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).
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.
- A fixed interest rate of 4.49%1  , 5.49%2 , and 6.49%3  depending on the repayment option selected. All rates are lower than the 2019-20 Federal Direct (Parent/Grad) PLUS Loan.
- Approved borrowers receive the same fixed interest rate for the repayment option selected, regardless of credit history or if there are co-borrowers.
- There is no (0%) guarantee fee.
- 0.25% interest rate reduction with automatic debit payments.4 
- A low minimum loan amount of $1,000.
- No annual or aggregate borrowing limits.
- Six (6) month grace period.
- No application fee.
- No pre-payment penalty.
- Three (3) disbursements per academic year.
- A range of repayment terms up to fifteen (15) years, depending on the repayment option selected.
- High quality, personalized customer service based in Maine.
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.
The Maine LoanTM is available to undergraduate and graduate students. To be eligible for the Maine LoanTM, the borrower must meet the following requirements:
- Student must be a Maine resident attending an approved school at least half-time in the United States or Canada, or an out-of-state student attending approved schools at least half-time in Maine.
- At least one of the borrowers must be a U.S. citizen or permanent resident.
- All borrowers must have a valid U.S. Social Security number.
- Student and co-borrower(s), if applicable, must demonstrate a sound credit history and ability to repay the debt and meet FAME’s credit underwriting standards, including:
- A debt-to-income ratio not to exceed 50%;
- A minimum annual income of at least $20,000 for the applicants for a loan as a group when more than one borrower exists; and
- Creditworthiness as determined by a review of a credit report obtained from a nationally recognized credit bureau.
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.
- If your debt-to-income ratio is between 0% and 50%, you may qualify for the Maine LoanTM, depending on satisfaction of the other credit criteria.
- If your debt-to-income ratio is greater than 50%, then it is likely that you do not qualify for the Maine LoanTM on your own. The student applicant will need to obtain a co-signer who has a debt-to-income ratio of 50% or less and who satisfies the additional credit criteria.
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.