The Maine Loan. The Maine Loan TM can be acquired to qualified…

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The Maine Loan. The Maine Loan TM can be acquired to qualified…

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The Maine Loan. The Maine Loan TM can be acquired to qualified…

The Maine Loan TM can be acquired to qualified https://badcreditloansadvisor.com/payday-loans-tn/ undergraduate and graduate pupils to borrow funds as much as the total price of education less other school funding. This loan program exists to bridge the space amongst the complete price of university and conventional aid that is financial. The Maine Loan TM is Maine’s Alternative scholar Loan TM provided by Finance Authority of Maine (FAME).

Loan Features

This student that is alternative offers three fixed interest levels with regards to the payment choice chosen. All three interest levels plus the 0% upfront/guarantee charge are currently less than the 2019–2020 Federal Direct PLUS Loan, and are usually on the basis of the payment choice you decide on.

  • A fixed rate of interest of 4.49% 1, 5.49% 2, and 6.49% 3 according to the payment choice selected. All prices are less than the 2019-20 Federal Direct (Parent/Grad) PLUS Loan.
  • Approved borrowers have the same interest that is fixed for the payment choice chosen, aside from credit rating or if perhaps you will find co-borrowers.
  • There isn’t any (0%) guarantee charge.
  • 0.25% rate of interest decrease with automated debit re re re payments. 4
  • A low minimum loan number of $1,000.
  • No yearly or aggregate borrowing restrictions.
  • Six (6) grace period month.
  • No application cost.
  • No pre-payment penalty.
  • Three (3) disbursements per scholastic 12 months.
  • A selection of repayment terms as much as fifteen (15) years, according to the payment choice chosen.
  • Top quality, personalized customer support located in Maine.

The appropriate button below to apply online or print out a hard copy of the application, click. Upon the receipt of a finished application, an official credit assessment may be done.

If you’re discovering that the Federal pupil loan system isn’t fulfilling your complete requirements, the Maine Loan TM could be the perfect loan for you personally. Borrow as low as $1,000 or borrow as much as the entire price of your training (less just about any educational funding) as based on your school.


The Maine Loan TM can be obtained to undergraduate and students that are graduate. The borrower must meet the following requirements to be eligible for the Maine Loan TM

  • Student needs to be a Maine resident going to an approved school at minimum half-time in america or Canada, or an out-of-state pupil attending authorized schools at the very least half-time in Maine.
  • A minumum of one associated with the borrowers should be a U.S. Resident or permanent resident.
  • All borrowers should have A u.s. Social safety that is valid quantity.
  • Pupil and co-borrower(s), if relevant, must demonstrate an audio credit score and power to repay your debt and meet FAME’s credit underwriting requirements, including:
    • A debt-to-income ratio not to ever go beyond 50%;
    • At least income that is annual needed:
      • At the very least $20,000 for pupil debtor alone
      • At the very least $20,000 for starters co-borrower (pupil income perhaps maybe not considered)
      • At the very least $20,000 combined for just two co-borrowers (pupil earnings perhaps perhaps not considered)
    • And, creditworthiness as based on a summary of a credit history obtained from the nationwide recognized credit bureau.

For pupils with restricted or no credit rating, earnings, and/or work, it might be required to use with a number of creditworthy co-borrowers.

NOTE: After approval of this application for the loan, the student’s university school funding workplace must approve the student’s enrollment status and price of education ahead of disbursement of funds. Upon the school’s demand, the funds will likely be delivered straight to the student’s school.


If you meet up with the criteria outlined, just select from the choices below to use online or download a PDF copy for the application for the loan, then fill the student section out. You may apply with one or more creditworthy co-borrowers if you do not meet the criteria outlined.

NOTE: The prices and terms disclosed within are available while funds final.

Repayment Calculator

Utilize our calculator that will help you comprehend the feasibility of settling the debt together with your expected future earnings.

Loan Repayment Terms

The Maine Loan provides an assortment of repayment terms:

Immediate Repayment Interest just Payments Deferment of Principal & Interest Payments
Fixed interest

(with auto-pay) 4


(4.49% 1 without auto-pay)


(5.49% 2 without auto-pay)


(6.49% 3 without auto-pay)


(with auto-pay) 4


(4.49% without auto-pay)


(5.49% without auto-pay)


(6.17% without auto-pay)

Repayment Term 120 months 180 months 180 months

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