Thomas College’s investment in you doesn’t stop at our funding, we also invest in your financial knowledge. You should feel prepared when it comes to making the right decisions to invest in yourself. Finding funding beyond that offered in your financial aid award is not always easy. Let us help you make the first step in that journey.
A private college education represents a significant investment, and students are always searching for the most affordable colleges. Our Guaranteed Job Program is part of our partnership with you—we promise to help keep college costs in check, and we guarantee that you’ll find a job in your field within 90 days of graduation. At a time when nearly 60% of public college students take six years to graduate, Thomas gives you a head start on your career.
Students and their families may qualify for different loan options to help manage costs and allow repayments over time. Our respectable four-year graduation rate helps to ensure that you’ll graduate on time and without surprises, and our Guaranteed Job Program™ gives you a real advantage—you can bank on it.
Loans
Federal Direct Subsidized Loan
Students may qualify for these loans based on the need determined by their FAFSA information. All or a portion of the loan’s interest may be subsidized by the government while the student is in school, also depending on need. Students qualify for greater loan amounts each year that they continue at Thomas College, from $5,500 to $7,500. This loan is based on federal eligibility. Interest begins to accrue, and repayment begins six months after the student graduates or stops attending at least half-time.
Federal Direct PLUS Loan
Graduate students and parents of undergraduate students can apply for this PLUS loan to help pay for expenses not covered by other financial aid. This loan is available to borrowers whether or not they qualify for need-based financial aid, and borrowers must pass a credit check. The interest rate is variable but cannot exceed none percent.
For all questions on federal loans, please visit studentaid.gov/understand-aid/types/loans.
Federal Direct Unsubsidized Loan
Dependent undergraduate, graduate, and professional students who do not qualify for the subsidized Federal Direct Loan may receive this loan instead. Annual amounts and interest rates are the same as a subsidized loan. Dependent undergraduate students who qualify for the subsidized Federal Direct Loan are eligible for an additional $2,000 annually.
Request for additional unsubsidized Federal Direct Loan funds must be submitted to the Executive Director of Student Financial Services.
Independent and dependent undergraduate students, whose parents do not qualify for a PLUS loan, may receive $6,000 in their freshman and sophomore year; $7,000 in their junior and senior year, not to exceed $34,500.
Graduate students may receive up to $20,500. Interest begins to accrue immediately; the student has the option of paying the interest while in school or deferring until repayment on the principal begins. Repayment of principal begins six months after the student graduates or stops attending at least half-time.
Alternative Education Loans
No-need loans are available for families with little or no financial need. These loans may be obtained by families that have maxed out their Federal Direct Loan and PLUS Loan options. They are based primarily on the credit worthiness of the applicant and co-applicant. Interest payments can be made during enrollment, while deferring the principal until after graduation. For more information, contact the Student Financial Services Office.
*Students are issued financial aid awards beginning in November and may choose to accept or decline all or part of any loans offered. Rejecting a loan does not mean that it will be replaced by grants or scholarship funds.
Private education loans are available from a variety of lenders and banks to help students cover the gap between the cost of attending Thomas College and the amount of other financial aid received. To assist in your search, we invite you to use the Connected Credit Union search tool or if you prefer you may also browse the list of lending options provided below.
- Abe. Student Loans
- Bangor Savings Bank Education Loans
- Citizens Bank Student Loan for Parents
- Citizens Bank Student Loan
- College Ave Parent Loan
- College Ave Undergraduate Student Loan
- Custom Choice Student Loans
- Earnest Student Loans
- EdvestinU Private Student Loans
- FAME Maine Loan
- Nelnet Bank Private Student Loans
- Sallie Mae Student Loans
- SoFi Private Student Loans
- Union Federal Private Student Loan
Thomas College accepts all alternative loans and encourages borrowers to do research on their own, as the borrower may be able to find lenders offering better benefits or interest rates.
Lenders shown were chosen based on previous history with Thomas College including customer service provided to the college and its students, competitive interest rates, additional borrower benefits, and ease of application.
Grants
Federal Pell Grant
Pell Grant funds are awarded by the federal government to students who show extreme financial need.
Federal Supplemental Educational Opportunity Grant (FSEOG)
Students who show financial need are eligible to receive a supplemental grant. This award can range from $200 to $4,000 per year.
Maine State Grant Program
Students who are residents of Maine and are enrolled in a degree-granting post-secondary private college may be eligible to receive a grant from the Maine State Grant Program. Students must demonstrate financial need each year and submit a FAFSA.
In addition, students attending Thomas College who are residents of Massachusetts, Vermont, and Rhode Island may also receive funds from their State grant programs.
Other Aid
Federal Work Study
Thomas College offers Federal Work-Study to those students who may qualify. We have over 100 different positions for students to chose from!
Work-Study is a great way to earn money for college expenses while still being able to focus on academics and enjoy a well-rounded college life. Students at Thomas earn $1,200 or more a term through work-study.
Don’t see work-study offered on your financial aid award? Don’t worry, you still might qualify, and our Student Financial Services office would love to talk to you about this great program. Email us today!
Maine Educational Opportunity Tax Credit
Opportunity Maine established the Educational Opportunity Tax Credit Program (EOTC) for individuals who have graduated from a Maine College and who live, work, and pay taxes in Maine.
The EOTC program provides tax benefits to Maine residents who have been in repayment on eligible student loans obtained at an accredited Maine college or university. If you graduated from a Maine college, and live and work in Maine, you may be eligible for reimbursement of education-based loans through a tax credit.
To be eligible, the following guidelines must apply to the individual at the time of the claim:
- The individual is a Maine resident and taxpayer
- During undergraduate studies, the individual lived in Maine (on-campus housing qualifies), except during periods not attending classes, or when it was reasonable to live outside of Maine for academic work (study abroad and transfer programs)
- The individual works at least part-time (16 hours a week) in Maine
- Obtained an associate or bachelor’s degree after 2007 from an accredited Maine community college, college, or university; and/or
- Obtained a graduate degree after 2015 from an accredited Maine college or university
- Paid eligible loan payments directly to the lender
Additional Resources:
Veterans' Benefits
If you have served our nation through military service, you already understand what it means to prepare for success in your personal and professional lives. Thomas College is strongly committed to providing resources and access to Veterans Educational Benefits so you can connect to the programs and opportunities you need to thrive in college and your career.
Students attending Thomas College who are eligible to receive VA Educational Benefits may qualify for one of the following Chapters of the GI Bill® of Educational Assistance:
- Chapter 30 Montgomery GI Bill – Active Duty (MGIB-AD)
- Chapter 31 The Vocational Rehabilitation Program
- Chapter 33 The Post-9/11 GI Bill
- Chapter 35 Survivors and Dependents Educational Assistance Program (DEA)
- Chapter 1606 Montgomery GI Bill – Selected Reserve (MGIB-SR)
- Chapter 1607 Reserve Educational Assistance Program (REAP)
To receive VA Education benefits, apply to Thomas College and receive a letter of acceptance. After you apply for financial aid, pay your student deposit, and register for classes, you can apply for benefits through the Department of Veterans Affairs. You will receive a certification of veterans benefits and are required to update the VA about changes to your personal information or enrollment status as necessary.
Yellow Ribbon Program
Thomas College is proud to participate in the Yellow Ribbon Program. The Yellow Ribbon GI Education Enhancement Program (Yellow Ribbon Program) is a provision of the Post-9/11 Veterans Educational Assistance Act of 2008. The Yellow Ribbon Program allows veterans to select a school based on the base fit, allowing for financial support not only at state universities but private institutions as well. Thomas College annual contributions are subject to change. Please contact the Registrar Office for more information regarding Yellow Ribbon contribution limits.
Please visit the official VA website for a detailed explanation of benefits.
VA Regional Office
PO Box 4616
Buffalo , NY 14240-4616
- How to apply for the GI Bill and Related Benefits
- Web Automated Verification of Enrollment (W.A.V.E)
- VA Education and Training
GI Bill® is a registered trademark of the U.S. Department of Veterans Affairs (VA).
General Info
Phone Numbers
- Admissions (Undergrad): 207-859-1101
- Admissions (Grad): 207-859-1255
- Advancement: 207-859-1118
- Counseling: 207-859-1245
- Financial Aid: 207-859-1110
- Health Services: 207-859-1401
- Health Svcs. Fax: 207-859-1126
- Main Fax Number: 207-859-1114
- Registrar: 207-859-1108
- Safety & Security: 207-859-1399