The Maine Loan. The Maine Loan TM occurs to qualified

The Maine Loan TM can be acquired to qualified undergraduate and graduate pupils to borrow money up to the total cost of education less other college money. This loan system exists to bridge the area concerning the complete cost of college and traditional funding that is educational. The Maine Loan TM is Maine’s Alternative scholar Loan TM provided by Finance Authority of Maine (FAME).

Loan Features

This alternative student loan provides three fixed interest rates regarding the re re re payment choice chosen. All three interest rates as the 0% upfront/guarantee charge are less than the 2019–2020 Federal Direct PLUS Loan, and are also on the basis of the re payment option you select.

  • A interest that is fixed of 4.49% 1, 5.49% 2, and 6.49% 3 with regards to the re re payment option opted for. All costs are less than the 2019-20 Federal Direct (Parent/Grad) PLUS Loan.
  • Approved borrowers obtain the exact same interest that is fixed when it comes to re payment option chosen, regardless of credit rating or if possibly perhaps you will see co-borrowers.
  • There is no (0%) guarantee price.
  • 0.25% interest decrease with automatic debit re re re re re payments. 4
  • A low minimum loan amount of $1,000.
  • No annual or borrowing that is aggregate.
  • Six (6) four weeks beauty period.
  • No application fee.
  • No penalty that is pre-payment.
  • Three (3) disbursements per academic year.
  • Many different payment terms up to fifteen (15) years, based on the re re payment option opted for.
  • High quality, personalized customer care operating out of Maine.

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