The Finance Authority of Maine oversees several state scholarships and grants, as well as student loan forgiveness programs.
In addition, the state does have an alternative loan program for their students.
But, the loans are provided through the Maine Educational Loan Authority, not the Finance Authority of Maine. Although MELA was created by state legislation, it is an independent agency.
Like any other private student loan, a student needs a good credit history and/or a good credit cosigner. MELA offers three types of loans:
Loan forgiveness programs overseen by the Finance Authority of Maine target the professions that the state wants to encourage, like medicine and teaching.
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 practicing dentistry full-time 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.
Finance Authority of Maine Scholarships and Grants
State of Maine Grant Program
for Maine undergraduate residents, enrolled (at least half-time) in an eligible school, who have an EFC of 4000 and under
awards range from $500 to $1,250 annually
Quality Child Care Education Scholarship
for students enrolled in an eligible school, studying early childhood education or child development, with an EFC equal to or below 6600
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.
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
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. 
