The Maine Educational Loan Authority (MELA) was established in 1988 to assist students and their families to achieve their higher education goals by providing a supplemental or alternative student loan program. With education costs rising at rates higher than many people can afford, MELA's goal is to help students bridge the gap between the full cost of a college education and traditional sources of financial aid.

The Maine Loan^® has a fixed interest rate of 7.75% and is available for the full cost of education minus financial aid.




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The Maine Medical Loan^sm has a fixed interest rate of 7.75%. The Maine Medical Loan also expanded its scope of eligible medical degrees beyond MD and DO to include dentistry, veterinary medicine, chiropractic and others.

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