you are rejecting aid, have a change in your enrollment status or living arrangements, or are reporting outside assistance not previously reported.

What You Should Do Now
Read your Award Letter and this information carefully.

We need to know which financial aid programs you are accepting and not accepting. Before making this decision, go to the estimated cost chart. This chart will provide you with estimated costs to attend UMFK for the academic year indicated. The chart figures are based on an average, full-time, credit load of 15 credits per semester. The figures in the chart reflect the cost for one academic year/two semesters (i.e., fall and spring).

Find the information on the chart that corresponds to your situation (i.e., on-campus, off-campus, in-state, out of state etc.). Compare the estimated costs listed for your specific category to determine your estimated costs. You may also want to consider other personal living school related costs as well, such as money for gas and rent, if you are living off-campus.

Next, review your Award letter to determine how much money is being offered to you. Add the free money (i.e., scholarships and grants) first. If scholarships do not cover your estimated costs (and living expenses), then consider "how to come up with your share", i.e. savings, payment plans, summer job earnings, etc. (More information is available later in this document.) If you have requested and have been offered a work-study allocation, consider it, if you are willing to work anywhere from 7-10 hours a week on campus. Funds from work-study earnings go directly to the student and can be used towards helping to pay an unpaid school bill. After you have considered all of your resources and if you still come up short with funds to help pay your bill, then consider any loan offered to you on your Award letter. Always consider loans last, and only borrow what you need. Remember whatever loans you borrow, you will need to repay with interest.

We will assume that you will be accepting all of the free money offered. However, if you want to borrow any loan funds offered, you will need to Accept the loan funds and Apply for the loan. Different types of loans have different procedures. Make sure to follow all instructions carefully.

"Accepting your loan", informs the financial aid office that you want to borrow the money. Accept loan(s) by using either one of these two methods:
1. The quickest and easiest way to accept your loans in online. Simply go to the Bengal Tracker (DSIS). Please follow the instructions on the screen.
2. OR - Return the paper copy of your award letter to the financial aid office. Place a check mark in front of the name of all the awards that you wish to accept. The award letter copy with a printed backside should be completed, signed and returned to: University of Maine at Fort Kent, C/O Financial Aid Office, 23 University Drive, Fort Kent, ME 04743. To apply for a Stafford loan, complete the Stafford loan section/application on the backside of the Award letter. Complete this section, only if you want to apply for all, or part of the Estimated Stafford loan amount listed on the front side.
  Note: If you do not check an award, we will assume that you are rejecting that aid. Two copies of the award letter have been provided to you. The copy with the "blank" backside is for your records. The copy with printed material on the backside is the copy that you would return to the financial aid office, (should you need to).
Apply for your loans. If you want loan money you MUST apply. To obtain loan funds, the borrower must complete, sign, return and submit all the required (additional) paperwork. This includes but is not limited to an application form and a Master Promissory Note (MPN). A MPN is required for each type of loan you are applying for. The paperwork procedure varies for each type of loan. Please follow all instructions carefully. Loan funds will only be applied to a student's account after all paper work is processed accordingly and procedure is followed. More detail information regarding each type of loan is available at the following links.

Receiving Your Money

Receiving Your Grants and Scholarships (awarded by UMFK)
The free money that you have been awarded by the UMFK financial aid office will in most cases be automatically applied (each semester) to your student account at the business office once you are registered and continue to be eligible.

Exception: Outside Scholarships (Not awarded by UMFK)
Outside scholarships are usually credited to your University account only once funds are received from sources other than UMFK. Some stipulations may apply and disbursing procedures will vary. Check with the organization and/or the institution who has granted you the award. This type of funding may only be available after your first semester is completed successfully. If this is your situation, notify the Business Office of forthcoming funds that you anticipate will be available to help pay your college. Arrangements will be considered by the Business Office.

Receiving Your Loan Money
A Perkins loan is not credited to your account automatically. Before loans can be received, you must complete a Disclosure and Information Sheet (online at Bengal Tracker, click here for detailed instructions) and complete, sign and return to UMFK a Perkins Master Promissory Note. This process must be completed before any Perkins funds can be transferred to your student account. A Promissory Note will be mailed to you, or you will be contacted by UMFK personnel. You must complete the note and return it to the address indicated. Failure to sign (and return) your note will result in the cancellation of your Perkins loan. If you do not want the Perkins loan offered to you on your Award Letter, notify the student financial aid office. Details on the Perkins loan process is available online.

Stafford and Plus Loans are not credited to your account automatically. If you accepted your Stafford Loan and/or the Plus loan on the front of your Award Letter, (or online through DSIS), it is important for you to know that you must also complete the appropriate Stafford and/or Plus loan application. The Stafford loan process also requires a first-time UMFK student borrower to complete an Entrance interview. Master Promissory Notes are required for both types of loans. All paper work must be completed prior to the student receiving loan funds and the school must certify loan and funds must be available before funds can be received. Processing details on each type of loan is available online.

Alternative loans are not credited to your account automatically. If you have applied for this type of loan with your lender, you will also be required to complete all the necessary paper work with your lender before receiving funds to your student account. An application form and a promissory note are also usually required. Detail information regarding the Alternative loan process is available online.

Save Yourself Money
It is important for you to know that personnel at the billing (business) office do not know whether or not you will be applying for financial aid and/or loans. Therefore, if you have an outstanding balance with the business office and if you are planning to pay your bill with money from anticipated financial aid and/or a loan (any loan) you must inform the business office. Informing the business office of "how you plan to pay your college bill" is considered "making payment arrangements".

If payment arrangements are not made with the business office by the designated pay date, a late payment fee will be charged.
Once the business office is informed of any pending financial aid and/or loans that you anticipate receiving, they may ask you to sign a "Pending Financial Aid Form". Signing this form could avoid your being charged a late fee.
If your anticipated financial aid and loan(s) do not pay your total (semester) bill, you will also need to make arrangements with the business office on how you will pay the remaining amount.
If for whatever reason you do not receive anticipated financial aid (and loans) or insufficient funds, the obligation of paying your University bill remains with you. Arrangements can be made with the business office. If arrangements are not made within a reasonable time, outstanding accounts not paid can be sent to a collection agency.

Other Important Things to Know About

Estimated Cost of Education
We have based your award on your estimated cost of education which includes both DIRECT COSTS (tuition, fees, and on-campus room and board) and INDIRECT COSTS (books, off-campus room and board, transportation, utilities, medical/dental, child care, and miscellaneous expenses related to your attendance at UMFK). To avoid confusion, keep in mind that your University bill, which you will receive from the UMFK Business Office, will only list your DIRECT COSTS.

See Estimated Costs of Education.

How to Come Up With Your Share
Evaluate your own resources from savings and anticipated income from all sources. If the total of your financial aid and your own resources combined are not enough to pay your education bill, consider the following options:

Look for a summer job
Work during the semester
Lower your indirect costs
Take fewer classes (although this may affect the amount of financial aid received)
Budget your miscellaneous expenses
Apply for additional outside scholarships
Consider a roommate if you live off-campus
Consider a payment plan with the UMFK Business Office
Reduce your travel expenses
Consider other loan options (see a financial aid advisor)

Changes to Financial Aid Awards
If any changes are made to your financial aid award, you will be notified with a revised Award Letter. Changes may be due to any of the following circumstances:

Adjustments - Initial financial aid awards are based on your intended enrollment and living arrangements. We initially acquire this information from data you reported on either your Free Application for Federal Student (FAFSA) or your Award Letter. Any changes in your enrollment (i.e., from full-time to 3/4 time or 1/2 time status to full-time, etc.) AND/OR changes in your living arrangements (i.e., moving from parents' home to your own apartment, moving from off-campus to your parents' home, or from the dorm to your parent's home, etc.) may result in adjustments to your financial aid award.
Receipt of outside assistance/state grants - Often a student may receive additional assistance and/or benefits after the financial aid package has been offered. If the outside assistance, when combined with your financial aid award, exceeds your total eligibility for all types of aid, adjustments to your award will be required. Usually all, or a portion of loan eligibility and/or work-study will be reduced before grants or scholarships are replaced.
Corrections and updates to your original aid application
Changes in your own or your family's circumstances
Further awarding or processing of specific types of financial aid
Withdrawal from classes - If you withdraw from all your classes during a semester, that semester's financial aid award will be prorated based on the date of withdrawal.

Please notify the financial aid office immediately if: any information on your Award Letter is incorrect, changes you requested are incorrect, if you wish to cancel any of the aid offered, or if you have additional assistance to report.

Satisfactory Academic Progress (SAP)
Federal regulations require that in order for a UMFK student to receive federal student aid, the student must maintain satisfactory academic progress and be in a matriculating UMFK degree program. Both qualitative (grade point average) progress and quantitative (number of credits earned) progress are measured. A copy of the current Satisfactory Academic Progress can be found online.

Estimated Financial Aid Awards
Any aid listed on your award letter that is contains an "EST" in front of an award represents an "estimate". The estimate was determined based on information you provided; and any estimated aid has not been applied to your account, but is anticipated.

A Pell Grant estimate can only be finalized and credited to your student account once we receive a valid electronic Institutional Student Information Record (ISIR) from the Department of Education. A State Scholarship "estimate" will only be finalized once we receive an official roster and payment from the appropriate state agency. An Academic Scholarship "estimate" will remain an estimated award until this office determines whether or not the student has met the eligibility requirements (i.e., full-time enrollment and a 3.0 grade point average) of the scholarship. A Stafford Loan (subsidized and unsubsidized) and a Plus Loan "estimate" only indicates your estimated loan eligibility at the time of review. It will remain an estimated award until the appropriate application is made by you. Once your loan is processed, a new Award Letter will be issued indicating your actual borrowed amounts and the "Est." (or estimate) will be deleted in front of the loan name.

Keep in mind that any aid awarded/offered to you is subject to change based on ongoing congressional budget debates.

General Information about Scholarships
Grants and Scholarships - that UMFK has offered to you on your award letter
This aid is either from UMFK or administered by UMFK. This may include but is not limited to, grants and/or scholarships (i.e., Federal Pell Grant, Federal SEOG, University Scholarship, the Maine State Grant, etc. ) This offered aid will appear on a student's UMFK Award Letter. Assuming the student continues to meet all eligibility requirements, the aid is usually credited (each semester) to a student's UMFK account with the business office.

Scholarships - Awarded by other than UMFK
Outside Assistance is aid assistance that you anticipate receiving from other resources such as high school scholarships, employer assistance, and other various sources. Restrictions and/or terms sometimes apply. Outside assistance can affect your financial aid package. It is very important to keep the financial aid office informed of all outside assistance received or anticipated.

Once the financial aid office is informed (by the student or parent) of these outside scholarships, the aid will be added to a student's Award Letter and will be listed as "outside assistance".

General Information about Loans
Loans must be repaid with interest. Different types of loans available include the Federal Perkins loan, the Federal Stafford Subsidized and Unsubsidized loan, the Federal Parent (PLUS) loan, and (non-federal) Alternative loans.

Perkins Loan
The Perkins Loan is a federally funded low interest (5 percent) loan for undergraduate and graduates attending school on at least a half-time basis. The school is the lender. Perkins loan borrowers do not have to pay origination and/ or insurance and guarantee fees. Loan funds will be provided by your school. The loan amount is usually divided into two payments. Eligibility is based on need. The grace period is 9 months. You must repay this loan to your school. FMI and application details click here.

Subsidized Stafford Loan
Loan eligibility is based on financial need. Repayment of loan principal and interest is not expected to be paid until the student graduates or drops below half-time enrollment. If you indicated an interest in borrowing loans on your financial aid application and we've determined you are eligible for a subsidized Stafford loan, the amount of your eligibility will be listed on your Award Letter. Maximum loan amounts vary depending on your grade level, your financial need, prior loans, and any regulations that your state's guaranteeing agency may have. FMI and application details click here)

Unsubsidized Stafford Loan
This loan is available to students with partial or no eligibility for a subsidized Stafford loan. Financial need is not a requirement for eligibility for this type of loan. Although principal does not have to be repaid until you graduate or drop below 1/2 time enrollment, you will be charged interest from the time the loan is disbursed until it is paid in full. If you are eligible for an unsubsidized Stafford loan the amount of your eligibility will be listed on your Award Letter.(FMI and application details, click here)

Parent Plus Loan
PLUS loans enable parents with good credit histories to borrow to pay the education expenses of each child who is a dependent student. Parents generally will need to pass a credit check to be eligible for this type of loan. Parents must meet general citizenship requirements and may not be in default or owe a refund to any Student Financial Assistance (SFA) Program. The interest rate is variable, but will never exceed 9 percent. Loan funds will be sent directly to the school. Amounts are limited to the Cost of Education minus any other financial aid received. Parents will pay a fee of up to 4 percent of the loan. Repayment must begin with 60 days after the final loan disbursement. There is no grace period. Parents must begin to repay both principal and interest while the student is in school. FMI and application details, click here.

Alternative Loan
The Alternative Loan is designed to help students to bridge the financial gap between college costs and traditional funding sources such as federal loans, grants, scholarships and work-study. Arrangements to borrow this type of loan are made through a bank or credit union. As part of the eligibility requirements, the borrower will generally need to pass a credit check. This is a private loan established between a student/borrower and a bank or a credit union. Loan funds will be sent directly to the school. Borrower amounts are limited to the Cost of Education minus any other financial aid received. Fees may apply. Repayment is required according to the terms of the loan. FMI, click here.

Work-Study
If you have been offered and have accepted your work-study award, you will receive more information regarding hiring and payroll procedures at a later date. Keep in mind that your work-study award will not be credited to your student account. The amount listed on your Award Letter is the amount you can earn. (Note: Once you begin earning these funds, a portion of these funds may be applied to your account if you wish to do so.) Once you are established on the payroll system, the work-study payroll is processed every two weeks. FMI about Work-study click here.

Refund Checks
If the amount of available aid exceeds the amount you owe to the University, you may receive a refund check. Refund checks are available at the business office and are usually issued at the beginning of a semester. Important: If your credit load is different than what is indicated on your (most current) Award Letter, your aid may need to be adjusted (i.e., increased or decreased). This is why it is very important for you to keep the financial aid office informed of credit load changes, etc. (preferably prior to your refund). These potential changes may affect your financial aid, as well as, your student bill. If you receive a refund that is larger than you anticipated, we strongly recommend that you check with the financial aid office before spending it.

Keeping In Touch
The Student Financial Aid Office will post/announce and attempt to keep students informed of various deadlines, information requests and procedures through e-mail, direct mail, the UMFK Web site, the Valley Vision, and/or other appropriate means. It is in your best interest to keep the University updated on your current address and telephone number. It is difficult for us to help you, if we can not reach you. If you would like to update your address with the University, please do so at the Registrar's office.

If your financial aid status changes in any way, i.e., if you take one or more semesters off, change your credit load, secure a job, move from parents' home to off-campus or to the dorm or vice versa, get divorced, lose your job, receive outside assistance or are affected by a change in your parents' financial situation, please notify the UMFK Student Financial Aid Office IMMEDIATELY.

Once you are accepted in a degree program at UMFK, you will have online access to your billing and financial aid information available on Bengal Tracker (DSIS). To enter DSIS you will need to enter your ID number, which is your Social Security Number and your pin number, which is your date of birth. If your birthday is on March 1, 1984, your pin number will be entered as 030184.

If you prefer, you may call UMFK's Bengal Tracker (DSIS) at (207) 834-7575 this is an automated system that can also provide you with information.

You may call the business office (or billing office) directly at (207) 834-7552.

If you have questions regarding your financial aid, you may contact the financial aid office directly at (207) 834-7605.