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Looking for a smart way to bridge the gap when awards, scholarships, grants, and financial aid don’t meet the costs of higher education? The Maine Loan is for you.

Maine Loan offers fixed interest rates with no up-front/guarantee fees so graduate and undergraduate students can borrow funds up to the full cost of education less other financial aid.

Same fixed rates for 2024-2025 academic year. Apply Now!

Rates as low as 6.24% APR (or 5.99% with autopay) for the upcoming academic school year.

Existing Maine Loan customer? Log in below to manage your account.

FAME works with our partners to provide you with the best experience possible when applying for Maine Loan through repayment.

Campus Door is responsible for the application process. If you receive a phone call or email from Campus Door, there is a good chance they have a question about your application and need you to take action.

Firstmark Services is responsible for your loan after the funds have been disbursed to your school. If you receive a phone call or email from Firstmark Services, be sure to respond as quickly as possible. Nelnet Servicing LLC d/b/a Firstmark Services or call 1-888-538-7378.

Maine Loan Repayment Terms

  • 2024-2025 fixed interest rates are 5.99%1,5 – 7.99%3, depending on the repayment option selected and whether autopay is selected. View our Application and Solicitation Disclosure.
  • 0% origination, no up-front or guarantee fees
  • 0.25% interest rate reduction with automatic debit payments5
  • Approved borrowers receive the same fixed interest rate for the repayment option selected—regardless of credit history or if there is a co-signer
  • The Maine Loan offers a range of repayment terms
Immediate RepaymentInterest OnlyFull Deferment
Fixed Interest Rate (with autopay)55.99% with autopay (6.24% without autopay)6.99% with autopay (7.24% without autopay)7.74% with autopay (7.99% without autopay)
APR (with autopay)55.99%1,5 (6.24%1 without autopay)6.99%2,5 (7.24%2 without autopay)7.36%3,5 (7.50%3 without autopay)
Repayment Term120 months180 months180 months

Borrowers can choose from three different repayment options:

  • Immediate Repayment – Begin regular payments of principal and interest within 30 to 60 days of disbursement.
  • Interest-Only Repayment – Defer principal payments while enrolled at least half time. Interest-only payments are required.
  • Deferred Repayment – Defer principal and interest payments while enrolled in a degree-granting school at least half time. 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.

What is Autopay?

Signing up for autopay allows the borrower to receive a 0.25% point reduction in the interest rate and have the bill amount drawn directly from a bank account every month. This feature is a savings and helps prevent the borrower from missing payments.

Maine Loan Features

Here’s some of what you can expect with the Maine Loan:

  • No (0%) guarantee fee
  • 0.25% interest rate reduction with automatic debit payments5
  • A low minimum loan amount of $1,000
  • No annual or aggregate borrowing limits
  • 6 month grace period
  • No application fee
  • No prepayment penalty
  • Up to 3 disbursements per academic year
  • A range of repayment terms up to 15 years, depending on the repayment option selected
  • High-quality, personalized customer service based in Maine

Three Steps to Apply

Step 1: Start the loan process

First, begin the required financial wellness course provided by iGrad. (10 minutes)

Next, continue to the secure online application powered by our partners at Campus Door. (10 minutes)

Step 2: Upload documentation

You will receive an email from CampusDoor when verification documentation is needed. Log into My Account to upload required verifications documentation (e.g., identity and/or income). (10 minutes)

Step 3: Customize and sign

Choose your loan repayment option, read the terms, and sign loan acceptance documents. (10 minutes)

That’s it! We handle the rest
We’ll send your loan information to your school for certification. Once your loan is certified, we’ll disburse it directly to your school on their preferred date(s).

Maine Loan Eligibility

The Maine Loan is available to eligible undergraduate and graduate students. To be eligible, the borrower must meet the following requirements:

  • Student must be a Maine resident attending an approved school at least half time in the United States or Canada or a New England (New Hampshire, Vermont, Massachusetts, Connecticut, or Rhode Island) resident attending an approved 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 and co-signer (if applicable) must demonstrate a sound credit history and ability to repay the debt and meet FAME’s credit underwriting standards, including:
    • A debt-to-income ratio not to exceed 50%
    • A minimum annual income is required: At least $20,000 for a student borrower alone or at least $20,000 for one co-signer when the student income is not considered.
    • Creditworthiness as determined by a review of a credit report obtained from a nationally recognized credit bureau. For students with limited or no credit history, income, and/or employment, it may be necessary to apply with a creditworthy co-signer.

Note: Following approval of the loan application, income will be verified and, 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.

Maine Loan FAQs


How does the Maine Loan compare to the Federal PLUS loan?
Loan Repayment OptionsMonthly Payment During SchoolMonthly Payment After Grace PeriodFixed Interest RateTermTotal Repayment
Maine Loan Immediate Repayment$112.23$112.236.24% / 6.24% APR1120 months$13,467.60
Maine Loan Interest Only Payments$59.47$91.227.24% / 7.24% APR2180 months$19,680.30
Maine Loan Full DefermentN/A$129.837.99% / 7.50% APR3180 months$23,369.40
PLUS Loan Immediate Repayment (as of 7/1/24)4$132.48$132.489.08%120 months$15,898.00
PLUS Loan Full Deferment (as of 7/1/24)4N/A$186.629.08%120 months$22,393.92
What are the key differences between the Maine Loan and the Federal PLUS loan?
Loan DetailsMaine LoanFederal PLUS Loan
EligibilityParent or credit worthy student with a satisfactory credit score, minimum income level, and debt-to-income ratio
Loan is in student's name
Parent of dependent student with no adverse credit history
Loan is in parent's name
Interest Rates6.24% fixed / 6.24% APR1, Immediate Repay
7.24% fixed / 7.24% APR2, Interest Only
7.99% fixed / 7.50% APR,3, Full Deferment
9.08%4 fixed
(as of 7/1/2024)
Interest Rate Reduction0.25% with automatic debit payments50.25% with automatic debit payments
Other Fees0% guarantee/origination fee4.228% origination fee (10/1/22)
Loan AmountsFull cost of college minus financial aid
$1,000 minimum loan amount
Full cost of college minus financial aid
Aggregate LimitsNoneNone
Repayment TermsImmediate Repayment - 10 years
Interest Only - 15 years
Full Deferment - 15 years
Standard Repayment - 10 years
Graduated Repayment - up to 10 years
Extended Repayment - up to 25 years
Repayment OptionsImmediate Repayment - Begin regular payments of principal and interest within 51 days of disbursement.
Interest Only - Defer principal payments while enrolled at least half-time. Interest only payments are required.
Full Deferment - Defer principal and interest payments while enrolled at least half-time. Unpaid interest will be capitalized when loan enters repayment.
Immediate Repayment - Payments of principal and interest begin within 60 days of disbursement.
Interest Only - Not available

Full Deferment - Defer principal and interest payments while enrolled at least half-time. Unpaid interest will be capitalized when loans enter repayment.
Grace Period6 months6 months (upon request)
Loan ForgivenessNot availablePublic Service Loan Forgiveness Program
What is an alternative student loan?

An alternative student loan is designed primarily to help students and their families pay for educational expenses that exceed other available financial aid resources such as scholarships, grants, and the Federal Loan Programs (Stafford loan for students and PLUS loan for parents). In addition, an alternative student loan is a key resource for those students and their families who do not typically qualify for many financial aid programs, but who are without adequate cash reserves to pay for a college education. Alternative student loans exist to bridge the gap between the full cost of a higher education and traditional financial aid resources.

Alternative student loans should only be considered after all other low-cost, traditional financial aid resources have been fully utilized. Please keep in mind the following:

  • The federal government does not back these loans.
  • Borrower and/or co-signer must be creditworthy.
  • Lenders may require that the borrower and/or co-signer be a U.S. citizen or have permanent-resident status.
  • Various origination fees, interest rates, repayment terms, aggregate borrowing limits, and other restrictions may apply.
  • Federal education loan programs generally have lower interest rates and more flexible repayment terms.
  • Many lenders do not cap the interest rate when a variable interest rate is offered.
What’s the difference between private alternative student loans and federal student loans?

Private alternative student loans are offered by such organizations as banks, credit unions, private foundations, and state agencies. These loans are used to help families pay their share of college expenses if they are unable to do so from savings, current income, or other means.

All federal loans are part of the William D. Ford Federal Direct Loan (DL) Program and are funded by the federal government. You are required to complete the FAFSA to qualify for federal student financial aid. The FAFSA determines your financial need. Federal student loans should be used first before applying for private alternative loans.


I go to school in another state. Am I eligible for the Maine Loan?

The Maine Loan is developed for Maine residents attending approved schools in the U.S. or Canada or a New England (New Hampshire, Vermont, Massachusetts, Connecticut, or Rhode Island) resident attending an approved school at least half-time in Maine.

I am a student and do not work. Can I still apply for the Maine Loan?

Yes, you may apply for the Maine Loan with a co-signer. When completing the student borrower section, you may list “student” or “other” in lieu of an employer name. If you reside with family or on campus most of the year, you may list your mortgage holder as “none” and the monthly payment/rent amount as “zero” (0).

Interest Rates

How is the Maine Loan interest rate determined?

This FAME loan is funded with the proceeds of tax-exempt bonds or private financing, and no state monies are allocated to fund the program. The fixed interest rates are determined when FAME issues new tax-exempt bonds or secures private financing and are based on the cost of funds plus an administrative spread. The administrative spread covers such expenses as bond insurance premiums, bond trustee fees, loan servicing expenses, loan defaults, and other operating costs.

What is the difference between a variable-interest-rate loan tied to Prime or LIBOR vs. fixed interest rates?

Interest rates tied to Prime are variable and can change as frequently as every 30 to 90 days. When the Prime Rate is raised, the interest rate of a variable student loan rate subsequently rises. FAME’s fixed interest rates are determined when the Authority issues new tax-exempt bonds and are not tied to the Prime rates. The interest rate on a FAME loan is fixed and remains constant throughout the life of the loan.


What does debt-to-income ratio (DTI) mean?

In addition to your credit score, many lenders will look at your ability to repay debt. This is most commonly done using a debt-to-income ratio often abbreviated as DTI. DTI is the percentage of a consumer’s gross income that goes toward paying all recurring debt payments, including rent, mortgage, credit card payments, car loan payments, student loan payments, and legal judgments (such as child support or alimony, if disclosed).

What is a high debt-to-income ratio?

If your debt-to-income ratio (DTI) is more than 50 percent, you probably have too much debt. That means you’re spending at least half your monthly income on debt. Ideally you want to have a DTI ratio that’s less than 36 percent. That means you have a manageable debt load and money left over after making all your monthly debt payments.

How can I reduce my debt-to-income ratio?
  • Pay off credit cards and outstanding loan balances.
  • Increase income. It is important to be sure you are including all sources of income on your application, including any rental, interest, or dividend income. (Alimony, child support, or separate maintenance income need not be revealed if you do not wish to have it considered as a basis for repaying the loan.)


How can I apply for the Maine Loan?

Maine Loan applications for 2024-2025 academic year are available online.

What information will I need to complete my loan application?

To complete your loan application, you will need the following information for all parties on the loan.

  • Social security number
  • Date of birth
  • Phone number
  • Email address
  • Current and prior addresses
  • Monthly income
  • Housing costs
  • Employment information
What is the estimated time it takes from date of online loan application to approval of the loan?

The online application takes less than 30 minutes to complete and approval is determined at that time.

Do I only apply for the Maine Loan when I first begin college or medical school, or do I need to reapply every year?

You must reapply every year to take into account new educational costs for the current academic year.

How do I determine the loan amount for the Maine Loan application?

Loan amounts are based on a maximum of one year’s educational costs. Calculations are based on the full cost of education for any given academic year minus any other financial aid received, as determined by the financial aid office.

What do I do if my school is not listed on the FAME application website?

If your school is not listed, please call us at 1-800-228-3734. Our Education Team would be happy to check for eligibility.

What is the deadline for applying for the Maine Loan?

FAME does not have an application deadline for the Maine Loan. To ensure all steps have been processed before it’s time to head off to college, we encourage you to apply anytime after mid-June or when the new application for the upcoming academic school year becomes available. It is also beneficial to apply for the entire year rather than one semester at a time.

Do I need to have a co-signer for FAME education loans?

Creditworthy students may apply without a co-signer. Creditworthy students must have a minimum of two years of credit history, a minimum of three trade lines, and meet the required minimum income and credit score.

If my parents or I have placed a credit freeze on our credit reports, will it impact my ability to apply for student loans?

Private and alternative student loans are credit-based and will be impacted by a credit freeze. You will need to remove the freeze to allow lenders to check your credit history.


If I was denied a FAME loan, can I appeal the loan decision if I have extenuating circumstances?

Yes. If you feel there may be extenuating circumstances or credit report errors and would like to appeal this loan decision, please send a cover letter to FAME explaining the issue and documentation showing it was resolved. The co-signer will also need to provide a copy of their most recent federal tax return along with income verification. Income verification may include a recent payroll stub showing year-to-date earnings, a pension statement, social security statement, or retirement benefits statement.


How do I change the disbursement date of a loan?

Your financial aid office selects the dates of disbursement. Adjustments can be made to these dates, but only at the request of a financial aid representative.

Interest on a Maine Loan is only charged on what was dispersed and not the loan total.


What will my monthly payment for Maine Loan be, and how much will I have to pay for the amount I borrow?

The Maine Loan Repayment Calculator will help you estimate what your monthly payments will be and how much the loan will cost you depending on what repayment option you choose.

How much do I save over the life of the loan by making interest payments?

Based on a $10,000 loan with a fixed annual percentage rate (APR) of 7.24% with interest-only payments,* you would save $3,691.31. This calculation is based on 48 months of in-school enrollment, a 6-month grace period, and a repayment term of 180 months. Use the Maine Loan Repayment Calculator to help you estimate what your monthly payments will be and how much the loan will cost you depending on what repayment option you choose.

*Savings calculation assumes a fixed APR of 7.50% with “Deferred Repayment” as the comparison.

What process do I need to follow if I am having difficulty making my loan payments?

The most important first step is to contact FAME’s customer service at 1-800-228-3734 or email Education@FAMEmaine.com and explain your specific circumstances. Customer service will then be able to provide you with options for your specific circumstances.

Who do I make payments to?

Disbursed loans are serviced by Nelnet Servicing LLC d/b/a Firstmark Services www.firstmarkservices.com. Phone: 1-888-538-7378.


How do I defer my loans if I am still in school or residency?

To defer your student loans, you must be enrolled at least half time at a FAME-approved school. You may submit a letter of enrollment to Firstmark Services from the school’s registrar stating your current dates of enrollment and new estimated graduation date. Please note, deferment options vary depending on your loan type and the date of your loan. For information specific to your loans, please contact our Education Team at 1-800-228-3734, option 3, to discuss deferment options available.

I elected for deferment of principal and interest (loan applications received prior to July 28, 2008 or after July 1, 2014) but have received a billing statement from my servicer. Why?

Borrowers who elect and are eligible for full deferment of principal and interest will still receive an optional interest-only statement from their servicer. The interest accrual is reported so borrowers have the option to pay any amount, or the entire amount accrued anytime during their deferment period. If you choose not to pay, the interest will just continue to accrue and be included in the next monthly statement. There will be no derogatory action taken. FAME recommends you pay as much of this interest as you can before the loan enters repayment for an overall lower repayment cost.

Note: For Maine Loan applications received on or after July 28, 2008 and after July 1, 2014 for borrowers selecting the interest-only repayment option, interest payments are required. You should expect to receive a billing statement from Firstmark Services monthly for interest that has accrued on your disbursed loan.


What is the FAFSA?

The Free Application for Federal Student Aid (FAFSA) is the first step in the financial aid application process. It is used to determine federal student financial aid, such as Pell Grants, federal student loans, and work-study. Go to FAME’s FAFSA section to learn more. Apply online by going to studentaid.gov.

What is a FICO® credit score?

FICO® scores are the credit scores most lenders use to determine your credit rating. You have three FICO® scores, one for each of the three credit bureaus: Experian, TransUnion, and Equifax. A FICO® score can range from 300 to 850, with 850 being the highest score available. The higher your credit score, the more likely you are to be approved for credit or offered favorable terms. Before making a loan, a bank or financial institution will attempt to determine your “creditworthiness.” Creditworthiness is the likelihood that you’ll pay back the money you borrowed in a timely and responsible manner. To help financial institutions determine your creditworthiness, they will access your credit report. For more information, visit www.annualcreditreport.com.

What is Opportunity Maine?

Opportunity Maine is a grassroots coalition that helped establish the Educational Opportunity Tax Credit (EOTC) program for individuals who have earned a qualified college degree in Maine and continue to live and work in the state.

The EOTC program is designed to provide tax benefits to Maine residents paying back eligible student loans. If you graduated from a Maine college, and live and work in the state, then you may be eligible for tax credits based upon the amount of student loan payments that you have made during the year.

Beginning with loans borrowed in January 2008, residents may be eligible to claim a significant tax credit to pay student loans after they graduate. Businesses may also eligible for the tax credit if they agree to pay a student’s loan.

For more information on program eligibility or credit amounts please go to Opportunity Maine.

Investor Relations

  • Important investor legal and disclosure Information, and terms of use
  • Investor relations documents

1The APR is 6.24% without autopay and 5.99% with autopay. The APR, or Annual Percentage Rate, is the effective interest rate when the guarantee fee and all interest charges are included. This APR is based on a fixed interest rate of 6.24%, a loan amount of $10,000, a repayment term of 120 months, and assuming immediate principal and interest payments. Autopay requires sign up of automatic payments from a bank account and provides a 0.25% rate discount so long as payments are maintained. Terms are as of June 2024.
2The APR is 7.24% without autopay and 6.99% with autopay. The APR, or Annual Percentage Rate, is the effective interest rate when the guarantee fee and all interest charges are included. This APR is based on a fixed interest rate of 7.24%, a loan amount of $10,000, and a repayment term of 180 months, and assuming interest only payments for 4 1/2 years. Autopay requires sign up of automatic payments from a bank account and provides a 0.25% rate discount so long as payments are maintained.
Terms are as of June 2024.
3The APR is 7.50% without autopay and 7.36% with autopay. The APR, or Annual Percentage Rate, is the effective interest rate when the guarantee fee and all interest charges are included. This APR is based on a fixed interest rate of 7.99%, a loan amount of $10,000, and a repayment term of 180 months, and assuming deferment of principal and interest payments for 4 1/2 years. Autopay requires sign up of automatic payments from a bank account and provides a 0.25% rate discount so long as payments are maintained. Terms are as of June 2024.
4In order to compare net disbursement amounts of $10,000, it is assumed the 4.228% origination fee on the PLUS loan (which is traditionally deducted from the loan proceeds before disbursement) was added to the original loan amount, resulting in a total loan amount of approximately $10,422.80 used to calculate the estimated payments. Visit studentaid.gov to find the current note rate on federal student loans (including PLUS loans).
5An 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.