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MES Loans Comparison Chart

The Maine Loan/PLUS Comparison

Use this comparison chart to understand the principal differences between The Maine Loan alternative loan for parents or students and the PLUS loan for parents.  Each program has benefits that may work best for individual families in different situations.  For more detailed explanation of all student loan programs, call our toll free hotline at 1-800-922-6352.

The Maine Loan

PLUS Loan

Eligibility: Parent or credit worthy student with a satisfactory credit score and debt to income ratio

Loan is in student's name

Parent of dependent student with no adverse credit history

Loan is in parent's name only

Interest: Variable: 6.35%

Rate changes each June 1

Federal rate: Fixed 8.50%*

*New rate for loans disbursed on/after July 1, 2007

Application fee: None None
Other fees: Tiered guarantee fee structure, added to the balance at repayment, for various credit levels:

0% excellent credit,
3% good credit,
6% fair credit

no origination fee

3% Origination fee

1% Default fee

Loan amounts: $1000 minimum

Full cost of education minus other financial aid

Full cost of education minus other financial aid.
Aggregate totals: no limit no limit
Repayment: 4-20 years based on principal amount 10 years
Deferment: Can defer principal and interest while the student is in school Cannot defer principal unless parent is also in school.
Consolidation: Available Available

 

 
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