Maine Student Loans

Maine is not the first place that most students think of when they begin considering colleges across the country that they would choose to attend. However, residents of the state are well aware of the excellent schools they have to choose from, as well as the beautiful scenery of their home. For this reason, a number of high school graduates choose not to leave the state to pursue a college degree and instead face the formidable thought of paying for their attendance at one of Maine's colleges or universities. In order to help these students achieve their goal, there are a number of Maine student loans available that will cover the cost of tuition and other fees not met with federal student aid.

The Maine Educational Loan Authority is the state government appointed authority for assisting students in finding the assistance they need to pay for college. As an independent body, the MELA augments both federal funding and other alternative loan sources to provide students with low cost, low interest, long term loans. The Maine Loan is the flagship loan put together for students needing funding above and beyond federal lending programs. As an alternative loan program, it is credit based so you may need a cosigner. However, it comes with terms that are preferable to many state loans.

For example, many loans require that you begin repaying interest immediately. However, the Maine loan puts off all payments until the end of the deferment grace period beyond graduation. Also, with consistent on-time payments, you will become eligible for a cut in interest rates. Further cuts are offered for those who have the payment directly debited from a banking account monthly. Additionally, as you build your credit with good payment history, your co-borrower may be released from the loan, transferring full obligation to you as the student.

There are other options as well, including the Maine Medical Loan for those incurring enormous debt through the pursuit of a doctorate degree, available to both in- and out-of-state students attending a Maine medical school. In order to make all of your loan payments more manageable, the MELA Consolidation Loan is also available, reducing your overall monthly bill and also creating a single payment with the lowest possible interest rate.

Paying for school is not easy, but we are here to help. OEDb's student finance section will help you find the money you need to pay your tuition and other college expenses. We cover scholarships, college grants, and student loans. Scholarships and grants are both forms of "free money", meaning they don't need to be paid back. Scholarships are typically awarded by businesses or individuals, with the money being earmarked specifically for tuition. They can be awarded based on a student's location or by religious affiliation, such as Catholicism or Islam. Grants are typically awarded by governments or non-profit organizations and the money often can be applied to several different expenses a student may incur, not solely tuition. They can be awarded based on location or ethnicity, for instance African American or Hispanic. Loans are not considered "free money", because unlike scholarships and grants, they do need to be paid back after graduation. Common federal loans include Perkins and Stafford. Loans are also available by location.