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Finance Authority of Maine
Finance Authority of Maine
P.O. Box 949
Augusta, ME 04332-0949
Phone: (207) 623-3263
Toll-Free: (800) 228-3734
Fax: (207) 623-0095
TTY: (207) 626-2717
Website: http://www.famemaine.com/
Maine's college loans for students focuses on student loan forgiveness programs.
These target the professions that the state wants to encourage, like medicine and teaching. Check your Maine
FAFSA deadline
.
- Educators for Maine Program
- for majors in teaching, speech pathology and child care
- maximum award is undergrad- $3,000 per year, $12,000 total; grad- $2,000 per year, $8,000 total
- forgiven at the rate of 1 year of Maine teaching for each year of loan; or 1 year teaching in underserved Maine area for 2 years of loan
- If the agreement is broken, the award becomes a loan and is paid back at the
federal interest rates
-Stafford +0.75%
- Maine Health Professions Loan Program
- for postgraduate work in allopathic or osteopathic medical school, dental school, optometry, or veterinarian sciences
- maximum award is $25,000 for Maine Access Seat Participants and $10,000 for other applicants
- If it becomes a loan, it is paid back at the same rate as above
- Maine Dental Education Loan
- for students admitted to a program of dentistry
- up to $20,000 per year; $80,000 total
- interest starts accruing 6 months after graduation
- Maine Dental Education Loan Repayment Program
- a program for loan recipients who are practising dentistry fulltime in underserved areas in Maine
- loans are forgiven at the rate of $20,000 per year with a total of $80,000
- available to those who are not Maine residents
- must accept patients regardless of their ability to pay
| The state has announced a new “Opportunity Maine” program. Graduates of a Maine college who have worked and paid taxes in Maine and are paying a student loan are eligible for a tax credit which can amount to up to $5,000 per year for four years. | |
Maine also offers state college loans that are alternative loans, provided through the Maine Educational Loan Authority. This program (financed by tax-exempt bond) consists of three types of loans:
| The Maine Loan | The Maine Medical Loan | The MELA Private Consolidation Loan | | variable interest rate (now 6.99%) | variable interest rate (now 6.99%) | variable interest rate (now 7.58 %) | | 4% guarantee fee | no fees upfront, repayment fees:
0%-excellent credit
3%-good credit
6%-fair credit | guarantee fee- 1%, 3% or 6% | 0.25% interest rate
reduction for auto-debit | 0.25% interest rate
reduction for auto-debit | 0.25% interest rate
reduction for auto-debit | principal defers to after graduation-
interest must be paid | principal and interest can be deferred | repayment terms up to 30 years | minimum- $1,000
maximum- cost of education minus aid | minimum- $1,000
maximum- cost of education minus aid | minimum- $10,000
maximum- no limit for MELA loans,
$100,000 for non-MELA |
Good credit history and/or a good credit cosigner is required as it is for most private loans.
The Finance Authority of Maine was originally established as Maine's business finance agency. Its loan, grant and scholarship programs reflect its perspective of growing and improving Maine's business community.
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