Financial Aid Trends for Maine Colleges

-8%

Received Percent Changed

$5,767

Received Amount Changes

For the academic year 2023-2024, 62% of students received grants and/or scholarships and its average aid amount is $20,312.

Compared to the percent of received 10 years ago, less students received the financial aid from 68% to 60%. The average financial aid amount has increased from $13,096 to $18,863 at Maine Colleges.

All Undergraduate Students Financial Aid Over Time

The following table and chart show the trends of financial aid for all undergraduate students at Maine Colleges since 2014. For that period, the average number of students who received grants aid/scholarships is 29,080, which is 65.11 % of all undergraduate students.

21,580 students which is 52.22% of undergraduate students received federal student loans and the average loan amount: $6,479.

YearGrant or Scholarship*Pell GrantsFederal Student Loans
Number Received (percent**)Average AmountNumber Received (percent**)Average AmountNumber Received (percent**)Average Amount
2014-1528,909 (68%)$13,09615,785 (38%)$4,00225,381 (59%)$6,588
2015-1628,354 (66%)$13,89715,018 (36%)$4,05724,349 (57%)$6,756
2016-1728,795 (65%)$14,26014,096 (35%)$4,06323,889 (57%)$6,631
2017-1828,828 (64%)$14,90413,815 (35%)$4,18422,749 (54%)$6,460
2018-1928,779 (64%)$16,45712,845 (30%)$4,41721,423 (50%)$6,508
2019-2030,546 (69%)$17,19612,554 (31%)$4,49621,098 (51%)$6,437
2020-2130,169 (64%)$17,12811,769 (30%)$4,49818,970 (49%)$6,248
2021-2229,181 (66%)$18,85411,644 (29%)$4,44118,447 (48%)$6,418
2022-2328,158 (60%)$18,86311,837 (27%)$4,65717,916 (45%)$6,266
Average29,080 (65.11%)$16,07313,263 (32.33%)$4,31321,580 (52.22%)$6,479
*Grant or scholarship aid includes aid received, from the federal government, state or local government, the institution, and other sources known by the institution.
**percentage of number of students receiving aids among all undergraduate students.

Freshmen (First-time, Full-time Undergraduate) Financial Aid Over Time

Over the past 10 years, on average, 6,653 (82.22 % of students) received grants or scholarships and its average amount is $17,798. It can cover 74.11% of tuition & fees ($24,017) based on out-of-state rate. In addition, 4,794 (63.56 % of students) students get helped from the students loans (average amount : $8,014).

Year Grants or Scholarships*Student Loans
Number Received (percent**)Average AmountNumber Received (percent**)Average Amount
2014-156,131 (79%)$13,8764,989 (69%)$7,431
2015-166,230 (84%)$15,0334,965 (68%)$7,826
2016-176,787 (80%)$15,9855,086 (68%)$7,590
2017-186,980 (83%)$17,1305,069 (66%)$7,806
2018-197,033 (84%)$18,4275,171 (65%)$7,881
2019-206,949 (82%)$18,9384,967 (63%)$8,502
2020-216,519 (79%)$18,9064,256 (58%)$7,844
2021-226,816 (82%)$20,1384,479 (59%)$8,250
2022-236,434 (87%)$21,7494,166 (56%)$8,996
Average6,653 (82.22%)$17,7984,794 (63.56%)$8,014
*Grant or scholarship aid includes aid received, from the federal government, state or local government, the institution, and other sources known by the institution.
**Percentage of number of students receiving aids among all undergraduate students.

The following table shows the trends of grants or scholarships over time. Over the past 10 years, on average, 2,654 (39.44 % of students) received Pell (federal) grants and its average amount is $4,458. In addition, 1,846 students received State/local government grants/scholarships (26.67 % of students).

YearFederal (Pell) GrantsOther Federal State/Local governmentInstitutional
Number Received (percent)Average AmountNumber Received (percent)Average Amount Number Received (percent)Average AmountNumber Received (percent)Average Amount
2014-152,737 (44%)$4,1631,963 (36%)$1,2142,140 (31%)$1,0525,571 (70%)$11,966
2015-162,722 (45%)$4,1782,006 (39%)$1,0721,850 (26%)$1,5255,833 (73%)$13,676
2016-172,658 (41%)$4,2581,852 (33%)$1,1631,733 (24%)$1,6656,488 (77%)$15,345
2017-182,807 (41%)$4,4231,935 (33%)$1,1241,687 (26%)$1,7536,690 (76%)$15,409
2018-192,824 (39%)$4,5961,940 (32%)$1,1811,881 (28%)$1,6216,795 (77%)$15,873
2019-202,754 (38%)$4,5494,444 (51%)$1,2241,931 (26%)$1,6306,635 (79%)$16,886
2020-212,485 (35%)$4,6213,706 (40%)$1,6401,964 (27%)$1,5935,984 (81%)$18,900
2021-222,534 (36%)$4,4492,848 (38%)$1,7701,794 (26%)$2,2266,216 (77%)$19,185
2022-232,365 (36%)$4,8881,463 (25%)$1,1921,632 (26%)$2,3465,814 (79%)$19,847
Average2,654 (39.44%)$4,4582,462 (36.33%)$1,2871,846 (26.67%)$1,7126,225 (76.56%)$16,343

The following table describes number of students and average amount of loans by loan type. The following table shows the trends of grants or scholarships over time. Over the past 10 years, on average, 4,794 (63.56 % of students) get any students loan help and its average loan amount is $4,794.

YearTotalFederal student loansOther student loans
Number Received (percent)Average AmountNumber Received (percent)Average AmountNumber Received (percent)Average Amount
2014-154,989 (69%)$7,4314,929 (68%)$5,632975 (11%)$12,424
2015-164,965 (68%)$7,8264,896 (67%)$5,5471,043 (13%)$12,779
2016-175,086 (68%)$7,5905,018 (67%)$5,4051,143 (15%)$11,711
2017-185,069 (66%)$7,8065,005 (66%)$5,4071,186 (15%)$13,089
2018-195,171 (65%)$7,8814,985 (62%)$5,0811,375 (16%)$12,980
2019-204,967 (63%)$8,5024,881 (62%)$5,4931,216 (15%)$16,171
2020-214,256 (58%)$7,8444,175 (57%)$5,138929 (13%)$14,248
2021-224,479 (59%)$8,2504,391 (58%)$5,141956 (13%)$15,542
2022-234,166 (56%)$8,9964,082 (55%)$5,111925 (12%)$17,656
Average4,794 (63.56%)$8,0144,707 (62.44%)$5,3281,083 (13.67%)$14,067