Are You a Current Student? Do You Have Questions About Financing Your Higher Education?
FAME is your Maine resource for information about financing higher education. Many Maine families use a combination of savings, financial aid, and loans to afford higher education. Before you borrow, be informed of your options including borrowing less, using forgivable loan options, and knowing the differences between federal, private, and Maine student loans.
Consider Before You Borrow
Before you consider borrowing to pay for college, here are six steps to help you try to reduce the amount you need to borrow.
Getting Ready to Borrow
You’ve decided that borrowing will be part of the way you pay for higher education. This section explains what types of loans are available and what you can expect.
Student Loan Programs
Most families pay for college using a variety of sources. Borrowing is often one of the sources of funds. There are different types of student loans that you can use. This section explains more about each one.
Ready to Apply? Find a Maine Lender.
View rates, compare student loans, and apply for a student loan from a Maine lender.
Thinking about Refinancing Your Student Loans?
If you are struggling with student loan debt or just want to make it more manageable, refinancing or consolidating your student loans may help your financial situation. FAME is a resource for those borrowers who are seeking to refinance or consolidate student loan debt.
FAME partners with banks and credit unions right here in Maine to help you become a more informed borrower and explore options to:
- Lower your interest rates
- Reduce your monthly payments
- Change your loan repayment terms
- Change your type of interest rate (e.g. variable to fixed)
- Consolidate several loans into one loan with one monthly payment
- Compare rates and terms from local Maine lenders
Not sure if you should refinance or consolidate your student loans? To determine what choice is best for you, read more about private and federal student loans and their benefits on this page.
Apply to Consolidate or Refinance with a Maine Lender
You’ve decided that refinancing and/or consolidating your student loans is right for you. What now? A great place to start is with lenders in the Maine Private Education Loan Network (Network). The Network consists of local Maine lenders you know and trust. You may be eligible to refinance or consolidate private and federal student loans with the lenders in the Network, if you meet certain requirements. Click the button below to view rates, compare student loans, and apply to refinance/consolidate with a Maine lender.
Federal Student Loan Repayment Begins After August 31, 2022
Are you ready for Federal Student Loan Repayment? FAME has resources to help you navigate your finances as you prepare to restart your payments.