Enter the amount you want to borrow from Maine Loan for the upcoming year to help you decide which repayment option you would like to choose. As you make your decision, keep in mind potential borrowing needs for future years.
When you enter the amount of the loan, the calculator will tell you what your monthly student loan payments will be and how much the loan will cost you over your entire repayment term.
The Maine Loan currently has a 0% up-front/origination fee. This calculator is for estimation and comparison only.
|Maine Loan Amount Borrowed:|
|Immediate Repayment||Interest-Only Repayment||Deferred Repayment|
|Loan Term (months)||120 months||180 months||180 months|
|Your monthly payment while in school and during six-month grace period|
|Your monthly payment after school/beyond grace period|
|The total cost of the loan will be|
Begin regular payments of principal and interest within 30 to 60 days of disbursement.
Defer principal payments while enrolled at least half time. Interest-only payments are required.
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.
*Your student loan grace period is a set amount of time after you graduate, leave school, or drop below half-time enrollment before you must begin repayment on your loan. For most student loans, including the Maine Loans, the grace period is six months, but in some instances, a grace period could be longer.