Paying for college is like putting together the parts of a puzzle: many Maine families use a combination of savings, financial aid, and loans to afford higher education. What are federal loans, private loans, fixed rates, and variable rates? You probably have a lot of questions. Before you borrow to pay for college, learn more about student loan borrowing and determine how much you need to borrow with these expert tips, tools, calculator, and videos.
Connections to local lenders
With connections to local lenders as the provider of their student loan insurance, FAME makes it easy to explore many Maine lenders in one place.
We have connections
With connections to local lenders, FAME makes it easy to explore all your options in one place. You don’t need to visit website after website — we have everything you need right here.
Step 1
Consider before you borrow: We believe that with the right information, tools, and support, families can make informed choices about how to plan and pay for higher education and reduce borrowing. Review these steps before you apply for a loan. Do what you can to minimize the amount you’ll borrow, you may even find that you won’t have to borrow at all.
TO DO: Check out FAME’s Consider before your borrow page
- Take the steps before you borrow to minimize the amount you need to borrow
- Use FAME’s student loan/salary calculator to help determine how much in student loans you can afford
Step 2
Getting Ready to Borrow: There are different types of loans available to pay for education after high school. Generally, loans fall into two categories: federal student loans and private student loans. Learn more about the different types of loans, their features, and more with the FAQs, loan definitions, and comparison tools.
TO DO: Check out FAME’s Getting ready to borrow page
Step 3
It’s time to compare and select a lender and gather your information.
TO DO: Go to FAME’s local Maine lender page
- Use the compare tool to compare the private loan options
- Compare rates and terms
- Borrow the least amount and get good value
- Gather the info you need to apply
