Loans
IMPORTANT! Click here for more information about changes to Federal Direct Loans
There are a variety of loan programs available to help finance your college education. Before applying for any loan, evaluate each loan program carefully to choose the loan program that best suits the needs of you and/or your family paying special attention to repayment terms. Some loans defer repayment until after the student leaves school and some enter repayment immediately.
The average Federal loan indebtedness for University of Maine undergraduates at graduation in 2012 was $24,697.
Some loans may be listed on a student’s financial aid award, but additional steps may be required in order to receive the loan funds. Other loans have specific application processes.
The following types of loans are available for undergraduate and graduate students:
If you are borrowing a loan for the first time, you will need to complete loan counseling. Click on the following links for more information.
Additionally, if you are borrowing a Stafford Loan for the first time, you will need to complete a Master Promissory Note.
When you stop attending school or if you drop below half time, you will need to complete exit counseling if you have borrowed a Stafford Loan or a Perkins Loan.
Stafford Loan Forgiveness Program for Teachers
The Teacher Loan Forgiveness Program is intended to encourage individuals to enter and continue in the teaching profession. Under this program, individuals who teach full time for five consecutive, complete academic years in certain elementary and secondary schools that serve low-income families and meet other qualifications may be eligible for forgiveness of up to a combined total of $17,500 in principal and interest on their FFEL and/or Direct Loan program loans. (Note: As of August 14, 2008, an otherwise eligible borrower may qualify for forgiveness if the borrower has provided qualifying teaching services at one or more locations that are operated by an educational service agency.)
Federal Perkins Loan Teacher Cancellation
You qualify for cancellation (discharge) of up to 100 percent of a Federal Perkins Loan if you have served full time in a public or nonprofit elementary or secondary school system as a
- teacher in a school serving students from low-income families; or
- special-education teacher, including teachers of infants, toddlers, children, or youth with disabilities; or
- teacher in the fields of mathematics, science, foreign languages, or bilingual education, or in any other field of expertise determined by a state education agency to have a shortage of qualified teachers in that state.
National Student Loan Data System
To access data regarding your Federal loans and Federal grants, please visit the NSLDS website.
Borrower Rights and Responsibilities
Know your rights and responsibilities as a loan holder.