The Maine Educational Loan Authority provides Maine students and their families with a supplemental or alternative student loan program to assist with the costs of college attendance. Alternative education loans exist to bridge the gap between the full cost of a higher education and traditional financial aid resources such as scholarships, grants, and Federal education loans. Alternative education loans should only be considered after all traditional financial aid resources have been fully utilized.

MELA’s alternative student loan program has been an important safety net for many Maine students and their families faced with the need for additional assistance beyond traditional sources of financial aid to cover the increasing costs of college tuition and other fees. The Maine Loan, MELA’s primary education loan, offers a low variable interest rate, a wide range of repayment terms, online application process, and individualized customer service centered in Maine.

The Maine Loan, for undergraduate and graduate study, is available to Maine residents attending approved schools in the United States and Canada or to out-of-state residents attending approved schools in Maine. Loan approval is credit-based and available for the full cost of education minus financial aid.  Credit worthy students may apply with or without a cosigner. A cosigner may be necessary for credit approval.

Medical students have other challenges including the high cost of medical school and the need to defer repayment through their residency period. With these factors in mind, MELA developed The Maine Medical Loan, with a low variable interest rate and flexible repayment terms, to meet the specific needs of medical students.

This loan program is available to medical students pursuing an approved degree program and who are Maine residents attending approved medical schools in the United States or Canada or out-of-state residents attending approved medical schools in Maine.

MELA was established by the Legislature in 1988 to assist Maine students and their families to achieve their higher education goals by providing a supplemental or alternative student loan program. Over the past 22 years, MELA has disbursed student loans totaling over $250 million, providing thousands of Maine students with educational financing assistance.

For more information about The Maine Loan or The Maine Medical Loan, please visit www.mela.net or call 800-922-6352.