These loans for health professionals were designed to support Maine students and help meet Maine’s workforce needs.

Maine Dental Education Loan Program

The Maine Dental Education Loan Program is a competitive, forgivable loan program for Maine students pursuing a career as a dentist and planning to work in Maine after graduation.

Details and How to Apply

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
  • Who shows 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
  • Who demonstrates 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 are 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 2022 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. 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:Copies of all your undergraduate and graduate transcripts
  4. Copy of your 2021 state income tax returns
  5. Copy of your current driver’s license
  6. Copy of your vehicle registration (indicate if you do not have one)
  7. The program application link below will direct you to FAME’s online application system.
  8. Complete and submit the online application along with all of the required documents by May 31, 2022.
  9. Submit the 2022-2023 FAFSA (Free Application for Federal Student Aid) by May 31, 2022.

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.

Maine Health Professions Loan Program

The Maine Health Professions Loan Program is a need-based, competitive loan for Maine students pursuing postgraduate medical, dental, and veterinary education.

Details and How to Apply

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 (except that students benefiting from the Doctors for Maine’s Future Scholarship Program may not receive more than $10,000 annually, up to $40,000 total).

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 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 2022 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. 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:
    • Copies of all your undergraduate and graduate transcripts
    • Copy of your 2021 state income tax returns
    • Copy of your current driver’s license
    • Copy of your vehicle registration (indicate if you do not have one)
  4. The program 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, 2022.
  6. Submit the 2022-2023 FAFSA (Free Application for Federal Student Aid) by May 31, 2022.

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 LocationAnnual 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.

Maine Medical Education Foundation Loan

The Maine Medical Education Foundation (MMEF) Loan Program was established in 1959 by the Maine Medical Association (MMA) to make loans available to Maine residents enrolled in or accepted to approved medical schools.

These loans can be used to fill the gap between federal loan programs and the full cost of education.

Details and How to Apply

Benefits of a Maine Medical Education Foundation 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
  • Loan amounts range from $2,000 up to the full cost of education
  • Checks are payable to the student and mailed directly to the address listed 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 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)
YearInterest Rate
1st1%
2nd3%
3rd – 5th5%

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 2022 year are no longer being accepted.

  1. Review the program’s Private Education Loan Application & Solicitation Disclosure.
  2. Complete the 2022-2023 Maine Medical Education Foundation (MMEF) Application for Financial Assistance.
  3. Mail or email the application by May 31, 2022 (postmark date if mailed) to:

MMEF, c/o FAME, PO Box 949, Augusta, ME 04332

Education@FAMEmaine.com

Mail in the following supplemental documents:

  • A copy of your acceptance letter to medical school (new students only)
  • If in medical school, attach a letter of recommendation from a medical school dean. If not in medical school, attach a letter of recommendation from a college dean. This letter should contain basic information about you, including: your accomplishments, activities or groups of involvement, and your historical grades.
  • AMA Membership Application

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.

Maine Medical Loan

Powered by FAME, the Maine Medical LoanTM is available to medical school students to borrow funds up to the full cost of their medical education less other financial aid. This loan is specifically designed to help medical students from Maine, and out-of-state students attending approved medical schools in Maine, with their educational financing needs.

If you are finding that the Federal Student Loan Program is not meeting your full needs, the Maine Medical Loan may be the perfect loan for you. Borrow as little as $1,000 or borrow up to the full cost of your education (less any other financial aid), as determined by your school.

Details and How to Apply

Loan Features

  • A fixed interest rate of 2.79%,1 3.79%,2 or 4.79%,3 depending on the repayment option selected. Use this Maine Loan Repayment Calculator to help you choose the repayment option.
  • New annual percentage rates (APR) for academic year 2022-2023 are the same as 2021-2022: 2.79%1 for immediate repay, 3.79%2 for interest-only repay, and 4.61%3 for full deferment repay options.
  • The option to defer principal or principal and interest while in school and up to four (4) years while in residency or internship.
  • There is no (0%) guarantee fee.
  • 0.25% interest rate reduction for automatic debit payments
  • A low minimum loan amount of $1,000
  • No annual or aggregate borrowing limits
  • Six (6) month grace period
  • No application fee
  • No prepayment penalty
  • Three (3) disbursements per academic year
  • A range of repayment terms up to fifteen (15) years, depending on the repayment option selected
  • Interest capitalized once at repayment, or at the end of any forbearance/deferment request
  • High-quality, personalized customer service based in Maine

Eligibility

The Maine Medical Loan is available to medical school students. To be eligible for the Maine Medical Loan, you must meet the following requirements:

  • Student must be a Maine resident attending an approved medical school at least half time in the United States or Canada, or an out-of-state student attending an approved medical school at least half time in Maine.
  • At least one of the borrowers must be a U.S. citizen or permanent resident.
  • All borrowers must have a valid U.S. social security number.
  • Student must have a minimum of two (2) years of credit history and a minimum of three (3) trade lines on their credit report.
  • In addition, the credit report for the student must show the following:
    • No record of a paid or unpaid charge-off in the past two (2) years;
    • No negative public record items (e.g., foreclosure, repossession, open judgment, unpaid tax lien, etc.) for the past seven (7) years; and
    • No record of bankruptcy in the past seven (7) years.

If a student borrower does not meet the eligibility requirements, then it will be necessary to apply with one or more creditworthy co-borrowers. The co-borrower(s) must meet FAME’s credit underwriting standards which include:

  • A debt-to-income ratio not to exceed 50 percent;
  • A minimum annual income of at least $20,000 for the applicants for a loan as a group when more than one borrower exists; and
  • Creditworthiness as determined by review of a credit report obtained from a nationally recognized credit bureau.
NOTE: Following approval of the loan application, the student’s college or university financial aid office must certify the student’s enrollment status and cost of education prior to disbursement of funds. Upon the school’s request, the funds will be sent directly to the student’s school.

Approved Areas of Study

The Maine Medical Loan has expanded its scope of eligible medical degrees beyond Doctor of Medicine and Doctor of Osteopathic Medicine to include all of the following:

  • Doctor of Medicine (MD)
  • Doctor of Osteopathic Medicine (DO)
  • Doctor of Chiropractic (DC)
  • Doctor of Dental Medicine (DMD)
  • Doctor of Dental Surgery or
  • Doctor of Dental Science (DDS)
  • Doctor of Optometry (OD)
  • Doctor of Podiatric Medicine (DPM)
  • Doctor of Veterinary Medicine (DVM)

Loan Repayment Terms

The Maine Medical Loan offers a range of repayment terms:

Immediate RepaymentInterest-Only PaymentsDeferment of Principal and Interest Payments
Fixed Interest Rate (with auto-pay)42.54% (2.79%1 without auto-pay)3.54% (3.79%2 without auto-pay)4.54% (4.79%3 without auto-pay)
APR (with auto-pay)42.54% (2.79% without auto-pay)3.54% (3.79% without auto-pay)4.46% (4.61% without auto-pay)
Repayment Term120 months180 months180 months

Repayment Options:

  • Immediate Repayment – Begin regular payments of principal and interest within 51 days of disbursement.
  • Interest-Only Repayment – Defer principal payments while enrolled at least half time or completing a residency/internship program. Interest-only payments are required.
  • Deferred Repayment – Defer principal and interest payments while enrolled at least half time or completing a residency/internship program. Unpaid interest will be capitalized when the loan enters repayment.

Beginning regular payments of principal and interest immediately will save a substantial amount of interest over the life of the loan.

Maine Medical Loan Application

If you meet the criteria outlined, simply choose from the options below to apply online or download a PDF copy of the loan application, then fill out the student section. If you do not meet the criteria outlined, you may apply with one or more creditworthy co-borrower(s).

1 The APR is 2.79%. The APR, or Annual Percentage Rate, is the effective interest rate when all interest charges are included. This APR is based on a fixed interest rate of 2.79%, a loan amount of $10,000, a repayment term of 120 months, and assuming immediate principal and interest payments. Terms are as of June 2022.
2 The APR is 3.79%. The APR, or Annual Percentage Rate, is the effective interest rate when all interest charges are included. This APR is based on a fixed interest rate of 3.79%, a loan amount of $10,000, a repayment term of 180 months, and assuming interest-only payments for 4 1/2 years. Terms are as of June 2022.
3 The APR is 4.61%. The APR, or Annual Percentage Rate, is the effective interest rate when all interest charges are included. This APR is based on a fixed interest rate of 4.79%, a loan amount of $10,000, a repayment term of 180 months, and assuming deferment of principal and interest payments for 4 1/2 years. Terms are as of June 2022.
4 An interest rate reduction of 0.25% is available to borrowers. To qualify, borrowers need to arrange with the loan servicer to have their payments automatically withdrawn from a checking or savings account. This interest rate reduction will remain on the account unless the loans are in a status which does not require payments, or automatic deduction is revoked by the borrower or suspended by the loan servicer according to the insufficient funds policy in effect when the agreement is signed. Upon request, FAME will provide a projection of the percentage of borrowers who are likely to benefit from this interest rate reduction. As of June 1, 2022, federal student loans (including PLUS loans) are temporarily reduced to 0% through August 31, 2022.
The Finance Authority of Maine (FAME) does not discriminate in the administration of any of its programs or in its employment practices on the basis of race, color, national origin, age, gender, religion, physical or mental disability, political affiliation, marital status or sexual orientation. FAME is an equal opportunity employer, provider and lender.
FAME provides links to other websites as a convenience and does not endorse or guarantee the content, accuracy, or usability of such sites.

Maine Veterinary Medicine Loan Program

The Maine Veterinary Medicine Loan is a competitive, need-based, forgivable loan for Maine students pursuing a career as a veterinarian. The number of loans awarded each year is limited and depends on available funding. The loan amount is $25,000 annually, up to $100,000 for a maximum of four years. Borrowers may have a portion of their loan forgiven for each year of eligible return service.

Details and How to Apply

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 livestock* veterinary medicine in an area of Maine with insufficient veterinary services.**

*Livestock is as defined by the Maine Department of Agriculture, Conservation and Forestry and currently includes cattle, oxen, horses, swine, sheep, goats, llamas, alpacas, bison and/or cervids.

**Insufficient veterinary service areas are as determined by the Maine Department of Agriculture, Conservation and Forestry.

Loan Amounts and Interest

Up to $25,000 annually, up to $100,000 total 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.

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 2022 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 program 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, 2022.
  6. Submit the 2022-2023 FAFSA (Free Application for Federal Student Aid) by May 31, 2022.

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 SiteForgiveness Rates and Time FrameInterest Rate %
Practice veterinary medicine full time in an area of Maine with insufficient veterinary services as determined by the Maine Department of Agriculture, Conservation and Forestry, and if the practice is devoted to livestock at least 20 hours/week.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 as determined by the Maine Department of Agriculture, Conservation and Forestry, and if the practice is devoted to livestock 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 as determined by the Maine Department of Agriculture, Conservation and Forestry, and if the practice is devoted to livestock at least 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
Do not practice veterinary medicine in Maine, or live and work out of state.10-year repayment period.5%

Insufficient veterinary service areas are as determined by the Maine Department of Agriculture, Conservation and Forestry.

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.

Additional Questions?

If you still have questions, please contact our customer service specialists Monday through Friday, 8:00 a.m. to 4:30 p.m.

By phone:
207-623-3263 | Toll-free: 800-228-3734 | TTY: 207-626-2717

By email:
Education@FAMEmaine.com