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Maine Medical Education Foundation Loan

The Maine Medical Education Foundation (MMEF) Loan Program was established in 1959 by the Maine Medical Association (MMA) to make loans available to Maine residents enrolled in or accepted to approved medical schools. Over the past 50 years, over $5 million has been loaned to deserving medical students. These loans can be used to fill the gap between federal loan programs and the full cost of education.

Benefits of a MMEF Loan

  • No application or origination fees
  • No interest accrues while in school
  • Low, fixed interest rate during loan repayment
  • Free membership in the American Medical Association while in school
  • Free membership in the Maine Medical Association while in school
  • High-quality customer service center located in Maine
  • Extended residency period- Students may now defer principal payments for up to five years after graduation from medical school.
  • Deferment of interest payments- Students will receive optional interest statements during this five year period.
  • Repayment period extended- Ten year term begins when the loan enters full repayment of principal and interest.

Terms & Eligibility

  • Maine residents accepted by or enrolled in approved medical schools
    •  A resident is an individual who has lived in the State of Maine, for other than educational purposes, one year prior to registration or application to medical school. Similarly, the spouse or domestic partner of a person who has continuous, full-time employment in Maine at the time of medical school registration or application is considered a resident. Absent documentation or residency or ties, an applicant who has resided in Maine solely to attend an in-state institution is considered a non-resident.
  • Must be a member of the American Medical Association and the Maine Medical Association
  • No application or origination fees
  • Loan amounts range from $2,000 up to the full cost of education
  • Checks are payable to the student and mailed directly to the address listed on the application
  • Application deadline: May 1st of award year
  • Student must be pursuing a degree of Doctor of Medicine (MD) or Doctor of Osteopathic Medicine (DO)

Interest Rate

  • No interest accrues while the student is in school at least halftime
  • Low, fixed interest rate of 5%* during repayment
  • Tiered interest rate while student is in residency program (up to 5 years)
Year Interest Rate
1st 1%
2nd 3%
3rd – 5th 5%

Repayment Options

  • No payment due while the student is enrolled at least halftime in medical school.
  • Optional interest-only statements sent during residency period. Students are strongly encouraged to make payments during this time to reduce the overall cost of repaying this loan.
  • No later than 5 years following graduation from medical school, repayment will begin in equal quarterly installments.
  • 10 year repayment term- full repayment begins after the residency period expires or a student ceases to be enrolled in medical school.
  • Forbearance periods allowed for up to 24 months on a case-by-case basis. Student Loan Specialists, located at FAME in Maine, are ready to assist you: 1-800-228-3734, education@FAMEmaine.com

How to Apply

Download the Maine Medical Education Foundation (MMEF) Loan Program 2021-2022 Application

Mail or email the application to:

MMEF, c/o FAME, PO Box 949 Augusta, ME 04332


Mail in the following supplemental documents:

  • A copy of your acceptance letter to medical school (new students only)
  • If in medical school, attach a letter of recommendation from a medical school dean. If not in medical school, attach a letter of recommendation from a college dean. This letter should contain basic information about you including: your accomplishments, activities or groups of involvement, and your historical grades.
  • AMA Membership Application

Benefits of MMA/AMA Membership

Medical students borrowing from the Foundation also become student members of the Maine Medical Association and the American Medical Association. This membership is extended to borrowers without cost, as the Foundation pays for the cost of the multi-year AMA membership and MMA membership is free to medical students and residents. These memberships provide a medical student with the same types of benefits that active physician members receive.

*Based on no interest accrual while in school, a tiered interest rate of 1% (1st year), 3% (2nd year), and 5% (3rd-5th year) while in residency, and a fixed 5% during repayment, the APR is 2.957%. The APR, or Annual Percentage Rate, is the effective interest rate if all interest charges are included. This APR is based on a loan amount of $10,000, a repayment term of 120 months, and assuming deferment of principal and interest for five years during residency.