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 Loanis 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 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.

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.