Most families pay for college using a variety of sources. Borrowing is often one of the funding sources. There are different types of student loans that you can use. This section explains more about each one.
General Loan Programs
These student loan programs are open to all.
Students and parents may borrow from the federal government to help pay for college. Federal loans offer some low interest rates and flexible repayment options.
Private student loans are credit-based loans offered through banks, credit unions, and state agencies. Usually, the student is the borrower and will need a creditworthy cosigner like a parent or grandparent.
The Maine LoanTM is available to eligible undergraduate and graduate students to borrow funds up to the full cost of education less other financial aid. This loan program exists to bridge the gap between the full cost of college and traditional financial aid resources.
Health Professions Loan Programs
The are several loan programs for Maine students pursuing a health professions degree.
The Educators for Maine Program is a competitive, merit-based, forgivable loan for current Maine students pursuing careers in education or child care and planning to work in Maine after graduation.