- Immediate Repayment – Begin regular re re payments of interest and principal within 51 times of disbursement.
- Interest just Repayment – Defer principal payments while enrolled at minimum half-time. Interest only repayments are needed.
- Deferred Repayment – Defer principal and interest payments while signed up for a qualification granting college at half-time that is least. Unpaid interest will be capitalized as soon as the loan comes into payment.
Starting regular re payments of principal and interest straight away helps you to save a significant quantity of interest throughout the lifetime of the mortgage.
The Maine Loan together with Maine Medical Loan are administered by FAME. These were formerly made available from the Maine Educational Loan Authority (MELA).
Target
P.O. Box 9495 Community DriveAugusta, ME 04332
Phone
© 2020 Finance Authority of Maine. All rights reserved. Investor Relations Rules Online Privacy Policy
1 The APR is 4.49%. The APR, or apr, could be the interest that is effective whenever all interest costs are included. This APR relies on a set rate of interest of 4.49%, financing number of $10,000, a payment term of 120 months, and presuming immediate principal and interest payments. Terms are at the time of 6/1/2019.
2 The APR is 5.49%. The APR, or apr, could be the effective rate of interest whenever all interest costs are included. This APR relies on a hard and fast rate of interest of 5.49%, that loan number of $10,000, a payment term of 180 months, and presuming interest just re payments for 4 1/2 years. Terms are at the time of 6/1/2019.
3 The APR is 6.17%. The APR, or apr, could be the interest that is effective whenever all interest fees are included. This APR is dependent on an interest that is fixed of 6.49%, that loan level of $10,000, a payment term of 180 months, and presuming deferment of principal and interest re re payments for 4 1/2 years. Terms are at the time of 6/1/2019.
4 mortgage reduced total of 0.25per cent is present to borrowers. To qualify, borrowers want to organize aided by the loan servicer to automatically have their payments withdrawn from the checking or family savings. This rate of interest decrease will continue to be on the account unless the loans come in a status which will not need re re payments, or deduction that is automatic revoked because of the debtor or suspended by the loan servicer according to the inadequate funds policy in place as soon as the contract is finalized. Upon request, FAME will offer a projection regarding the portion of borrowers who’re very likely to reap the benefits of this interest decrease.
The Finance Authority of Maine (FAME) will not discriminate within the management of every of its programs or perhaps in its work techniques on such basis as competition, color, nationwide origin, age, sex, faith, real or psychological impairment, online payday loans in Minnesota governmental affiliation, marital status or orientation that is sexual. FAME is an equal possibility boss, provider and loan provider.
FAME provides links to many other web sites as a convenience and will not endorse or guarantee the information usability or accuracy of these web web web sites.
Coming Soon: Lower Fixed interest levels & 0percent costs for 2017-18 when it comes to Maine Loan & Maine Medical Loan Effective on or around 26, 2017 june
The 3 new fixed interest levels and 0% costs for the Maine Loan and Maine Medical Loan programs are typical less than the new Federal Direct PLUS Loan fixed interest and costs.
| Immediate Repayment | Interest Only Payments | Deferment of Principal & Interest Payments | |
| Fixed interest | 4.99% 1 | 5.99per cent 2 | 6.99% 3 |
| Repayment Term | 120 months | 180 months | 180 months |
The online applications with these reduced interest levels and 0% costs are going to be available on or just around June 26, 2017. In the event that you go to use now, you are obtaining the present 2016-17 greater prices and charges posted on our web site.
1 The APR is 4.99%. The APR, or apr, may be the effective rate of interest whenever all interest fees are included. This APR is dependent on a set rate of interest of 4.99%, that loan number of $10,000, a payment term of 120 months, and presuming immediate principal and interest re payments. Terms will soon be at the time of 6/26/2017.
2 The APR is 5.99%. The APR, or apr, could be the effective rate of interest whenever all interest costs are included. This APR relies on a set rate of interest of 5.99%, that loan level of $10,000, and a payment term of 180 months, and presuming interest just re re re payments for 4 ? years. Terms is likely to be at the time of 6/26/2017.
3 The APR is 6.62%. The APR, or apr, could be the effective rate of interest whenever all interest fees are included. This APR is dependent on a hard and fast rate of interest of 6.99%, that loan number of $10,000, and a payment term of 180 months, and assuming deferment of principal and interest re payments for 4 ? years. Terms may be at the time of 6/26/2017.
You may be now being rerouted into the site of our partner iGrad when it comes to alternative in the method. Please wait although we redirect you or click the link become rerouted now.
This application for the loan happens to be being updated with MELA’s NEW 2014-2015 prices and terms. Please always check straight straight back around 12:00 pm ET on 1st july. We’re working faithfully to really make the noticeable modifications as fast as possible.