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Maine Veterinary Medicine Loan Program

The Maine Veterinary Medicine Loan is a competitive, need-based, forgivable loan for Maine students pursuing a career as a veterinarian. The number of loans awarded each year is limited and depends on available funding.

How do I apply?

Applications are available online in February of each year. Applications for 2018-2019 are no longer being accepted.

  1.  Complete the Maine Veterinary Medicine Loan Program Application.
  2. Write essay (see application for topic and requirements).
  3. Provide Maine residency documentation (FAME may ask for additional documentation which may include parents’ tax returns):
    • Signed copy of your most recent Maine income tax return (do not include schedules)
    • Copy of your current driver’s license
    • Copy of your vehicle registration (indicate if you do not have one)
  4. File the FAFSA by May 30.

The complete FAME application must be postmarked on or before May 30. The FAFSA must be filed by May 30.

Who is eligible?

  • Maine residents (for purposes other than education) for two years prior to matriculation at a veterinary school
  • Students admitted to a program of study at an accredited school leading to a doctor of veterinary medicine degree. Entry into veterinary school must be after January 1, 2011.
  • Students who show an interest in practicing livestock* veterinary medicine in an area of Maine with insufficient veterinary services**

*Livestock is as defined by the Maine Department of Agriculture, Conservation and Forestry and currently includes cattle, oxen, horses, swine, sheep, goats, llamas, alpacas, bison and/or cervids.

**Insufficient veterinary service areas are as determined by the Maine Department of Agriculture, Conservation and Forestry.

How are students selected?

Applications are reviewed by a selection committee. Priority is given to applicants who demonstrate financial need and a high likelihood of practicing livestock veterinary medicine in an area of Maine with insufficient veterinary services.

What are the loan amounts?

Up to $25,000 annually, up to $100,000 total for a maximum of four years

How are the funds paid?

Loan funds are paid directly to the school for credit to your student account.

Is this loan renewable?

Yes! Loans are renewable if funding is available. To receive renewal funding, the completed renewal application must be postmarked on or before May 30. The FAFSA must be filed by May 30.

Renewal applications are mailed to current recipients by the end of February.

Who is eligible for loan forgiveness?

Maine Veterinary Medicine Loan recipients (who started their education on or after January 1, 2011) may be eligible for loan forgiveness.

Borrowers may have a portion of their loan forgiven for each year of eligible return service.

Forgiveness/Repayment Chart

Practice TypeForgiveness Amount
1. Veterinarians practicing full time in areas of Maine with insufficient veterinary services and providing at least 20 hours/week of veterinary services to livestock.25% of original principal (including interest) for each full year of practice.
2. Veterinarians practicing full time in areas of Maine with insufficient veterinary services and providing more than 10 hours/week but less than 20 hours/week of veterinary services to livestock.12.5% of original principal (including interest) for each full year of practice.
3. Veterinarians practicing less than full time in areas of Maine with insufficient veterinary services and providing at least 10 hours/week of veterinary services to livestock.12.5% of original principal (including interest) for each full year of practice.
4. Practicing in Maine, but not subject to 1, 2, or 3.No loan forgiveness. Ten-year repayment period with interest accruing. Interest rate is 5%.
5. Not practicing in Maine or withdrew from professional education.No loan forgiveness. Ten-year repayment period with interest accruing. Interest rate is 5%.

Insufficient veterinary service areas are as determined by the Maine Department of Agriculture, Conservation and Forestry.

How do I apply for forgiveness?

Contact FAME to discuss eligibility.

 

This program is governed by Maine law as set forth in 20-A M.R.S.A §12121 et seq. and Chapter 618 of the Rules of the Finance Authority of Maine.