Why Get a Student Loan from Maine Loan?
Maine Loan has a few reasons that may lead you to consider making an application. For example, interest rates for all repayment options are fixed, so you’ll pay the same APRs no matter your credit history. For those with a poor or limited credit rating, this may be a considerable benefit, with APRs starting from 4.49%. It’s also worth noting that there’s no maximum loan amount, so funds for all courses are attainable for successful applicants.
What Student Loans does Maine Loan offer?
Maine Loan offers just two student loans - the Maine Loan and the Maine Medical Loan. This is a rather limited range when compared with many of its competitors. Unfortunately, there’s no option for parent loans, refinance loans, or any other common student loan type.
The Maine Loan
- Suitable for both undergraduates and graduates
- Borrow as much as necessary for the course cost, less any other financial aid you may be receiving
- No application fee
- No prepayment fee
- No maximum loan amount
APRs | 4.49%, 5.49% or 5.99% depending on the repayment option selected |
Terms | Up to 15 years |
Loan amounts | Minimum of $1,000 - No maximum |
Repayment options | Immediate/Interest-only/Deferment |
Automatic debit payment APR reduction | 0.25% |
The Maine Medical Loan
- Suitable for medical students
- Borrow as much as necessary for the course cost, less any other financial aid you may be receiving
- No application fee
- No prepayment fee
- No maximum loan amount
Terms | Up to 15 years |
Loan amounts | Minimum of $1,000 - No maximum |
Repayment options | Immediate/Interest-only/Deferment (Deferment can be made for up to 4 years of a residency/internship |
Automatic debit payment APR reduction | 0.25% |
Repayment Options
- Immediate Payment
Begin payment straight away. The monthly payments will be the highest, but overall, it’s the cheapest option.
- Interest Only Payment (when applicable)
Just pay interest during enrolment/internship/residency.
- Deferment
No payments will be required until graduation or completing an internship/residency. Interest will build up during this time, so the overall cost will be greatest.
Who Can Apply?
- Maine residents/those attending an eligible Maine school/medical school
- US citizens/permanent residents
- At least a $20,000 annual income (or a co-signer with the same)
- A valid Social Security Number
- An acceptable credit rating (unspecified)
