There are a variety of loan programs designed to help finance a college education. Before applying for any loan, evaluate each loan program carefully to choose the option that best suits your needs.
Federal Direct Unsubsidized Loans are available to students who have filed a FAFSA; no further application or credit check is required. Annual and lifetime borrowing limits apply.
Federal Direct Graduate PLUS Loans are available to graduate students who have filed a FAFSA. They are credit-based and require an application be completed through the Department of Education at studentaid.gov.
Alternative Educational Loans are credit-based loans applied for in the student’s name from a private lender. Most lenders will require a co-signer. A comparison tool for select lenders is available at elmselect.com, but you may borrow through the lender of your choice. Our website provides detailed information on interest rates, repayment terms and borrower requirements for all loan types. Visit umaine.edu/stuaid/loans to learn more.
Installment Payment Plans: For those who find it convenient to make monthly payments, the University of Maine is pleased to offer a payment plan for the Fall and Spring terms. The Fall 2022 payment plan will be available for enrollment after July 1. Enrolling in the payment plan is easily done through the MaineStreet Student Center. For more information, call the Bursar’s Office at 207.581.1521 or visit umaine.edu/bursar/payment-options and click on Installment Payment Plan.