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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  • 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...

  • Thursday, January 08, 2015 9:11 AM

    The Finance Authority of Maine (FAME) has announced that the NextGen College Investing Plan®, Maine’s Section 529 college savings plan, will eliminate the $50 annual account fee for all clients in the advisor-sold (Client Select) series effective January 1, 2015. 

    Read more...