Student Loans: The Maine Medical Loan^SM

The Maine Medical Loan^SM has expanded its scope of eligible medical degrees beyond Doctor of Medicine and Doctor of Osteopathic Medicine to include chiropractic, dentistry, veterinary medicine and more.

The Maine Medical Loan is a low cost medical alternative education loan.

The Maine Medical Loan offers the following features:

• A fixed interest rate of 7.75%
• No application or upfront fees
• 4% guarantee fee, added to the principal balance, at the time of loan disbursement
• The option to defer both principal and interest while in school and up to four (4) years while in residency or internship
• A low minimum loan amount of $1,000
• Six (6) month grace period
• No annual or aggregate borrowing limits
• No pre-payment penalty
• Three (3) disbursements per academic year
• A range of repayment terms up to fifteen (15) years
• Interest capitalized once at repayment, or at the end of any forbearance/deferment request

Learn more and apply online or print out a hard copy of the application.

If you are finding that the Federal student loan program is not meeting your full needs, The Maine Medical Loan may be the perfect loan for you. The Maine Medical Loan is specifically designed to help medical students from Maine, and out-of-state students attending approved medical schools in Maine, with their educational financing needs. The Maine Medical Loan fills the gap between Federal loan programs and the full cost of education. It is a low cost alternative medical loan with flexible repayment terms.

The Maine Medical Loan offers you a fixed interest rate at 7.75%. The interest will not be capitalized until you enter repayment.

Available for as little as $1,000 up to the full cost of education (minus other financial aid) as determined by your school.

Medical students may defer principal and interest while in school and for up to 4 years of residency/internship.

Eligibility: It could not be easier!

• Available to creditworthy Maine residents attending approved medical schools in the United States or Canada, and out-of-state residents attending approved medical schools in Maine.
• Must be attending an approved medical school, at least half-time, and studying to be one of the following:
  • Doctor of Medicine (MD)
  • Doctor of Osteopathic Medicine (DO)
  • Doctor of Chiropractic (DC)
  • Doctor of Dental Medicine (DMD)
  • Doctor of Dental Surgery or Doctor of Dental Science (DDS)
  • Doctor of Optometry (OD)
  • Doctor of Podiatric Medicine (DPM)
  • Doctor of Veterinary Medicine (DVM).
• The student must have a minimum of two years of credit history.
• The student must have a minimum of three trade lines on their credit report.
• The credit report for the student must show the following:
  • No record of a paid or unpaid charge-off in the past two years.
  • No record of foreclosure, repossession, open judgment or suit, unpaid tax lien, unpaid prior education loan default, or other negative public record items in the past seven years.
  • No record of bankruptcy in the past seven years.

If you meet the criteria outlined, simply fill out the student section of the application.

If you do not meet the criteria outlined you may apply with a creditworthy co-borrower.

The co-borrower must meet the credit criteria outlined, as well as have the ability to repay the debt. The ability to repay the debt is determined by calculating the debt-to-income ratio, which must be less than 50%, and meeting the minimum income requirement. If you are uncertain of your debt-to-income ratio complete the Credit Eligibility Worksheet.

Application

You can click here to learn more and apply online or you can also request a paper version of this application be mailed to you. In addition, you can print out a hard copy of the application.

Once your loan has been approved, we will verify your attendance and financial aid status with your college or university. Upon the school's request, the funds will be sent directly to your school.

There is no application fee and the guarantee fee is added to the principal balance of the loan at the time of disbursement.