{"id":774,"date":"2016-12-29T11:43:51","date_gmt":"2016-12-29T16:43:51","guid":{"rendered":"https:\/\/umaine.edu\/sss\/?page_id=774"},"modified":"2016-12-29T11:43:51","modified_gmt":"2016-12-29T16:43:51","slug":"information-student-loans","status":"publish","type":"page","link":"https:\/\/umaine.edu\/sss\/information-student-loans\/","title":{"rendered":"Information About Student Loans"},"content":{"rendered":"

Student loans are often used to fill the gap between funds available and the amount due on a student bill.\u00a0 Students are automatically considered for Federal Direct Subsidized and Unsubsidized loans upon timely completion of their FAFSA.\u00a0 \u00a0There are many loan programs available.\u00a0 Always review the terms carefully, including interest rates, when you need to begin repayment, and fees.\u00a0 Borrower Rights and Responsibilities<\/a> should also be reviewed before taking out student loans.<\/p>\n

Federal Direct Loans:<\/strong><\/p>\n

Federal Direct Subsidized Loans<\/a>– these loans are need-based.\u00a0 The government pays the interest on the loan while students are enrolled half-time and during deferment.\u00a0 Amount eligibility varies based on academic grade level.
\n\u00a0Federal Unsubsidized Loans<\/a>– these loans are not need based.\u00a0 The student either pays interest while enrolled, or defers until after graduation (in this case, the deferred interest is added to the principal of the loan).
\nFederal Direct PLUS Loans<\/a>– these loans are fixed-rate loans to parents of undergraduate dependent students.\u00a0 There is a 10 year repayment schedule.\u00a0 A minimal check of borrower\u2019s credit history is required.<\/p>\n

Current interest rates and fee information are available for review on the Financial Aid website.<\/a><\/p>\n

Federal Direct loans require a master promissory note to be completed online<\/a>.\u00a0 You will need your FSA ID.<\/p>\n

Entrance and Exit Counseling<\/a> is also required for students taking out Federal Direct Loans.\u00a0 This entrance counseling must be completed before loan money will be dispersed to your account.\u00a0 For more information on Entrance and Exit Counseling, see the Financial Aid website<\/a>.<\/p>\n

Federal Perkins Loan:<\/strong><\/p>\n

Federal Perkins Loans is a loan for low-income students.\u00a0 Students are automatically considered for this scholarship if they apply for financial aid.\u00a0 Early application increases the chance of receiving a Perkins Loan as funds are limited.<\/p>\n

Alternative Loan Programs:<\/strong><\/p>\n

Alternative Loans are loans taken out through private organizations to fill remaining gaps between available money, and account balances.\u00a0 Most of these loans are credit-based, and will vary widely in terms.\u00a0 Borrowers should very carefully review all terms before taking out an alternative loan.<\/p>\n

For a listing of Alternate Loan companies, please see the link provided by financial aid<\/a>.<\/p>\n

Other Student Loan Information:<\/p>\n

The Finance Authority of Maine (FAME) <\/a>has important information about loans, including a repayment estimator<\/a>, information about repayment options<\/a>, loan delinquency and default<\/a>, and loan consolidation and repaymen<\/a>t.<\/p>\n

If you have yet to take out a student loan, you can input hypothetical loan amounts to determine repayment terms by using a Loan Repayment Calculator<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Student loans are often used to fill the gap between funds available and the amount due on a student bill.\u00a0 Students are automatically considered for Federal Direct Subsidized and Unsubsidized loans upon timely completion of their FAFSA.\u00a0 \u00a0There are many loan programs available.\u00a0 Always review the terms carefully, including interest rates, when you need to […]<\/p>\n","protected":false},"author":786,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_kad_blocks_custom_css":"","_kad_blocks_head_custom_js":"","_kad_blocks_body_custom_js":"","_kad_blocks_footer_custom_js":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"class_list":["post-774","page","type-page","status-publish","hentry"],"yoast_head":"\nInformation About Student Loans - TRIO Student Support Services - University of Maine<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/umaine.edu\/sss\/information-student-loans\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Information About Student Loans - TRIO Student Support Services - University of Maine\" \/>\n<meta property=\"og:description\" content=\"Student loans are often used to fill the gap between funds available and the amount due on a student bill.\u00a0 Students are automatically considered for Federal Direct Subsidized and Unsubsidized loans upon timely completion of their FAFSA.\u00a0 \u00a0There are many loan programs available.\u00a0 Always review the terms carefully, including interest rates, when you need to […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/umaine.edu\/sss\/information-student-loans\/\" \/>\n<meta property=\"og:site_name\" content=\"TRIO Student Support Services\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/umaine.edu\/sss\/information-student-loans\/\",\"url\":\"https:\/\/umaine.edu\/sss\/information-student-loans\/\",\"name\":\"Information About Student Loans - TRIO Student Support Services - University of Maine\",\"isPartOf\":{\"@id\":\"https:\/\/umaine.edu\/sss\/#website\"},\"datePublished\":\"2016-12-29T16:43:51+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/umaine.edu\/sss\/information-student-loans\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/umaine.edu\/sss\/information-student-loans\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/umaine.edu\/sss\/information-student-loans\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/umaine.edu\/sss\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Information About Student Loans\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/umaine.edu\/sss\/#website\",\"url\":\"https:\/\/umaine.edu\/sss\/\",\"name\":\"TRIO Student Support Services\",\"description\":\"University of Maine\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/umaine.edu\/sss\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Information About Student Loans - TRIO Student Support Services - University of Maine","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/umaine.edu\/sss\/information-student-loans\/","og_locale":"en_US","og_type":"article","og_title":"Information About Student Loans - TRIO Student Support Services - University of Maine","og_description":"Student loans are often used to fill the gap between funds available and the amount due on a student bill.\u00a0 Students are automatically considered for Federal Direct Subsidized and Unsubsidized loans upon timely completion of their FAFSA.\u00a0 \u00a0There are many loan programs available.\u00a0 Always review the terms carefully, including interest rates, when you need to […]","og_url":"https:\/\/umaine.edu\/sss\/information-student-loans\/","og_site_name":"TRIO Student Support Services","twitter_card":"summary_large_image","twitter_misc":{"Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/umaine.edu\/sss\/information-student-loans\/","url":"https:\/\/umaine.edu\/sss\/information-student-loans\/","name":"Information About Student Loans - TRIO Student Support Services - University of Maine","isPartOf":{"@id":"https:\/\/umaine.edu\/sss\/#website"},"datePublished":"2016-12-29T16:43:51+00:00","breadcrumb":{"@id":"https:\/\/umaine.edu\/sss\/information-student-loans\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/umaine.edu\/sss\/information-student-loans\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/umaine.edu\/sss\/information-student-loans\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/umaine.edu\/sss\/"},{"@type":"ListItem","position":2,"name":"Information About Student Loans"}]},{"@type":"WebSite","@id":"https:\/\/umaine.edu\/sss\/#website","url":"https:\/\/umaine.edu\/sss\/","name":"TRIO Student Support Services","description":"University of Maine","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/umaine.edu\/sss\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"}]}},"taxonomy_info":[],"featured_image_src_large":false,"author_info":{"display_name":"","author_link":"https:\/\/umaine.edu\/sss\/author\/"},"comment_info":0,"_links":{"self":[{"href":"https:\/\/umaine.edu\/sss\/wp-json\/wp\/v2\/pages\/774","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/umaine.edu\/sss\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/umaine.edu\/sss\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/umaine.edu\/sss\/wp-json\/wp\/v2\/users\/786"}],"replies":[{"embeddable":true,"href":"https:\/\/umaine.edu\/sss\/wp-json\/wp\/v2\/comments?post=774"}],"version-history":[{"count":3,"href":"https:\/\/umaine.edu\/sss\/wp-json\/wp\/v2\/pages\/774\/revisions"}],"predecessor-version":[{"id":1625,"href":"https:\/\/umaine.edu\/sss\/wp-json\/wp\/v2\/pages\/774\/revisions\/1625"}],"wp:attachment":[{"href":"https:\/\/umaine.edu\/sss\/wp-json\/wp\/v2\/media?parent=774"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}