Loans for the Health Professions

Eligibility

• Maine resident (for purposes other than education) for two years prior to matriculation at a dental school; and
• Admitted to a program of dentistry for a first dental degree leading to a DDS or DMD at an accredited institution; and
• Exhibit an interest in practicing primary dental care in an underserved population area in Maine and in serving patients regardless of their ability to pay; and
• Demonstrate financial need.

Priority is given to eligible applicants with the greatest financial need and a demonstrated intent to practice primary dental care in an underserved area in Maine. Finalists may be required to participate in an interview.

Loan Amounts

• Up to $20,000 annually, up to $80,000 total, if the first program loan was received prior to December 31, 2019.
• Up to $25,000 annually, up to $100,000 total, if the first program loan is received after January 1, 2020.

Loan funds are paid directly to the school for credit to your student account.

Renewals

To receive renewal funding, the online renewal application must be completed on or before May 31. The FAFSA must be filed by May 31.

FAME emails renewal application links to current recipients by the end of February. Please be sure we have a current email address on file.

How to Apply

Applications are available online in February of each year. Applications for the 2023-2024 year are no longer being accepted.

1. Review the program’s Private Education Loan Application & Solicitation Disclosure.
2. Review the program’s application checklist.
3. The application for the Maine Health Professions Loan is online only. You will not be able to save an application in progress and return to it later—once you begin the application, you’ll need to complete it.
4. Before you begin, have all documents required to complete your application in a format ready to upload (e.g., PDF, scan, photo)
   • Copies of all your undergraduate and graduate transcripts
   • Copy of your 2022 state income tax returns
   • Copy of your current driver’s license
   • Copy of your vehicle registration (indicate if you do not have one)
5. The program application link below will direct you to FAME’s online application system.
6. Complete and submit the online application along with all of the required documents by May 31, 2023. Applications submitted without all required documents will be considered incomplete;
7. Submit the 2023-2024 FAFSA (Free Application for Federal Student Aid) by May 31, 2023.

Loan Forgiveness

Maine Dental Education Loan recipients may be eligible for loan forgiveness. To receive loan forgiveness, a dentist must practice primary dental care full time in an underserved area of the state, in an eligible dental care facility. Download a brochure to learn more about loan forgiveness.

Eligibility for Forgiveness

Dentists who practice primary dental care in an eligible dental care facility in an underserved area of Maine may be eligible for loan forgiveness at the rate of 25 percent of their original outstanding indebtedness on an annual basis.

“Dental care facility” means:

• Any health care facility that offers primary dental care as either its primary service or as part of a broader medical practice; and
• Accepts payment through MaineCare or successor program; and
• At which at least 25% of the patient load has been accepted for treatment regardless of ability to pay through insurance or other payment source; and
• Provides patients notice that it accepts payment through MaineCare or a successor program.

Applying for Forgiveness

Contact FAME as soon as you find employment. We will determine loan forgiveness eligibility. To apply for forgiveness, complete and submit the online Annual Report each year. FAME emails links to the online Annual Reports every year in May or June.

Recipients must provide documentation that they have practiced primary dental care in an eligible dental care facility in an underserved area. Loan recipients may receive partial loan forgiveness on a pro-rata basis if they fulfill all the criteria but maintain the appropriate practice for less than a year.

If You Are Not Eligible for Forgiveness

Repayment must be completed according to the terms specified in your promissory note. Loan repayment will begin six months following the month you complete your professional education or withdraw. Interest is calculated based on the rate disclosed in your promissory note.

If You Are Having Difficulty Making Your Monthly Payments

Contact FAME to discuss alternative payment arrangements. We may also grant a deferment in certain circumstances. You can download a Request for Deferment form here. We typically require interest payments during periods of deferment and do not grant more than a total of 36 months of deferment.

This program is governed by Maine law as set forth in 20-A M.R.S.A. § 12301 et seq. and Chapter 612 of the Rules of the Finance Authority of Maine.

Eligibility

• Must be a Maine resident (for purposes other than education) for one year prior to matriculation into medical school
• Students admitted to a program of allopathic, osteopathic, veterinary medicine, or dentistry at an accredited institution of medical education

Loan Amounts and Interest

Up to $25,000 annually, up to $100,000 total for a maximum of four years. Doctors for Maine’s Future Scholarship recipients may not receive more than $10,000 annually, up to $40,000 total for a maximum of four years.

No interest accrues while the recipient is in an eligible residency program. During repayment, the interest rate can be as low as 0% and is based on location and type of practice and/or population served.

Loan funds are paid directly to the school for credit to your student account.

Renewals

Yes! Loans are renewable if funding is available. To receive funding, the online renewal application must be completed on or before May 31. The FAFSA must be filed by May 31.

FAME emails renewal application links to current recipients by the end of February. Please make sure we have a current email address on file.

How to Apply

Applications are available online in February of each year. Applications for the 2023-2024 year are no longer being accepted.

1. Review the program’s Private Education Loan Application & Solicitation Disclosure.
2. Before starting an application, please review the program’s application checklist.
3. The application for the Maine Health Professions Loan is online only. You will not be able to save an application in progress and return to it later—once you begin the application, you will need to complete it.
4. Before you begin, have all documents required to complete your application in a format ready to upload (e.g., PDF, scan, photo):
   • Copies of all undergraduate and graduate academic transcripts
   • Signed copy of your 2022 state income tax returns
   • Copy of your current driver’s license
   • Copy of your vehicle registration (indicate if you do not have one)
5. The program application link below will direct you to FAME’s online application system.
6. Complete and submit the online application along with all of the required documents by May 31, 2023. Applications submitted without all required documents will be considered incomplete.
7. Submit the 2023-2024 FAFSA (Free Application for Federal Student Aid) by May 31, 2023.

How Students Are Selected

Priority is given to students who have the greatest financial need. Further priority is given to allopathic and osteopathic students not participating in Doctors for Maine’s Future Scholarship Program, then to dental and veterinary students.

Loan Repayment Chart

Practice Type and Location	Annual Interest Rate
1. Primary health care physicians and general dentists practicing at least 20 hours/week in a Health Professional Shortage Area (HPSA) in Maine.	0%
2. Veterinarians practicing in areas of Maine with insufficient veterinary services and providing at least 20 hours/week of veterinary services to livestock.	0%
3. Primary health care physicians and general dentists attending to patients at least 20 hours/week in a non-HPSA in Maine; any physician attending to patients at least 20 hours/week in an underserved specialty in Maine; any physician attending to patients in an underserved population group in Maine at least 20 hours/week.	3%
Practicing in Maine, but not subject to 1, 2, or 3 above.	5%
Not practicing in Maine or withdrew from professional education.	8%

Students who obtained their first program loan prior to January 1, 2011 are subject to different provisions. Learn more about repayment and forgiveness for borrowers with an initial loan made prior to January 1, 2011.

If You Are Having Difficulty Making Your Monthly Payments

Contact FAME to discuss alternative payment arrangements. We may also grant a deferment in certain circumstances. You can download a Request for Deferment form here. We typically require interest payments during periods of deferment and do not grant more than a total of 36 months of deferment.

This program is governed by Maine law as set forth in 20-A M.R.S.A. §12101 et seq. and Chapter 617 of the Rules of the Finance Authority of Maine.

Benefits of a MMET Medical Student Loan

• No application or origination fees
• No interest accrues while in school
• Low, fixed interest rate during loan repayment
• Free membership in the American Medical Association while in school
• Free membership in the Maine Medical Association while in school
• High-quality customer service center located in Maine
• Extended residency period: Students may now defer principal payments for up to five years after graduation from medical school.
• Deferment of interest payments for up to five years of residency. Students will receive optional interest statements during this period.
• Repayment period extended: Ten-year term begins when the loan enters full repayment of principal and interest.

Terms and Eligibility

• Maine residents accepted by or enrolled in approved medical schools
  • A resident is an individual who has lived in the state of Maine, for other than educational purposes, one year prior to registration or application to medical school. Similarly, the spouse or domestic partner of a person who has continuous, full-time employment in Maine at the time of medical school registration or application is considered a resident. Absent documentation of residency or ties, an applicant who has resided in Maine solely to attend an in-state institution is considered a non-resident.
• Must be a member of the American Medical Association and the Maine Medical Association (paid for by MMA)
• No application or origination fees
• Historically loan amounts ranged from $2,000 to $12,500 dependent on available funding
• Disbursements are payable to the student and mailed directly to the address provided on the application
• Application deadline: May 31 of award year
• Student must be pursuing a degree of Doctor of Medicine (MD) or Doctor of Osteopathic Medicine (DO)

Interest Rate

• No interest accrues while the student is in medical school at least half time
• Low, fixed interest rate of 5%* during repayment
• Tiered interest rate while student is in residency program (up to 5 years)

Year	Interest Rate
1st	1%
2nd	3%
3rd – 5th	5%

Repayment Options

• No payments due while the student is enrolled at least half time in medical school.
• Optional interest-only statements sent during residency period. Students are strongly encouraged to make payments during this time to reduce the overall cost of repaying this loan.
• No later than five years following graduation from medical school, repayment will begin in equal monthly installments.
• Ten-year repayment term: full repayment begins after the residency period expires or a student ceases to be enrolled in medical school.
• Forbearance periods allowed for up to 24 months on a case-by-case basis. You can download a Forbearance Request form here. Student loan specialists, located at FAME in Maine, are ready to assist you: 1-800-228-3734, Education@FAMEmaine.com

How to Apply

Applications are available online in February of each year. Applications for the 2023-2024 year are no longer being accepted.

1. Review the program’s Private Education Loan Application & Solicitation Disclosure.
2. Before starting an application, please review the program’s application checklist.
3. You may download the application via the program application link below.
   • Carefully complete the application
   • Gather required supplemental documents:
   • Copy of acceptance letter to medical school
   • Letter of recommendation from student’s pre-medical or medical school. This letter should contain basic information about the student including accomplishments, activities or groups of involvement, and historical grades
   • AMA membership application
4. Submit completed application along with all of the required documents by May 31, 2023.

Renewals

To receive renewal funding, the paper renewal application must be completed and received by FAME on or before May 31.

FAME mails paper renewal applications to current recipients by the end of February. Please be sure we have a current email address on file.

Benefits of MMA/AMA Membership

Medical students borrowing from the Foundation also become student members of the Maine Medical Association and the American Medical Association. This membership is extended to borrowers without cost, as the Foundation pays for the cost of the multi-year AMA membership, and MMA membership is free to medical students and residents. These memberships provide a medical student with the same types of benefits that active physician members receive.

*Based on no interest accrual while in school, a tiered interest rate of 1% (1st year), 3% (2nd year), and 5% (3rd-5th year) while in residency, and a fixed 5% during repayment, the APR is 2.957%. The APR, or Annual Percentage Rate, is the effective interest rate if all interest charges are included. This APR is based on a loan amount of $10,000, a repayment term of 120 months, and assuming deferment of principal and interest for five years during residency.

Eligibility

• Students must be residents of Maine (for purposes other than education) for two years prior to matriculation at a veterinary school.
• Students admitted to a program of study at an accredited school leading to a Doctor of Veterinary Medicine degree. Entry into veterinary school must be after January 1, 2011.
• Students who show an interest in practicing veterinary medicine related to livestock[1] or emergency and critical care in an area of Maine with insufficient veterinary services, or to practice veterinary medicine of any type in an underserved geographic region in.[2]

[1] “Livestock” means such animals as determined by the Maine Commissioner of Agriculture, Conservation & Forestry.

[2] “Underserved geographic region” means a geographic region of Maine in which there is an insufficient number of practitioners of veterinary medicine, as determined by the Maine Commissioner of Agriculture, Conservation & Forestry.

Loan Amounts and Interest

The maximum annual loan amount is $35,000 for loans made for the 2023-2024 academic year[1], up to a maximum of $140,000 for a maximum of four years. No interest accrues while the recipient is in an eligible medical program. During repayment, the interest rate can be as low as 0% and is based on location and type of practice and/or population served.

Loan funds are paid directly to the school for credit to your student account.

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[1] The maximum annual loan amount for loans made prior to academic year 2023-24 is $25,000; $100,000 for four years.

Renewals

Loans are renewable if funding is available. To receive renewal funding, the online renewal application must be completed on or before May 31. The FAFSA must be filed by May 31.

FAME emails renewal application links to current recipients by the end of February. Please be sure we have a current email address on file.

How to Apply

Applications are available online in February of each year. Applications for the 2023-2024 year are no longer being accepted.

1. Review the program’s Private Education Loan Application & Solicitation Disclosure.
2. Review the program’s application checklist.
3. The application for the Maine Veterinary Medicine Loan Program is online only. You will not be able to save an application in progress and return to it later—once you begin the application, you’ll need to complete it. For this reason, we recommend you have all of the documents required to complete your application ready to upload in .pdf format before you begin:
   • Essay (See application checklist for topic and requirements.)
   • Signed copy of your 2021 state income tax return (Do not include schedules.)
   • Copy of your current driver’s license
   • Copy of your vehicle registration (Indicate if you do not have one.)
4. The application link below will direct you to FAME’s online application system
5. Complete and submit the online application along with all of the required documents by May 31, 2023.
6. Submit the 2023-2024 FAFSA (Free Application for Federal Student Aid) by May 31, 2023.

Loan Forgiveness

Maine Veterinary Medicine Loan recipients may be eligible for loan forgiveness. Download FAME’s brochure about forgiveness eligibility for more information.

Eligibility for Forgiveness

Maine Veterinary Medicine Loan recipients (who started their education on or after January 1, 2011) may be eligible for loan forgiveness.

Borrowers may have a portion of their loan forgiven for each year of eligible return service.

Type of Practice or Practice Site	Forgiveness Rates and Time Frame	Interest Rate %
Practice veterinary medicine full-time in an area of Maine with insufficient veterinary services and whose practice is devoted to livestock or emergency and critical care, or who practice veterinary medicine of any type in an underserved geographic region, at least 20 hours per week as determined by the Maine Department of Agriculture, Conservation and Forestry.	25% of original total loan amount for each full year of practice. Return service must be performed within ten years of postgraduate veterinary medical training.	N/A
Practice veterinary medicine full time in an area of Maine with insufficient veterinary services and whose practice is devoted to livestock or emergency and critical care, or to veterinary medicine of any type in an underserved geographic region, as determined by the Maine Department of Agriculture, Conservation and Forestry, less than 20 hours/week, but not less than 10 hours/week.	12.5% of original total loan amount for each full year of practice. Return service must be performed within ten years of postgraduate veterinary medical training.	N/A
Practice veterinary medicine less than full time in an area of Maine with insufficient veterinary services, but devote at least 10 hours per week to the care of livestock or emergency and critical care veterinary medicine of any kind in an underserved geographic region, as determined by the Maine Department of Agriculture, Conservation and Forestry.	12.5% of original total loan amount for each full year of practice. Return service must be performed within ten years of postgraduate veterinary medical training.	N/A
Do not practice veterinary medicine in Maine, or live and work out of state.	10-year repayment period.	5%

Applying for Forgiveness

Contact FAME as soon as you find employment. We will determine loan forgiveness eligibility. To apply for forgiveness, complete and submit the online Annual Report each year. FAME emails links to the online Annual Reports every year in May or June.

If You Are Not Eligible for Forgiveness

Repayment must be completed according to the terms specified in your promissory note. Loan repayment will begin six months following the month you complete your professional education or withdraw. Interest is calculated based on the rate disclosed in your promissory note.