If you have not done so already, please remember to electronically sign, send, and then confirm (in your email) the Financial Aid Agreement. You can access this here.
If you are accepting a Direct Loan as part of your financial aid package, you will need to sign a Direct Loan Master Promissory Note and complete Direct Loan Entrance Counseling, both are done online. All students receiving Direct Loans need to complete both steps.
In order to receive your Federal Direct Loan(s) funds please follow these steps:
You will need your driver’s license, FSA ID, and two references with their names and addresses.
Step 1: Complete a Loan Agreement (Master Promissory Note)
- Go to studentaid.gov/mpn
- In the middle of the page, click on "Log in to Start" next to “I’m an Undergraduate Student”
- 3. Follow the directions. Be sure to include Maine College of Art & Design as the school you want to receive the information.
Step 2: Complete Loan Entrance Counseling
- Go to studentaid.gov/entrance-counseling
- In the middle of the page, click on "Log in to Start" next to “I’m an Undergraduate Student”
- Follow the directions. Be sure to include Maine College of Art & Design as the school you want to receive the information.
Information on how to cover your remaining balance and expenses
When your Financial Aid Package does not cover the cost of your tuition and expenses and you are not prepared to pay cash for the remaining balance, these are your options:
Payment Plan with Transact
The College offers a monthly ACH payment plan through Transact. Regularly scheduled payments are processed on the 15th of each month, with a small non-refundable enrollment fee for plans. If someone is paying on behalf of the student, the student must set up their payment plan account first and then add an authorized payer. You can enroll in a payment plan through your MyMECA account. Please contact billing@meca.edu with any questions.
Loan Options Apply for an Alternative/Private Loan
Apply for an Alternative/Private Loan
Both parent and student loans are available from private lenders. You may choose any lender you prefer; suggestions and a comparison tool are available here.
Apply for a Federal Parent PLUS Loan
Parents of a dependent student can apply for the Parent PLUS loan. The Parent PLUS loan currently (reset each July 1) has an interest rate of 8.05% and is credit-based. When determining how much to borrow, keep in mind there is 4.228% in fees deducted before the funds are disbursed. If you are denied a Parent PLUS Loan, the student will automatically become eligible for additional Unsubsidized Direct Loan funds—so it’s worthwhile to apply, even if you feel you will be denied.
Applications will be available on studentaid.gov beginning June 1, 2023.
Outside Scholarship Opportunities
We encourage you to apply for as many outside scholarships as possible. Here is our list of recommended outside scholarships.
Contact
Office of Financial Aid
Maine College of Art & Design
522 Congress Street
Portland, ME 04101
P: (207) 699-5074
F: (207) 772-5069