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 2020 was $24,683.
The Typical Monthly Loan Payment is $263 per month. (Median monthly loan payment for student borrowers who completed, if it were repaid over 10 years at a 5.05% interest rate).
The FY 2018 Cohort Default Rate is 4.0%. A cohort default rate is the percentage of a school’s borrowers who enter repayment on certain Federal Family Education Loan (FFEL) Program or William D. Ford Federal Direct Loan (Direct Loan) Program loans during a particular federal fiscal year (FY), October 1 to September 30, and default or meet other specified conditions prior to the end of the second following fiscal year. Please note, if you do not meet your loan payments you risk going into default.
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. Click the links to the right for more information about the different types of loans and how to apply for them.