Student Loan Repayment

Managing your student loan repayment is a critical part of establishing good credit and achieving your future financial goals. The following steps will help you successfully manage your student loan repayment.

Locate Your Loans

  1. Locate your federal student loans by logging into with your FSAID (the username and password you used when filing your FAFSA).
  2. Do you have private loans? If so, request a copy of your free credit report at

Understand Student Loan Repayment

  1. There are multiple repayment plan options for your federal student loans. To learn more, watch our Understanding Student Loan Repayment video. To research these options and estimate your monthly payment visit Federal Student Aid’s Loan Simulator.
  2. FAME has partnered with ECMC®, a non-profit organization that offers free student loan counseling and information, to support Maine student loan borrowers through the with loan repayment process. For assistance, contact one of their loan counselors at
  3. Explore federal student loan consolidation. If you have multiple federal student loans, you may be able to combine them into one loan. Visit Federal Student Aid’s Direct Consolidation Loan
  4. If you have loans that are delinquent or in default, learn more about your options to resolve this situation.
  5. If you have private loans, take this brief Private Loan Repayment Counseling online course to review all that you need to know as you prepare to enter repayment on your private education loans.

Find help for Repaying Federal Student Loans

  1. Forgiveness programs:
  2. The federal student loan interest deduction lets you deduct up to $2,500 from your taxable income if you paid interest on student loans. For details, see IRS Publication 970.

Learn More About Maine-Based Assistance for Federal and Private Student Loans

  1. The Maine Educational Opportunity Tax Credit (often referred to as Opportunity Maine) provides a credit that can be claimed on the Maine state tax return. Learn more about eligibility at
  2. The Alfond Leaders student debt reduction program provides student loan repayment assistance to people who live and work in Maine in a STEM-designated occupation at a Maine-based employer. Learn more about the program at
  3. Employer programs – some employers offer student loan repayment as a recruiting tool or an employee benefit. Check with your Human Resources office.

Research Student Loan Refinancing

Learn more and determine if it is right for you by visiting