Borrowers can select from three various payment choices:
- Immediate Repayment – Begin regular re re re payments of principal and interest within 51 times of disbursement.
- Interest just Repayment – Defer principal payments while enrolled at half-time that is least. Interest payments that are only needed.
- Deferred Repayment – Defer principal and interest payments while signed up for a diploma giving college at minimum half-time. Unpaid interest will be capitalized as soon as the loan goes into repayment.
Beginning regular re payments of principal and interest instantly could save an amount that is substantial of on the lifetime of the mortgage.
The Maine Loan and also the Maine Medical Loan are administered by FAME. These people were formerly made available from the Maine Educational Loan Authority (MELA).
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1 The APR is 4.49%. The APR, or apr, may be the interest that is effective when all interest costs are included. This APR is dependent on an interest that is fixed of 4.49%, financing level of $10,000, a payment term of 120 months, and presuming instant principal and interest payments. Terms are at the time of 6/1/2019.
2 The APR is 5.49%. The APR, or apr, may be the interest that is effective whenever all interest costs are included. This APR is dependent on an interest that is fixed of 5.49%, that loan quantity of $10,000, a payment term of 180 months, and presuming interest just re re payments for 4 1/2 years. Terms are at the time of 6/1/2019.
3 The APR is 6.17%. The APR, or Annual Percentage Rate, may be the effective rate of interest whenever all interest charges are included. This APR relies on an interest that is fixed of 6.49%, financing quantity of $10,000, a payment term of 180 months, and presuming deferment of principal and interest re re payments for 4 1/2 years.