College Loans in Maine
Customizable Student Loans with Ultra Competitive Perks
The Maine Educational Loan Authority is an adjunct body of the state government that functions independently. MELA is solely in the business of helping Maine students augment federal funding by providing low-interest, long-term loans and other monetary incentives.
The Maine Loan
The flagship state student loan program is the safety net between federal student loans and the next step to private loans. Make no doubt about it, the Maine Loan is a credit-based program and you’ll be expected to agree to a credit check as part of the application process. If you do not qualify you may find a co-borrower, usually a parent, guardian or friend whose credit is good and who is willing to trust you.
Maine Loan Perks
The Main Loan comes bundled with perks that put it among the more attractive of state student loans. Most loans require you at least make payments on the interest beginning as soon as the loan is disbursed, or paid out to your institution. The Maine Loan allows for a deferment of even those minimal payments until after graduation. In addition, the loan cuts interest rates for borrowers who make payments on time for a certain period of time and at the same time will agree to “release” co-borrowers from the loan for the same conditions.
Criteria for Borrowing
When you or your co-borrower apply for a Maine Loan, besides a credit score, the other main component in the lending game is the debt-to-income ratio. If your co-borrower is a big spender or already has a lot of debt in comparison to their income, they may not be approved. Take this into consideration when applying or in looking for an appropriate co-borrower.
Maine Medical Loan
Talk about racking up student loan debt! There may be no other educational track that comes with so much debt baggage as a medical career. MELA offers the Maine Medical Loan as an alternative to private loans and as an augmentation of federal programs, most of which fall alarmingly short of covering a college education. Eligible applicants for a MELA Medical Loan may be pursuing a doctor of Medicine, Doctor of Osteopathic, Doctor of Dentistry, a Doctor of Veterinary Medicine, Doctor of Chiropractic, an optometrist or podiatrist.
Medical students even have the option to put off payments while they are engaged in residencies and may qualify for lower payments if they opt for automatic payments deducted from their bank accounts. Depending on the amount of the loan, repayment periods may be between 4 and 25 years.
Students who are permanent residents of Maine, attending a medical school in Maine or out, or out of state residents at a Maine medical school are all welcome to apply.
MELA Consolidation Loan
Consolidation loans are for one thing and one thing only: easing the burden of multiple student loans. Private banking institutions and other student loan companies all offer consolidation loans. The MELA Consolidation Loan promises lower rates than are typical and the ability to customize repayment terms.
