A low variable interest rate of 6.99%, based on the cost of MELA's financing, adjusted once annually on June 1st.
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
No pre-payment penalty
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
Interest capitalized once at repayment, or at the end of any forbearance/deferment request
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 6.99%. 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 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:
  

  • 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.