Enter the amount you want to borrow from Maine Loan for the upcoming year to help you decide which repayment option you would like to choose. As you make your decision, keep in mind potential borrowing needs for future years.

When you enter the amount of loan it will inform you what your monthly student loan payments will be and how much the loan will cost you over your entire repayment term.

The Maine Loan currently has a 0% up-front/origination fee. This calculator is for estimation and comparison only.

Maine Loan Amount Borrowed:

Immediate Repayment
Interest Only Repayment
Deferred Repayment

Immediate Repayment Interest Only Repayment Deferred Repayment
Interest Rate 2.79%1 3.79%2 4.79%3
Guarantee Fee 0% 0% 0%
Loan Term (months) 120 months 180 months 180 months
Your monthly payment while in school and during 6 month grace period
Your monthly payment after school/beyond grace period
The total cost of the loan will be
Note: Interest only payments can vary monthly based on the number of days between interest payments.

Immediate Repayment

Begin regular payments of principal and interest within 51 days of disbursement.

Interest Only Repayment

Defer principal payments while enrolled at least half-time. Interest only payments are required.

Deferred Repayment

Defer principal and interest payments while enrolled in a degree granting school at least half-time. Unpaid interest will be capitalized when the loan enters repayment.

*Your student loan grace period is a set amount of time after you graduate, leave school, or drop below half-time enrollment before you must begin repayment on your loan. For most student loans, including the Maine Loans, the grace period is six months but in some instances, a grace period could be longer.