Welcome to MELA

The Maine Educational Loan Authority (MELA) was established in 1988 to assist students and their families to achieve their higher education goals by providing a supplemental or alternative student loan program. With education costs rising at rates higher than many people can afford, MELA's goal is to help students bridge the gap between the full cost of a college education and traditional sources of financial aid.

The Maine Loan® has a fixed interest rate of 7.25%* and is available for the full cost of education minus financial aid. LEARN MORE AND APPLY

The Maine Medical LoanSM has a fixed interest rate of 7.25%**. The Maine Medical Loan also expanded its scope of eligible medical degrees beyond MD and DO to include dentistry, veterinary medicine, chiropractic and others. LEARN MORE AND APPLY

*THE MAINE LOAN: The APR is 7.78%. 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 7.25%, 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 interest only payments for four and a half years.

**THE MAINE MEDICAL LOAN: The APR is 6.93%. 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 7.25%, 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.