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Federal PLUS and Graduate Borrower Loans
- Who can apply for The Maine Advantage?
- Parents of dependent undergraduate students.
- Graduate and Professional students.
- Student must be a Maine resident, or attend college in Maine.
- Eligibility
Must have a good credit history.
Graduate/Professional students must first borrow maximum eligibility of Stafford Loans.
- Interest Rate
The interest rate established by the Federal government is a fixed rate of 8.5%.
- Origination and Default Fees
1% default fee and 3% origination fee.
- Annual Loan Limits
Cost of education minus other financial aid, with no annual or aggregate limit.
- Disbursements
Disbursements are sent in two or more payments directly to the student's college and are co-payable to the borrower and the school.
- Repayment Begins
After final disbursement.
- Repayment Terms
Term of ten years that may be extended up to 25 years depending on the amount borrowed. The payment amount is determined by the total amount of Federal Loans borrowed, but cannot be less than $50 per month.
- Deferment Options
Deferment is available under certain circumstances. The borrower is responsible for interest payments.
- Advantage AutoPay
Enjoy the convenience of automatic monthly payments from your checking or savings account.
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1.800.782.5772 ·
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