Borrowers can select from three various payment choices:

Borrowers can select from three various payment choices:

  • Immediate Repayment – Begin regular re re re payments of principal and interest within 51 days of disbursement.
  • Interest just Repayment – Defer principal payments while enrolled at half-time that is least. Interest only repayments are required.
  • Deferred Repayment – Defer principal and interest payments while signed up for a diploma giving school at half-time that is least. Unpaid interest shall be capitalized once the loan gets in payment.

Starting regular re payments of principal and interest instantly will save you a significant number of interest on 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).

Address

P.O. Box 9495 Community DriveAugusta, ME 04332

Phone

E-mail

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1 The APR is 4.49%. The APR, or apr, may be the interest that is effective whenever all interest fees are included. This APR is dependent on an interest that is fixed of 4.49%, that loan level of $10,000, a payment term of 120 months, and presuming instant principal and interest re re 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 set rate of interest of 5.49%, financing 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, may be the effective rate of interest when all interest fees are included. This APR is dependent on a set rate of interest of 6.49%, that loan quantity of $10,000, a repayment term of 180 months, and presuming deferment of principal and interest re re re payments for 4 1/2 years. Terms are at the time of 6/1/2019.

4 mortgage reduced amount of 0.25per cent can be obtained to borrowers. To qualify, borrowers need certainly to organize with all the loan servicer to automatically have their payments withdrawn from a checking or checking account. This rate of interest decrease will continue to be regarding the account unless the loans have been in a status which doesn’t need payments, or automated deduction is revoked by the debtor or suspended because of the mortgage servicer in line with the inadequate funds policy in place if the contract is finalized. Upon request, FAME will give you a projection of this portion of borrowers who’re prone to take visit advantage of this interest decrease.

The Finance Authority of Maine (FAME) will not discriminate into the management of any of their programs or in its work practices based on battle, color, nationwide beginning, age, gender, religion, real or psychological disability, governmental affiliation, marital status or intimate orientation. FAME is the same possibility manager, provider and loan provider.

FAME provides links to many other sites as being a convenience and will not endorse or guarantee the information usability or accuracy of these web internet web sites.

Not far off: Lower Fixed rates of interest & 0percent costs for 2017-18 when it comes to Maine Loan & Maine Medical Loan Successful on or just around June 26, 2017

The 3 new fixed interest levels and 0% costs for the Maine Loan and Maine Medical Loan programs are typical less than the Federal that is new Direct Loan fixed interest and charges.

Immediate Repayment Interest just 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 applications that are online these reduced interest levels and 0% costs will soon be available on or just around June 26, 2017. You will be applying for the current 2016-17 higher rates and fees published on our website if you proceed to apply now.

1 The APR is 4.99%. The APR, or apr, may be the interest that is effective when all interest fees are included. This APR is based on a set rate of interest of 4.99%, that loan number of $10,000, a repayment term of 120 months, and presuming instant principal and interest re payments. Terms should be at the time of 6/26/2017.

2 The APR is 5.99%. The APR, or Annual Percentage Rate, may be the interest that is effective whenever all interest costs are included. This APR is dependent on an interest that is fixed of 5.99%, financing quantity of $10,000, and a payment term of 180 months, and presuming interest just re re payments for 4 ? years. Terms will undoubtedly be at the time of 6/26/2017.

3 The APR is 6.62%. The APR, or apr, may be the effective rate of interest whenever all interest costs are included. This APR relies on an interest that is fixed of 6.99%, that loan quantity of $10,000, and a payment term of 180 months, and presuming deferment of principal and interest payments for 4 ? years. Terms will undoubtedly be at the time of 6/26/2017.

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This application for the loan happens to be being updated with MELA’s brand NEW 2014-2015 prices and terms. Please always check straight back around 12:00 pm ET on 1st july. We have been working faithfully to really make the modifications as fast as possible.

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