Several options for financing your professional education are available to you. As an undergraduate you have access to the Health Professions Scholarship program.
Most Health Care professionals will graduate with over $100,000 of dept. Thus it is extremely important to make sound financial decisions when it comes to selecting loan options. You need to be a good consumer and do your research. The following summary provides you with some basic information about available loan programs.
Armed Forces Health Professions Scholarship Program:
Stop by the Health Professions office, 308 Memorial Union for program information.
Charles E. Gilbert Loan Program
This program sponsored by the University of Maine is available only to University of Maine graduates seeking medical, dental or veterinary careers. This low 3% no fees loan is available through our financial aid office on campus. Repayment is deferrable during residency.
Health Professions Loan Program
The state of Maine, through FAME, sponsors a need-based low-interest loan program for Maine residents attending medical school. Students enrolled in the Access to Medical Education Program may be eligible to borrow as much as $20,000 per year. The maximum loan amount for those not participating in the “Access” program is $10,000. One provision of the program allows repayment obligations to be canceled over a four-year period for recipients who upon graduation provide primary care in under-served areas of Maine.
Maine Medical Loan
This supplemental loan program is available through the MES Foundation, www.mesfoundation.com. Interest accrues while in school and repayment may be deferred during residency.
Maine Medical Association Loan
This loan program is available only to MD students. There are no origination fees and repayment is scaled. The interest rate during repayment is currently 1% during the first year, 5% during the second year and 9% for the remaining 8 years.
Dental Education Assistance Loan
One of a few loan programs available to dentists, this program has the option to repay interest only for a two-year deferment period upon completing dental school. There are origination fees associated with the program.
Maine Dental Education Loan
This loan is administered by FAME and is designed to increase access to dental care for underserved populations in Maine. The program provides forgivable, need based, dental education loans to Maine residents attending dental school.
National Health Service Corps Loan Repayment Program:
This is the same Stafford Loan program that has been available to you during your undergraduate years. Many lenders offer competitive rates; make sure to do your homework. Taking a little time now may save you thousands later. Seventy-five percent of current veterinary students depend on federally subsidized loans.