MELA: Maine Educational Loan Authority, helping students and their families in achieving their higher education goals by providing a supplemental or alternative student loan programs like the The Maine Loan® and The Maine Medical Loans

Pickard Theater, Bowdoin College campus

Welcome to the Maine Educational Loan Authority (MELA) web site!

Overview of the Maine Educational Loan Authority (MELA)

Learn more about the leadership of the Maine Educational Loan Authority

Learn more about The Maine Loan(R) and apply online

Learn more about The Maine Medical Loan(SM) and apply online

Apply online for The Maine Loan(R) or The Maine Medical Loan(SM)

Learn more about the MELA Private Conslidation Loan(SM)

Latest press releases from the Maine Educational Loan Authority (MELA)

Read the Maine Educational Loan Authority's annual report

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. Effective June 1, 2007, The Maine Medical Loan will offer the following attractive features:

A low variable interest rate based on the 91 day Treasury Bill rate that is adjusted annually (currently 6.92%* while in school, grace, or deferment and 7.17%* while in repayment)
No application or upfront fees
Tiered guarantee fee structure, added at the time of repayment, for various credit levels: 0% excellent credit, 3% good credit, and 6% fair credit
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 aggregate borrowing limit
Immediate interest rate reduction of 0.25% for automatic payment deduction**
Two (2) disbursements per academic year
A wide range of flexible repayment terms up to twenty-five (25) years
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 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 medical school 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 the most flexible repayment terms available.

The Maine Medical Loan offers you a low variable rate at the 91 day T-Bill + 2.0% while in school, grace, or deferment, and the 91 day T-Bill + 2.25% while in repayment -- currently 6.92%* while in school, grace, or deferment and 7.17%* while in repayment. 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.

Amount Borrowed	Repayment Period (years)
$1,000-3,000	4
$3,001-4,000	6
$4,001-10,000	10
$10,001-20,000	15
$20,001-30,000	20
$30,001 and above	25

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 students attending the University of New England's College of Osteopathic Medicine, Maine's only medical school.
Must be attending an approved medical school and studying to be one of the following:
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 credit worthy 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%. If you are uncertain of your debt to income ratio complete the Credit Eligibility Worksheet.

Application
You can click here to 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 repayment.

*Adjusted annually on June 1st. Based on a variable interest rate of 6.92% while in school, grace, and deferment and 7.17% during repayment, the APR is 6.471%. The APR is the effective interest rate when the guarantee fee and all interest charges are included. This APR is based on a 91-day T-Bill rate of 4.919%, as of May 29, 2007; a loan amount of $10,000, a guarantee fee of 3% added to the principal balance at the time of repayment, and a repayment term of 120 months, excluding any interest rate reductions, and assuming deferment of principal and interest for six years.

**MELA reserves the right to change or remove the grace period or interest rate discounts at any time, for any reason, and without prior notice. Savings are applied to loan principal, resulting in faster repayment.

131 Presumpscot Street
Portland, ME 04103
TOLL FREE: 800-922-6352
PTLD AREA: 207-791-3600
customerservice@mela.net