Aid Programs

Federal Pell Grant

Federal Pell Grants are for income eligible students and are the first and largest grants to be awarded. All eligible students will receive an award. Other awards may be added to the student’s “financial aid package” to meet remaining student needs.

• Awards are available to full-time (12 or more credits per semester), three-fourths-time (9 to 11 credits per term), half-time (6 to 8 credits per term) and less-than-half-time (1 to 5 credits per term) enrolled students.
• Only undergraduates who have not yet earned a first baccalaureate degree are eligible.
• Pell Grant life-time eligibility is capped at the equivalent of 12 full-time semesters (this amount is prorated for part-time students—for example, 24 half-time semesters, 18 ¾-time semesters).  Two full-time semesters equals one award year, and the Department of Education considers that 100%.  Therefore, maximum lifetime Pell eligibility is 600%.  Students can go to www.studentaid.gov sign in using their federal PIN, and check the percentage of Pell eligibility they have used.  An approximation of the amount of Pell the student has used appears as a comment on the student’s FAFSA.

FSEOG’s are awarded to students with exceptional need who are also receiving Federal Pell Grants. All part-time and full-time students may qualify for awards, but due to limited funding, all eligible students will not receive awards. Only undergraduates who have not yet earned a first baccalaureate degree are eligible.

These grants are awarded by the State of Maine to students who demonstrate a level of financial need and are full-time students. Part-time awards are available only to students with a certain level of need that are enrolled at least half-time (6 to 8 credit hours per term). Only undergraduates who have not yet earned a first baccalaureate degree are eligible. Students may only receive the Maine State Grant award for a maximum of 10 full-time semesters or its equivalency.

These are available to students who are Maine residents who have a financial need and enrolled full-time (12 credit hours per term) in associate degree programs. Recipients will be known as Osher Scholars and must maintain a 2.5 cumulative grade point average to retain eligibility for continued awards during each year of enrollment.

This are granted to first-semester, first-year students who are Maine residents taking at least six credits in their first semester and who have accumulated no more than 24 college credits.

Click here for scholarship criteria and application.

The Worthington Scholarship Foundation is committed to making a college education affordable for students in Maine by awarding scholarships to graduates of Maine public high schools who will be attending participating Maine colleges.  Awards are based on financial need and merit and are renewable for up to eight semesters.  We are proud to partner with the Worthington Scholarship Foundation to provide this incredible scholarship opportunity to eligible students who attend KVCC.

Loans are borrowed and must be repaid with interest.  For details on the terms, interest rates and repayment options, visit: Loans | Federal Student Aid.  If you have questions on the Federal Student Loans that have been awarded to you, please contact us at financialaid@kvcc.me.edu .  Students must be actively enrolled at least half time at the time of the loan disbursement each semester.

Based on financial need.  For loans disbursed after July 1, 2014, the principle and interest are both deferred as long as the student is enrolled at least half-time (6 credits). In addition, the principal is deferred until six months after the student graduates or drops below 6 credits–this is known as the “grace period.”

Non-need-based. The interest is either paid while a student is in school or capitalized over the life of the loan. (The principal is deferred until six months after a student graduates or drops below 6 credits.)

The Bipartisan Student Loan Certainty Act of 2013 ties federal student loan interest rates to financial markets.  Under this Act, interest rates will be determined each June for new loans being made for the upcoming award year, which runs from July 1 to the following June 30.  Each loan will have a fixed interest rate for the life of the loan. The interest rate for new Direct Subsidized and Unsubsidized Loans made to undergraduates on or after July 1, 2023 and before July 1, 2024 is 5.5%.

This loan is available to parents of a dependent student (parents must have a good credit history to qualify).  As with Direct Subsidized and Unsubsidized student loans, the interest rate for PLUS loans will be determined each June for new loans being made for the upcoming award year, which runs from July 1 to the following June 30.  Each loan will have a fixed interest rate for the life of the loan.  The interest rate for new PLUS Loans made on or after July 1, 2023 and before July 1, 2024 is 8.05%.

Direct Loans first disbursed between between October 1, 2023 and September 30, 2024 have a 1.057% loan fee and Direct PLUS Loans have a 4.228% fee.

Annual loan limits for subsidized and unsubsidized loans are: $3,500 for first year undergraduates and $4,500 for second year undergraduates. Dependent students may be eligible to borrow an additional unsubsidized loan of up to $2,000 per academic year. Independent students and dependent students whose parents cannot borrow a PLUS loan may be eligible to borrow an additional Direct Unsubsidized Loan of up to $6,000 per academic year.

If a student is a first-year undergraduate student and a first-time borrower, KVCC cannot disburse his/her first payment until 30 days after the first day of the enrollment period. This practice ensures that students won’t have a loan to repay if they don’t begin classes or if they withdraw during the first 30 days of classes.

If a student is only enrolled for one semester (for example, the student is enrolled for fall and graduating at the end of the fall semester), that student’s loans must be disbursed half on the standard disbursement date and half at the mid-point of the semester.

If a student’s final period of enrollment is shorter than the school’s defined academic year (for example, a student who is graduating after the fall semester), federal regulations require financial aid administrators to prorate annual loan limits. Check with the Financial Aid Office for more information.

These loans are not federal loans and not federally guaranteed. Borrowers are subject to a credit check, and interest rates vary.  We recommend that students complete the FAFSA to see about federal, state and institutional eligibility for funding.  Alternative loans should be utilized as a last resort, after other funding sources are exhausted.

KVCC does not have a “preferred lender list” for alternative loans. The following lenders have issued alternative loans to KVCC borrowers in the last five years:

• Sallie Mae Student Loans
• Discover Student Loans
• The Maine Loan

Should KVCC provide information regarding a private education loan from a lender to a prospective borrower, KVCC will provide information to the prospective borrower, including:

• Information required under Sec. 128(e) of the Truth in Lending Act (15 U.S.C. 1638(e) (see https://ecfr.io/Title-12/pt12.3.226#sp12.3.226.f)
• That the prospective borrower may qualify for loans or other assistance under Title IV, HEA programs; and
• That the terms and conditions of Title IV, HEA program loans may be more favorable than the provisions of private education loans.

To monitor all of your federal student loan debt, you may access the Federal Student Aid Website.  Once you log in, your total loan debt will be displayed. You can also view repayment amounts, based on your debt level through the different repayment plans.  You will need your FSA user ID and password to view your loan history. Please note that this website does not list your alternative or private student loans.

Through debt management and loan counseling, students are discouraged from borrowing more than the “recommended” eight percent of projected first-year earnings.

KVCC reserves the right, as granted by the U.S. Dept. of Education, to refuse to certify a student’s Direct Loan or to certify the loan for an amount less than the established federal limits. In that instance, KVCC must document the reason and provide that written explanation to the student. KVCC’s decision is final and cannot be appealed to the Dept. of Education.

KVCC has partnered with ECMC Solutions to contact students to assist them with repayment.  If you receive a call from ECMC Solutions (area codes 651 or 612 ) please know they are a trusted partner of KVCC to provide you with counseling on your student loans as you enter your grace period, then repayment.  They can provide you with repayment plan options and determining which one may be best for you, as well as forbearance and deferment options.