Student Loans

Student loans can be a valuable resource to help finance your education and make college more accessible. It is important to understand that student loans are a form of financial assistance that must be repaid. Typically, repayment begins once you have completed your degree or if you are no longer enrolled at least half-time in an accredited program. We encourage you to carefully consider your borrowing options and to plan responsibly for repayment to ensure your long-term financial well-being.

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Direct Stafford Loans

Federal Direct Stafford Loans are low-interest loans available to students attending UMF at least half-time. Students are not required to make payments during deferment periods. For subsidized loans, the federal government pays the interest while students are in school or in deferment. For unsubsidized loans, students are responsible for the interest that accrues during these periods.

To apply, students must visit the UMF Financial Aid Office and first complete the FAFSA or Renewal FAFSA to determine eligibility for need-based aid, which affects eligibility for the interest subsidy.

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Federal Direct PLUS Loans

Federal Direct PLUS Loans (parent loans) are available through the federal government and are based solely on credit-worthiness. Parents can apply for a Direct PLUS Loan at studentloans.gov.

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Maine Student Loan Repayment Program

A law became effective in 2008 that offers student loan borrowers a Maine State tax credit. Qualifying Maine college
graduates who work in Maine after graduation may be eligible for the tax credit. The program is officially known as the
Student Loan Repayment Program (formerly Opportunity Maine) and students began applying during the Spring 2008
semester. Use this link for helpful information.

Please be aware that the above is based on the program information that is currently available as provided by the Maine
State Department of Education in coordination with the Maine State Board of Education.

For More Information

Expand Your Options with Additional Education Loans!

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Educators for Maine Program

The Educators for Maine Program, managed by the Finance Authority of Maine (FAME), offers renewable loans to Maine residents planning to become teachers. These loans may be forgiven if recipients teach in a Maine public school. If recipients do not teach in Maine after graduation, they must repay the loan with a fixed interest rate set at loan approval. Applications are due to FAME by May 1st before the academic year. For eligibility and application details, contact the UMF Financial Aid Office.

FAME

Alternative Education Loans

Alternative Education Loans are available to credit-worthy borrowers and cosigners from participating lending institutions. See more about these private, alternative loans. For details, contact the UMF Financial Aid Office.

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UMF Emergency Loans

Small, short-term, and interest-free emergency loans are available to University of Maine at Farmington students during the regular academic year. Generously funded by contributions from former UMF students, these loans are for bona fide emergencies which cannot be anticipated and are not for paying University charges.

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College Financing Plan

The College Financing Plan (CFP) is available in your Mainestreet Student Center under “View Financial Aid”. You would then select the academic year you are looking for and then select “College Financing Plan”. This will give you information about the costs, your financial aid eligibility, and loan options.

In addition to the information provided on the College Financing Plan (CFP), below are instructions to determine the estimate of full program costs.

To estimate your total program cost:

Take the Estimated Cost of Attendance for one academic year
Multiply by the number of years in your program

Example for a 4-year program:

$20,000 (Estimated cost of attendance) x 4 (number of years in program) = $80,000 (Total estimated cost of program)

Additional Loan Information

Code of Conduct, Cohort Default Rate, and Master Promissory Note

Revenue-sharing arrangements with any lender. The HEOA defines “revenue-sharing arrangements” as any arrangement between an institution and a Page 70 of 219- The Higher Education Opportunity Act lender under which the lender makes Title IV loans to students attending the institution (or to the families of those students), the institution recommends the lender or the loan products of the lender and, in exchange, the lender pays a fee or provides other material benefits, including revenue or profit-sharing, to the institution or its officers, employees, or agents;
Employees of the Financial Aid Office receiving gifts from a lender, guaranty agency or loan servicer. No officer or employee of an institution’s Financial Aid Office (or an employee or agent who otherwise has responsibilities with respect to education loans) may solicit or accept any gift from a lender, guarantor, or servicer of education loans. A “gift” is defined as any gratuity, favor, discount, entertainment, hospitality, loan or other item having a monetary value of more than $10 per employee in the department. However, a gift does not include (1) brochure, workshop, or training using standard materials relating to a loan, default aversion, or financial literacy, such as a brochure, workshop or training; (2) food, training, or informational material provided as part of a training session designed to improve the service of a lender, guarantor, or servicer if the training contributes to the professional development of the institutions Officer, employee or agent; (3) favorable terms and benefits on an education loan provided to a student employed by the institution if those terms and benefits are comparable to those provided to all students at the institution; (4) entrance and exit counseling as long as the institution’s staff are in control of the counseling and the counseling does not promote the services of a specific lender; (5) philanthropic contributions from a lender, guarantor, or servicer that are unrelated to education loans or any contribution that is not made in exchange for advantage related to education loans, and; (6) State education grants, scholarships, or financial aid funds administered by or on behalf of a State;
Contracting arrangements. No officer or employee of an institution’s Financial Aid Office (or employee or agent who otherwise has responsibilities with respect to education loans) may accept from a lender, or an affiliate of any lender, any fee, payment, or other financial benefits as compensation for any type of consulting arrangement or contract to provide services to or on behalf of a lender relating to education loans;
Steering borrowers to particular lenders or delaying loan certifications. For any first-time borrower, an institution may not assign, through the award packaging or other methods, the borrower’s loan to a particular lender. In addition, the institution may not refuse to certify, or delay the certification, of any loan based on the borrower’s selection of a particular lender guaranty agency;
Receiving offers of funds for private loans. An institution may not request or accept from any lender any offer of funds for private loans, including funds for an opportunity pool loan, to students in exchange for providing concessions or promises to the lender for a specific number of Title IV loans made, insured or guaranteed, a specific loan volume, or a preferred lender arrangement. An “opportunity pool loan” is defined as a private education loan by a lender to a student (or the student’s family) that involves a payment by the institution to the lender of extending credit to the student;
Staffing assistance. An institution may not request or accept from any lender any assistance with call center staffing or financial aid office staffing, except as permitted through The Higher Education Opportunity Act where it is allowable for a lender to provide professional development training, educational counseling materials (as long as the materials identify the lender that assisted in preparing the materials), or staffing services on a short-term, nonrecurring basis during emergencies or disasters;
Advisory board compensation. An employee of an institution’s financial aid office (or employee who otherwise has responsibilities with respect to education loans or financial aid) who serves on an advisory board, commission, or group established by a lender or guarantor (or a group of lenders or guarantors) is prohibited from receiving anything of value from the lender, guarantor, or group except for reimbursement for reasonable expenses incurred by the employee for serving on the board.

Cohort default rate

Master Promissory Note: To satisfy the Direct Loan Entrance Loan Counseling or to complete a Master Promissory Note on Studentaid.gov.

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Financial Aid Office / Merrill Center Student Services
University of Maine at Farmington
224 Main Street
Merrill Hall
Farmington, Maine 04938
tel 207-778-7100
fax 207-778-7555
TYY (via Maine Relay Service) dial 711
umfaid@maine.edu