FAME Federal Student Loan Programs -

Facts for 2009-2010

 

FAME Federal Student Loan

  • Borrower must be enrolled at least half-time.
  • Lender code: 834105
  • Interest Rates:
    • Subsidized Stafford Loans for undergraduate students are fixed at 5.6%;
    • Subsidized Stafford Loans for graduate students are fixed at 6.8%;
    • Unsubsidized Stafford Loans for all students are fixed at 6.8%.
  • 1.5% federal default/origination fee.
  • Repayment begins six months after student ceases enrollment on at least a half-time basis.

FAME Federal PLUS Loan

  • Borrower must be a credit-worthy parent of a dependent student attending school at least half-time.
  • Lender Code: 834105
  • Interest rate is fixed at 8.5%.
  • 4% federal default/orgination fee.
  • Repayment begins within 60 days of full loan disbursement.
  • Deferment is available upon request while the student and/or parent is enrolled at least half-time.  Interest does accrue during periods of enrollment.

FAME Federal Grad PLUS Loan

  • Borrower must be a credit-worthy student enrolled at least half-time in a master's or professional degree program.
  • Lender Code: 834105
  • Interest rate is fixed at 8.5%.
  • 4% federal default/orgination fee.
  • Repayment begins within 60 days of full loan disbursement.
  • Deferment is available upon request while the student is enrolled at least half-time.  Interest does accrue during periods of deferment.
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News of Interest

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  • Monday, February 09, 2015 11:03 AM

    The Finance Authority of Maine (FAME) is pleased to announce that SALT™, an innovative online program designed to empower students to confidently manage their money and build financial skills for life, is now available to high school students across the state.  Created by American Student Assistance (ASA), SALT offers interactive money management lessons, a scholarship search tool, and numerous resources to assist in planning and paying for college. FAME offers SALT to all Maine high school students through a partnership with ASA.

    Read more...

  • Friday, January 23, 2015 8:00 AM

    The Finance Authority of Maine (FAME) has announced that it has increased the amounts of NextGen College Investing Plan® matching grants to help Maine families that invest in education after high school. The annual NextStep Matching Grant is now up to $300 maximum and the Automated Funding Grant has doubled to $100.

    Read more...