|
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 years (15)
years
Interest capitalized once at repayment,
or at the end of any forbearance/deferment request
High quality, personalized customer service based
in Maine
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.
|
Amount
Borrowed
|
Repayment
Period
(years)
|
|
$1,000-5,000
|
5
|
|
$5,001-10,000
|
10
|
|
$10,001
and above
|
15
|
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 at least half-time 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 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%, 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.
*The APR is 7.34%. The APR, or Annual Percentage Rate, is the effective interest rate when the
guarantee fee and all interest charges are included. This APR is based on a fixed interest rate
of 7.75%, a loan amount of $10,000, a guarantee
fee of 4% which is added to the principal balance at the time of disbursement, and a repayment term of
120 months, and assuming deferment of principal and interest for six years.
|