The Maine Loan TM is present to qualified undergraduate and graduate pupils to borrow funds as much as the total price of education less other aid that is financial. This loan system exists to bridge the space involving the complete cost of university and old-fashioned aid that is financial. The Maine Loan TM is Maine’s Alternative scholar Loan TM made available from Finance Authority of Maine (FAME).
Loan Features
This student that is alternative provides three fixed interest levels with regards to the payment choice chosen.
The appropriate button below to apply online or print out a hard copy of the application, click. Upon the receipt of the finished application, an official credit assessment would be done.
If you’re discovering that the Federal pupil loan system is certainly not fulfilling your complete requirements, the Maine Loan TM will be the perfect loan for you personally. Borrow as low as $1,000 or borrow as much as the entire price of your education (less virtually any school funding) as dependant on your college.
Eligibility
The Maine Loan TM can be obtained to undergraduate and students that are graduate. To qualify for the Maine Loan TM , the debtor must meet with the following requirements:
For pupils with limited or no credit score, earnings, and/or employment, it might be required to use with more than one co-borrowers that are creditworthy.
NOTE: After approval associated with the application for the loan, the student’s college or university school funding workplace must certify the student’s enrollment status and price of education ahead of disbursement of funds. Upon the school’s demand, the funds will likely be delivered right to the student’s school.
Application
If you meet up with the criteria outlined, just pick from the choices below to use online or download a PDF copy associated with application for the loan, then fill out of the pupil part. You may apply with one or more creditworthy co-borrowers if you do not meet the criteria outlined.
NOTE: The prices and terms disclosed within are available while funds final.
Repayment Calculator
Utilize our calculator that will help you comprehend the feasibility of paying down the debt along with your anticipated future earnings.
Loan Repayment Terms
A range is offered by the Maine Loan of payment terms:
Borrowers can pick from three various payment choices:
Starting regular payments of principal and interest instantly will save you a significant level of interest throughout the lifetime of the loan.
The Maine Loan plus the Maine Medical Loan are administered by FAME. These were formerly made available from the Maine Educational Loan Authority (MELA).
Target
P.O. Box 9495 Community DriveAugusta, ME 04332
1 The APR is 4.49%. The APR, or apr, may be the effective rate of interest whenever all interest fees are included. This APR is dependent on an interest that is fixed of 4.49%, that loan number of $10,000, a payment term of 120 months, and presuming instant principal and interest re re payments. Terms are at the time of 7/30/2020.
2 The APR is 5.49%. The APR, or apr, may be the effective interest whenever all interest fees are included. This APR relies on an interest that is fixed of 5.49%, that loan level of $10,000, a repayment term of 180 months, and presuming interest just re payments for 4 1/2 years. Terms are at the time of 7/30/2020.
3 The APR is 5.71%. The APR, or Annual Percentage Rate, may be the effective rate of interest whenever all interest costs are included. This APR relies on a set rate of interest of 5.99%, that loan level of $10,000, a payment term of 180 months, and assuming deferment of principal and interest re re payments for 4 1/2 years. Terms are at the time of 7/30/2020.
4 mortgage reduced amount of 0.25per cent is present to borrowers. To qualify, borrowers want to organize aided by the loan servicer to automatically have their payments withdrawn from the checking or family savings. This rate of interest decrease will continue to be regarding the account unless the loans come in a status which will not need re payments, or automated deduction is revoked by the debtor or suspended because of the mortgage servicer based on the inadequate funds policy in place if the agreement is finalized. Upon request, FAME will offer a projection regarding the portion of borrowers who are very likely to take advantage of this interest decrease.
The Finance Authority of Maine (FAME) doesn’t discriminate into the management of every of its programs or in its work methods based on competition, color, nationwide beginning, age, sex, faith, real or psychological impairment, governmental affiliation, marital status or intimate orientation. FAME is definitely an opportunity that is equal, provider and lender.
FAME provides links with other sites being a convenience and will not endorse or guarantee this content usability or accuracy of these web web sites.
5 The APR is 5.71%. The APR, or apr, may be the interest that is effective whenever all interest fees are included. This APR relies on an interest that is fixed of 6.49%, that loan quantity of $10,000, a payment term of 180 months, and presuming deferment of principal and interest payments for 4 1/2 years. Terms are at the time of 8/1/2020.
Not far off: Lower Fixed interest levels & 0percent costs for 2017-18 when it comes to Maine Loan & Maine Medical Loan Good on or around June 26, 2017
The 3 new fixed interest levels and 0% costs when it comes to Maine Loan and Maine Medical Loan programs are less than the Federal that is new Direct Loan fixed interest and costs.
The applications that are online these reduced rates of interest and 0% fees should be available on or just around June 26, 2017. You will be applying for the current 2016-17 higher rates and fees published on our website if you proceed to apply now.
1 The APR is 4.99%. The APR, or apr, may be the effective interest whenever all interest fees are included. This APR is dependent on a set rate of interest of 4.99%, that loan level of $10,000, a payment term of 120 months, and presuming instant principal and interest re re payments. Terms may be at the time of 6/26/2017.
2 The APR is 5.99%. The APR, or apr, may be the effective rate of interest whenever all interest costs are included. This APR relies on an interest that is fixed of 5.99%, that loan level of $10,000, and a payment term of 180 months, and presuming interest just re payments for 4 ВЅ years. Terms is supposed to be at the time of 6/26/2017.
3 The APR is 6.62%. The APR, or apr, may be the interest that is effective whenever all interest costs are included. This APR relies on a hard and fast rate of interest of 6.99%, that loan level of $10,000, and a payment term of 180 months, and presuming deferment of principal and interest re re payments for 4 ВЅ years. Terms is going to be at the time of 6/26/2017.