The Maine Loan® was recently redesigned to offer a faster online application process and additional borrower benefits. MELA is pleased to inform you that effective for loans disbursed on or after June 1, 2006, the new variable interest rate for The Maine Loan is 6.63%. This is a favorable rate, given the current interest rate environment, which is great news for students and their families.


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The Maine Medical Loan^sm has a low variable interest rate of 6.84% while the student is in school, grace, or deferment, and 7.09% while in repayment. These interest rates are set annually and are effective June 1, 2006 through May 31, 2007. 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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The MELA Private Consolidation Loan^sm was recently introduced as a new MELA loan product designed to enable borrowers to consolidate qualified alternative education loans at a lower interest rate. Effective June 1, 2006 and continuing through May 31, 2007, the variable interest rate is 7.33%.





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