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The Maine Loan

The Maine LoanTM is available to eligible undergraduate and graduate students to borrow funds up to the full cost of education less other financial aid. This loan program exists to bridge the gap between the full cost of college and traditional financial aid resources. The Maine LoanTM is Maine’s Alternative Student LoanTM offered by Finance Authority of Maine (FAME).

Loan Features

This alternative student loan offers three fixed interest rates depending on the repayment option selected. All three interest rates and the 0% upfront/guarantee fee are currently lower than the 2019–2020 Federal Direct PLUS Loan, and are based on the repayment option you choose.

If you are finding that the Federal student loan program is not meeting your full needs, the Maine LoanTM may be the perfect loan for you. Borrow as little as $1,000 or borrow up to the full cost of your education (less any other financial aid) as determined by your school.

Eligibility

The Maine LoanTM is available to undergraduate and graduate students. To be eligible for the Maine LoanTM, the borrower must meet the following requirements:

For students with limited or no credit history, income, and/or employment, it may be necessary to apply with one or more creditworthy co-borrowers.

NOTE: Following approval of the loan application, the student’s college or university Financial Aid Office must certify the student’s enrollment status and cost of education prior to disbursement of funds. Upon the school’s request, the funds will be sent directly to the student’s school.

NOTE: The rates and terms disclosed within are available while funds last.