When the time comes to repay your student loans, there are some things you need to know. Whether it’s how to do it or how to refinance or consolidate to save, FAME has the answers.

Important Federal Education Loan Updates

NEW: Limited Public Service Loan Forgiveness (PSLF) Waiver Opportunity: On Oct. 6, 2021, the U.S. Department of Education announced a temporary period during which borrowers may receive credit for payments that previously did not qualify for PSLF, or Temporary Expanded Public Service Loan Forgiveness (TEPSLF). Learn more about this limited PSLF waiver.

Federal student loan repayment pause: Payments are suspended on all federally held loans through August 31, 2022. Please keep in mind that this suspension is not payment cancellation or forgiveness. Borrowers who may be eligible for income-based repayment plans or Public Service Loan Forgiveness will still have the months count toward their total qualifying payments even if they are not making payments. See updates and learn more on what to do to be ready for the repayment restart.

Student Loan Repayment

Wondering how to go about repaying your student loan? FAME has pulled together what you need to know and tools to help.

Consolidation and Refinancing

Combining several student loans into one new loan or refinancing a loan may result in a lower single monthly payment and/or lower interest rate.

Debt Reduction and Loan Repayment Programs

FAME partners with the state and other organizations to create special loan repayment and student loan reduction programs.

Alfond Leaders Student Debt Reduction Program

The Alfond Leaders Student Debt Reduction Program provides student loan repayment assistance to people who live and work in Maine in a STEM (science, technology, engineering, and math) designated occupation at a Maine-based employer. Alfond Leaders may qualify for loan repayment of up to half of their outstanding student loan balance at the time of application to the program, not to exceed $60,000.

Maine Dental Education Loan Repayment Program

The Maine Dental Education Loan Repayment Program provides loan repayment assistance to dentists practicing in underserved areas in Maine.

Maine Health Care Provider Loan Repayment Pilot Program

The application cycle for this newly approved program will open on June 1, 2022 with a deadline of September 1, 2022.  Please check back to this webpage for the online application link, available June 1, 2022. 

The Maine Health Care Provider Loan Repayment Pilot Program provides one-time funds to support rebuilding Maine’s health care industry workforce, which has been negatively impacted by COVID-19. The program will attract and retain health care professionals in Maine by repaying outstanding student loans of selected participants who commit to living and working in Maine for at least three years. FAME will pay up to $25,000 per year and, in aggregate, the lesser of $75,000 and 50% of the recipient’s outstanding loan balance. 

Nursing Education Loan Repayment Program

The application cycle for this newly approved program will open on June 1, 2022 with a deadline of September 1, 2022.  Please check back to this webpage for the online application link, available June 1, 2022. 

The Nursing Education Loan Repayment Program will repay over time the student loans of selected participants to support rebuilding Maine’s nursing workforce as an industry negatively impacted by COVID-19. The Nursing Education Loan Repayment Program will attract and retain nursing educators by repaying outstanding student loans of selected participants who commit to living and working in Maine for at least three years. The program will repay over time the loans of selected participants who meet program criteria in the total amount of up to $20,000 for participants with a master’s degree and up to $40,000 for participants with a doctoral degree.