MAINE LOAN REPAYMENT CALCULATOR
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|
|Interest Rate||4.49%1 ||5.49%2 ||6.49%3 |
|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|
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.
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.