The Maine Medical LoanTM is available to medical school students to borrow funds up to the full cost of their medical education less other financial aid. This loan is specifically designed to help medical students from Maine, and out-of-state students attending approved medical schools in Maine, with their educational financing needs.

Loan Features

This alternative student loan offers three fixed interest rates depending on the repayment option selected.

  • A fixed interest rate of 2.79%1, 3.79%2, and 4.79% 3, depending on the repayment option selected.
  • New annual percentage rates (APR) for academic year 2021-2022 will be 2.79%1 for immediate repay, 3.79%2 for interest only repay, and 4.61%3 for full deferment repay options.
  • The option to defer principal or principal and interest while in school and up to four (4) years while in residency or internship.
  • There is no (0%) guarantee fee.
  • 0.25% interest rate reduction for 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.
  • Interest capitalized once at repayment, or at the end of any forbearance/deferment request.
  • 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 Medical Loan 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 Medical Loan is available to medical school students. To be eligible for The Maine Medical Loan, you must meet the following requirements:

  • Student must be a Maine resident attending an approved medical school at least half-time in the United States or Canada or an out-of-state student attending an approved medical school 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 must have a minimum of two (2) years of credit history and a minimum of three (3) trade lines on their credit report.
  • In addition, the credit report for the student must show the following:
    • No record of a paid or unpaid charge-off in the past two (2) years;
    • No negative public record items (e.g. foreclosure, repossession, open judgment, unpaid tax lien, etc.) for the past seven (7) years; and
    • No record of bankruptcy in the past seven (7) years.

If a student borrower does not meet the eligibility requirements, then it will be necessary to apply with one or more creditworthy co-borrowers. The co-borrower(s) must meet FAME’s credit underwriting standards which include:

  • 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 review of a credit report obtained from a nationally recognized credit bureau.

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.

Approved Areas of Study

The Maine Medical Loan has expanded its scope of eligible medical degrees beyond Doctor of Medicine and Doctor of Osteopathic Medicine to include all of the following:

  • Doctor of Medicine (MD)
  • Doctor of Osteopathic Medicine (DO)
  • Doctor of Chiropractic (DC)
  • Doctor of Dental Medicine (DMD)
  • Doctor of Dental Surgery or Doctor of Dental Science (DDS)
  • Doctor of Optometry (OD)
  • Doctor of Podiatric Medicine (DPM)
  • Doctor of Veterinary Medicine (DVM)

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