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

Federal student loan repayment pause: Payments are suspended on all federally held loans, and the repayment pause has been extended until the U.S. Department of Education is permitted to implement the debt relief program or the litigation is resolved. 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 since March 2020 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 is open on June 1, 2022 with a deadline of September 1, 2022.

Nursing Education Loan Repayment Program

The application cycle for this newly approved program is open on June 1, 2022 with a deadline of September 1, 2022.