How can I apply for The Maine Loan^® or The Maine Medical Loan^SM?

• Complete the application online and get pre-approved within minutes. Individual downloads of the application are available on the description pages for each loan.
• You may also contact a Private Loan Specialist at 1-800-922-6352 for pre-approval.
• Mail or fax your application to the address below:
  MELA c/o MES
  131 Presumpscot Street
  Portland, ME 04103
  1-800-922-6352
  207-791-3616 – fax

Do I need to have a co-signer for The Maine Loan or The Maine Medical Loan?

Credit worthy students may apply without a cosigner. Credit worthy students must have a minimum of two years credit history, a minimum of three trade lines, and meet the required minimum credit score. Since the guarantee fee is based on credit history and the student’s ability to repay, most students are encouraged to apply with cosigners.

What is an application reference ID and how can I get one?

The application reference ID is a website participant number used to link a cosigner to a student's application.

The student must first sign in as the "borrower" and complete their section. They will indicate the name of their cosigner along with their email address. The cosigner will then get an email, instantly, inviting them back to the site with their application reference ID. If there are two cosigners, each will get their own ID and each cosigner needs to create their own account. The reason for this is if borrowers use E-signature, there needs to be a unique PIN number assigned to each party on the note.

Do I only apply for The Maine Loan or The Maine Medical Loan when I first begin college or medical school or do I need to reapply every year?

You must reapply every year to take into account new educational costs for the current academic school year.

How do I determine the loan amount for The Maine Loan or The Maine Medical Loan application?

Loan amounts are based on a maximum of one year’s educational costs. Calculations are based on full cost of education for any given academic year minus any other financial aid received as determined by the financial aid office.

What do I do if my school is not listed on the MELA application website?

If your school is not listed, please call us at 1-800-922-6352. Our Private Loan Specialists would be happy to check for eligibility and process a phone pre-approval if applicable.

I am a student and do not work, can I still apply for The Maine Loan?

Yes, you may apply for The Maine Loan with cosigners. When completing the student borrower section you may list, “student” or “other” in lieu of an employer name. If you reside with family or on campus most of the year you may list your mortgage holder as “none” and the monthly payment/rent amount as “zero (0)”.

I go to school in another state, am I eligible for The Maine Loan or The Maine Medical Loan?

The Maine Loan and The Maine Medical Loan are available to out-of-state residents attending approved schools in Maine or Maine residents attending approved schools in the U.S. or Canada.

What is the deadline for applying for The Maine Loan or The Maine Medical Loan?

MELA does not have an application deadline for The Maine Loan or The Maine Medical Loan. We encourage you to apply anytime after June 1st for the upcoming academic school year to ensure all steps have been processed before it’s time to head off to college. It is also beneficial to apply for the entire year rather than one semester at a time. This will reduce your monthly loan payment upon completion of your education.

What happens next to my loan application?

Loan decisions are made instantly through the online process, and within one business day if submitted by U.S. mail. Once a loan is pre-approved, all signatures must be received on a valid promissory note. These may be completed online with E-signature, or by paper using the U.S. mail. (Faxed signatures are not accepted). A certification is then sent to the school in one of several forms: electronic, mail or fax. Once certification is received, the disbursement dates and amounts are scheduled and a final letter of approval is mailed to the borrower. Upon the first disbursement, the loan is transferred to Firstmark Services for billing and repayment.

How do I change the disbursement date of a loan?

Your Financial Aid Officer selects the dates of disbursement. Adjustments can be made to these dates, but only at the request of a Financial Aid Representative.

How do I change my loan amount for The Maine Loan or The Maine Medical Loan?

Prior to disbursement of the loan, you may contact a Private Loan Specialist to increase you loan amount. Once a loan has disbursed, a new loan application would need to be processed. If you are unsure of the status, please contact us at 1-800-922-6352 and we’d be glad to guide you through this step.

If I was denied The Maine Loan or The Maine Medical Loan, can I appeal the loan decision if I have extenuating circumstances?

Yes. If you feel there may be extenuating circumstances or credit report errors, and would like to appeal this loan decision, please send a cover letter to MELA explaining the issue and documentation showing it was resolved. The cosigners will also need to provide a copy of their most recent federal tax return along with income verification. Income verification may include a recent payroll stub showing year-to-date earnings, a pension statement, social security statement or retirement benefits statement.

I elected for deferment but have received a billing statement from my servicer, why?

Borrowers who elect deferment will still receive an optional interest only statement from their servicer. The interest accrual is reported so borrowers have the option to pay any amount, or the entire amount accrued anytime during their deferment period. If you choose not to pay, the interest will just continue to accrue and be included in the next monthly statement. There will be no derogatory action taken. MELA recommends you pay as much of this interest before the loan enters repayment for an overall lower repayment cost.

How do I defer my loans if I am still in school or residency?

To defer your student loans you must be enrolled at least halftime at a MELA approved school. You may submit a letter of enrollment to Firstmark Services from the school’s registrar stating your current dates of enrollment and new estimated graduation date.

If you are in a medical residency and would like to defer The Maine Medical Loan, you will need to submit a letter of request from the hospital residency coordinator stating your dates of employment and expected date of completion. Medical residency deferment is available for up to four years of residency on The Maine Medical Loan.