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.

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.

Loan Repayment Counseling Course

To help you understand the student loan repayment process, FAME has created a brief online course that will review all you need to know as you prepare to enter repayment on your educational loans. Completion of this course is the first step toward successful repayment!

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

This program is currently under development. Please check back to this site frequently to learn about the details and the launch date of this program.

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

This program is currently under development. Please check back to this site frequently to learn about the details and the launch date of this program.

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. 

*The return service commitment of three years is pending State legislative action.