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® was redesigned to offer a faster online application process and additional borrower benefits.  MELA is pleased to inform you that effective June 1, 2008, the new variable interest rate for The Maine Loan is 6.75%. 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 3.91% while the student is in school, grace, or deferment, and 4.16% while in repayment. These interest rates are effective June 1, 2008. 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 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, 2008 and continuing through May 31, 2009, the variable interest rate is 7.58%.





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