The Student Loan Alternative
The Maine Loan is the smart way to bridge the gap when awards, scholarships, grants and financial aid don’t meet the costs of higher education. These loans are powered by Finance Authority of Maine (FAME), Maine’s leading higher education financing experts. As a state-based agency, FAME offers no upfront/guarantee fees and competitive fixed interest rates to help you fund your higher education at an affordable price.
We want to help you be an informed borrower and hope you take advantage of FAME’s financial education resources. Student loan specialists located right in Maine are ready to help you understand your options and choose a solution that fits your budget now and considers where you’ll be after graduation.
The Maine Loan and the Maine Medical Loan
Loan rates for 2018-19 are as low as 4.99% and there is no (zero) guarantee fee. All available rates and fees are lower than the Federal Direct PLUS Loan, and are based on one of three repayment options you can choose from to meet your needs.
The fixed interest rates for the Maine LoanTM, Maine’s Alternative Student LoanTM, and Maine Medical Loan for 2018–2019 are 4.99%1, 6.29%2, and 7.49%3 depending on the repayment option selected. These loans are available for the full cost of education minus financial aid.
Use this calculator to help you understand the feasibility of paying off your debt with your anticipated future income.