The Maine Loan. The Maine Loan TM occurs to qualified

The Maine Loan. The Maine Loan TM occurs to qualified

The Maine Loan TM are available to qualified undergraduate and graduate pupils to borrow money just as much as the price that is total of less other college financing. This loan system exists to bridge the room relating to the complete cost of college and traditional academic money resources. The Maine Loan TM is Maine’s Alternative scholar Loan TM provided by Finance Authority of Maine (FAME).

Loan Features

This pupil that is alternate provides three fixed interest rates regarding the re re payment choice chosen. All three rates of interest as the 0% upfront/guarantee fee are less than the 2019–2020 Federal Direct PLUS Loan, and are also based on the re re payment option you select.

  • A interest this is certainly fixed of 4.49% 1, 5.49% 2, and 6.49% 3 with regards to the re re re re payment option selected. All costs are less than the 2019-20 Federal Direct (Parent/Grad) PLUS Loan.
  • Approved borrowers have the exact same interest that is fixed for the re re re payment choice chosen, irrespective of credit rating or if maybe perhaps you will discover co-borrowers.
  • There’s absolutely no (0%) guarantee expense.
  • 0.25% interest decrease with automatic debit re re re re payments. 4
  • A low minimum loan volume of $1,000.
  • No annual or borrowing that is aggregate.
  • Six (6) 30 days beauty timeframe.
  • No application cost.
  • No penalty that is pre-payment.
  • Three (3) disbursements per academic year.
  • A number of payment terms up to fifteen (15) years, regarding the payment option selected.
  • Good, personalized customer care positioned in Maine.

The appropriate key below to use online or print out a tough content associated with application, simply click. A credit that is formal will soon be done upon the receipt of the finished application.

The Maine Loan TM could be the perfect loan you are finding that the Federal student loan program is not meeting your full needs for you if. Borrow as little as $1,000 or borrow up to the whole cost of your training (less any type of college money) as determined by your college.


The Maine Loan TM exists to undergraduate and pupils which are graduate. The debtor must meet with the following requirements to be eligible for the Maine Loan TM

  • Pupil must certanly be a Maine resident likely to an school that is approved half-time that is least in the us or Canada, or an out-of-state student attending authorized schools at least half-time in Maine.
  • More than one from the borrowers should be considered a U.S. Resident or permanent resident.
  • All borrowers have to have A u.s. Social security that is quantity that is valid.
  • Pupil and co-borrower(s), if appropriate, must show an credit that is audio and capacity to repay your financial troubles and meet FAME’s credit underwriting needs, including:
    • A debt-to-income ratio not to ever go beyond 50 ever%;
    • Ab muscles least income that is annual needed:
      • At the least $20,000 for student debtor alone
      • At least $20,000 for starters co-borrower (student earnings maybe not considered)
      • At the very least $20,000 combined just for two co-borrowers (student earnings possibly maybe not considered)
    • And, creditworthiness as predicated on breakdown of a credit score obtained from a nationwide recognized credit bureau.

For pupils with limited or no credit history, profits, and/or work, it may be important to use having a true quantity of co-borrowers which can be creditworthy.

NOTE: After approval in connection with application when it comes to loan, the student’s college college money workplace must accept the student’s enrollment expense and status of training in front of disbursement of funds. Upon the school’s demand, the funds will be delivered right to the student’s university.


In the event that you meet the criteria outlined, simply pick from the options below to utilize online or download a PDF content connected with application when it comes to loan, then fill in of this student component. You might use with a number of creditworthy co-borrowers if you don’t meet with the criteria outlined.

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