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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  • Thursday, October 09, 2014 10:52 AM

    The Finance Authority of Maine (FAME) is pleased to announce a statewide expansion of the SALT program in Maine. Created by American Student Assistance (ASA), SALT is an innovative program designed to empower college students and alumni to confidently approach, manage, and pay back their student loans while gaining financial skills for life. 

    Read more...

  • Monday, October 06, 2014 10:53 AM

    The Finance Authority of Maine (FAME) continues to maintain impressively low cohort default rates for Maine student loan borrowers. According to data recently released by the U.S. Department of Education, FAME’s federal Fiscal Year 2011 three-year cohort default rate was 7.1 percent of borrowers.

    Read more...