The Maine Loan is available to eligible undergraduate and graduate students to borrow funds up to the full cost of education less other financial aid. This loan program exists to bridge the gap between the full cost of college and traditional financial aid resources. The Maine Loan is Maine’s Alternative Student Loan. For students with limited or no credit history, income, and/or employment, it may be necessary to apply with one or more creditworthy co-borrowers.
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There are two different types of student loans: federal and private. Most experts agree that the best student loans come from the federal government. These fixed-rate loans usually offer lower interest rates and greater borrower protections than private loans. When you choose a private loan, your credit score (and that of your co-signer, if you have one) will impact the student loan interest rates you’re offered.
This is how long you have to pay back your loan. Usually, this term is between five and 20 years. A shorter term means higher monthly payments, but you’ll usually pay less in interest fees and be debt-free sooner.
A fixed rate student loan locks in the rate that will be applied to your loan through your entire loan term. The rate will not change.