Federal Work Study (FWS)
Work study positions are available both on and off campus. Students earn money to help pay college costs by performing job responsibilities that are relevant to their academic programs. Students work while they are enrolled and attending the College. Community service work as a reading tutor in local schools is encouraged for those whose academic schedules allow.
If you are interested in applying for the KVCC Federal Work-Study (FWS) Program, please visit our Student Employment page, view the available positions and submit an online application.
Grants and Scholarship
- Federal Pell Grant
- Federal Supplemental Educational Opportunity Grants
- State of Maine Grant Programs
- Bernard Osher Scholarship
- Osher Scholarship for Associate of Arts in Liberal Studies
- KVCC Foundation Scholarships
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.nslds.ed.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.
Federal Supplemental Educational Opportunity Grants (FSEOG)
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.
State of Maine Grant Programs
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.
Bernard Osher Scholarship
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.
Osher Scholarship for Associate of Arts in Liberal Studies
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.
KVCC Foundation Scholarships:
Click here for scholarship criteria and application.
All students borrowing a student loan for the first time are required to complete loan entrance counseling; students with previous student loans who attend KVCC for the first time are encouraged to complete loan entrance counseling again as a reminder. Students leaving KVCC, dropping below 6 credits, or graduating are required to complete loan exit counseling.
Information Regarding Student Loans
Loans are borrowed and must be repaid with interest. Contact the staff at firstname.lastname@example.org for information regarding loans and your responsibilities.
Subsidized William D. Ford Federal Direct Loan:
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.”
Unsubsidized William D. Ford Direct Loan:
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.)
Direct Loan Interest Rates
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 of after July 1, 2019 and before July 1, 2020 is 4.53%.
Direct Plus Loans
(Parent Loan for Undergraduate Students):
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, 2019 and before July 1, 2020 is 7.08%.
Direct Stafford Loans first disbursed between October 1, 2018 and September 30, 2019 have a 1.062% fee and Direct PLUS Loans have a 4.248% fee. Loans first disbursed between October 1, 2019 and Sept. 30, 2020, for Federal Direct Stafford Loans have a 1.059% loan fee taken out at disbursement and Direct PLUS Loans have a 4.236% fee taken out at disbursement.
Annual Loan Limits
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 unsubsidized Stafford Loan of up to $6,000 per academic year.
30-Day Delay in Disbursement for First-time, First-Year Borrowers
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.
Double-Disbursement of Loans for Students attending only One Semester
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.
150% Direct Subsidized Loan Limit
First-time borrowers as of July 1, 2013 or students who have paid in full previous FFEL/Direct Loans and are borrowing a new Direct Loan as of July 1, 2013, have a maximum subsidized loan eligibility period of 150% of the published length of the borrower’s academic program. For example, the maximum subsidized loan eligibility period for a two-year Associate’s Degree is three years, generally prorated for less than full-time enrollment. See the following chart:
Program Length Maximum Eligibility Period
- 5-year Bachelor’s Degree 7.50 Years
- 4-Year Bachelor’s Degree 6.00 Years
- 2-Year Associate’s Degree 3.00 Years
- 2-Year Certificate 3.00 Years
- 1-Year Certificate 1.50 Years
- 18-Week Certificate 27 Weeks
- 10-Week Certificate 15 Weeks
It is important to know that changing programs of study from one program at the same level to another (for example, from one Associate Degree to another) does not reset the measurement to maximum. Eligibility already used is subtracted from maximum eligibility allowed. Students transferring to a four-year degree must subtract eligibility already used from the 6 years they are allowed for a Bachelor’s.
The Department of Education will calculate a student’s remaining loan eligibility based on program-level enrollment data reported by KVCC and other higher-education institutions the student may have attended. Students who lose subsidized loan eligibility are still eligible for unsubsidized Stafford Direct Loans (provided they meet all other eligibility requirements). For more information, see Time Limitation on Direct Subsidized Loan Eligibility.
The Student Aid Report (SAR) that you receive from the Department of Education after filling out your 2019-20 FAFSA will indicate whether you are subject to the 150% limit, and if so, will let you know your subsidized usage periods to date, whether you have reached your 150% limit, and if you are now responsible for interest that is accruing. You can monitor your Maximum Eligibility Period or Remaining Eligibility Periods by logging into the National Student Loan Data System.
IGrad Financial Literacy
KVCC has partnered with IGrad to provide an interactive financial literacy experience for students and employees. Create your account using your KVCC email account. A student Loan Snapshot allows you to upload your federal loan information from NSLDS, for options on repayment and smart borrowing strategies moving forward. Take the My Money Personality quiz to learn more about how you respond to finances. You will then be given recommendations for other topics/courses based on your responses.
These loans are not federal loans and not federally guaranteed. Borrowers are subject to a credit check, and interest rates vary. For more information, check with the Financial Aid Office.
No Preferred Lender List for Alternative Loans
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
- Suntrust Bank
- Wells Fargo
- 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 http://www.law.cornell.edu/uscode/15/usc_sec_15_00001638—-000-.html)
- 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.
Monitor Student Debt Via the NSLDS Student Access Website
To monitor all of your federal student loan debt, you may access the National Student Loan Data System (NSLDS) online or call toll-free 1-800-999-8219. 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.
It is important that you know who your loan servicer is so you can contact them prior to going into repayment. To determine your servicer, click on “Financial Aid Review,” then click on the “Accept” button, and again click “Accept” on the following screen. Type in your Social Security Number, the first two letters of your last name, your date of birth and click “Submit.” Then click on “Financial Aid Review.” Your loan information will appear. You can click on the blue number on the left side of the screen that corresponds with each loan to see the associated servicer and contact information.
Information on any Stafford loan taken out by a student or parent will be submitted to the NSLDS, and will be accessible by guaranty agencies, lenders, and institutions determined to be authorized users of the data system.
Calculate what your monthly payments would be when you go into repayment under various repayment plans with this loan calculator. By logging into this site with your FSA ID, the Federal Loans that you have borrowed will populate and you will be able to see repayment amounts through the various federal repayment plans.
Federal Loan Limits and Refusal to Certify a Direct Loan
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 Stafford 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.
The Opportunity Maine program provides a tax credit to help cover the payment of some student loans for eligible Maine students who graduate from a Maine Community College and work and pay taxes in Maine. For more information, click here.