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The Maine Loan®
How can I apply for The Maine Loan?
- You may visit the MELA website, www.mela.net to complete the application online or to download a blank application.
- You may also contact a Student Loan Specialist at MES at 1-800-922-6352.
- Mail or fax your application to the address below:
MELA c/o MES
131 Presumpscot Street
Portland, ME 04103
1-800-922-6352
207-791-3616 – fax
Do I need to have a co-signer for The Maine Loan?
Credit worthy students may apply without a cosigner. Credit worthy students must have a minimum of two years credit history, a minimum of three trade lines, and meet the required minimum income and credit score.
What is an application reference ID and how can I get one?
The application reference ID is a website participant number used to link a cosigner to a student's application.
The student must first sign in as the "borrower" and complete their section. They will indicate the name of their cosigner along with their email address. The cosigner will then get an email, instantly, inviting them back to the site with their application reference ID. If there are two cosigners, each will get their own ID and each cosigner needs to create their own account. The reason for this is if borrowers use E-signature, there needs to be a unique PIN number assigned to each party on the note.
Do I only apply for The Maine Loan when I first begin college, or do I need to reapply every year?
You must reapply every year to take into account new educational costs for the current academic school year.
How do I determine the loan amount for The Maine Loan application?
Loan amounts are based on a maximum of one year’s educational costs. Calculations are based on full cost of education for any given academic year minus any other financial aid received as determined by the financial aid office.
What do I do if my school is not listed on the MELA application website?
If your school is not listed, please call us at 1-800-922-6352. Our Private Loan Specialists would be happy to check for eligibility.
I am a student and do not work, can I still apply for The Maine Loan?
Yes, you may apply for The Maine Loan with cosigners. When completing the student borrower section you may list, “student” or “other” in lieu of an employer name. If you reside with family or on campus most of the year you may list your mortgage holder as “none” and the monthly payment/rent amount as “zero (0)”.
I go to school in another state, am I eligible for The Maine Loan?
The Maine Loan is available to out-of-state residents attending approved schools at least half-time in Maine or Maine residents attending approved schools at least half-time in the U.S. or Canada.
What is the deadline for applying for The Maine Loan or The Maine Medical LoanSM?
MELA does not have an application deadline for The Maine Loan or The Maine Medical Loan. We encourage you to apply anytime after June 1st for the upcoming academic school year to ensure all steps have been processed before it’s time to head off to college. It is also beneficial to apply for the entire year rather than one semester at a time. This will reduce your monthly loan payment upon completion of your education.
How do I change the disbursement date of a loan?
Your Financial Aid Officer selects the dates of disbursement. MES can make adjustments to these dates, but only at the request of a Financial Aid Representative.
I have been denied The Maine Loan. Can I appeal the loan decision if I have extenuating circumstances?
Yes, If you feel there may be extenuating circumstances or credit report errors, and would like to appeal this loan decision, please send a cover letter explaining the issue and documentation showing it was resolved to MES. The cosigners will also need to provide a copy of their most recent federal tax return along with income verification. Income verification may include a recent payroll stub showing year-to-date earnings, a pension statement, social security statement or retirement benefits statement.
I elected for deferment of principal and interest (loan applications received prior to July 28, 2008) but have received a billing statement from my servicer, why?
Borrowers who elect, and are eligible for full deferment of principal and interest, will still receive an optional interest only statement from their servicer. The interest accrual is reported so borrowers have the option to pay any amount, or the entire amount accrued anytime during their deferment period. If you choose not to pay, the interest will just continue to accrue and be included in the next monthly statement. There will be no derogatory action taken. MES recommends you pay as much of this interest before the loan enters repayment for an overall lower repayment cost.
Note: For Maine Loan applications received on or after July 28, 2008, interest payments are required. You should expect to receive a billing statement from Firstmark Services monthly for interest that has accrued on your disbursed loan.
How do I defer my loans if I am still in school or residency?
To defer your student loans you must be enrolled at least halftime at a MELA approved school. You may submit a letter of enrollment to MES from the school’s registrar stating your current dates of enrollment and new estimated graduation date. Please note deferment options vary, depending on your loan type and the date of your loan. For information specific to your loans, please contact our Student Loan Specialists at 1-800-922-6352 to discuss deferment options available.
If you are in a medical residency and would like to defer The Maine Medical Loan, you will need to submit a letter of request from the hospital residency coordinator stating your dates of employment and expected date of completion. Medical residency deferment is available for up to four years of residency on The Maine Medical Loan.
Scholarships
How do I get a MES Scholarship application?
You can now apply for multiple scholarships by completing one easy to follow application. After you have submitted the required information, we will automatically inform you which scholarships you are eligible for and what additional information may be required. You can obtain information about the scholarships offered, application period, and apply online by clicking on the scholarship link on our home page. If you would like a paper application mailed to you, please contact the MES Customer Service Department at 1-800-922-6352.
What is a SAR?
SAR stands for Student Aid Report. Upon completion of your FAFSA, the federal government tabulates your information and sends you a summary report called the SAR. Your SAR will indicate your Expected Family Contribution (EFC) and whether or not you are eligible for a Pell Grant. You should review your SAR carefully to make sure that all of your information is correct.
How do I get a copy of my SAR?
The SAR information can be downloaded off the FAFSA website, www.fafsa.ed.gov once it is completed. Using your user id and password you can re-enter their website and print a copy of the SAR. The copy can then be mailed to our office to complete the supplemental requirement for that program.
According to the FAFSA website, an electronic copy of a SAR (with or without a calculated EFC) can still be accessed by selecting Student Access from the left navigation bar (Note: a PIN is required). To use the Student Access, click on the following link: http://www.fafsa.ed.gov/FOTWWebApp/studentaccess.jsp. While we cannot get into this site without all the personal information and a PIN, our applicants have told us they can download a copy and transmit it to MES via email. If you encounter problems accessing your Electronic SAR, it may be because some e-mail systems are unable to read all the data included in the encrypted URL link. If this is the case, we suggest you:
Copy the full URL link from the e-mail we sent you, and paste it into the address or location line of your Web browser and hit enter. Make sure you copy and paste the entire link; this may appear as multiple lines in your e-mail.
If you have further questions on downloading this form, please refer to the FAFSA Customer Service page or by emailing fafsaweb@ncs.com.
I am a continuing education student and attended high school many years ago. Do I need a copy of my transcript?
If you are unable to obtain a copy of your transcript please submit a letter of explanation along with the other supplemental documents you send to MES.
General Information Questions
What is the fax number and mailing address for MES?
Maine Education Services
131 Presumpscot Street
Portland, ME 04103
207-791-3616 – fax
You may fax applications and/or supplemental documents for loan appeals.
Promissory Notes may not be faxed. A promissory note is a legal document and original signatures are required to be on file.
Why are student loans considered 'aid?' Isn’t financial aid supposed to be money I don’t have to pay back or borrow?
It used to be 70% of financial aid sources came in the form of grants and scholarships and only 30% were loans. Today, that figure has reversed for a variety of reasons including increased tuition costs, number of students attending schools, other demands of federal/state resources, etc. Most financial aid today comes in the form of loans.
What happens if the financial aid package isn’t enough?
There is hope for families who still have a financial aid gap after receiving their aid package. Although it may not be a first choice payment method, explore low cost student loan programs available to Maine families such as our private alternative, The Maine Loan.
I want to go to a private school, but it’s so expensive. Should I only apply to less expensive or public schools where I know my family can afford to send me?
You do not know the actual amounts of money that you will have to pay until you have completed the financial aid process. Many private colleges award significant amounts of money and in doing so are very competitive with the financial aid packages awarded by public schools. Keep the bigger picture in mind. The cost of your education is only one factor in your college selection process.
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