The Maine Medical Education Foundation Loan
The Maine Medical Education Foundation
(MMEF) Loan Program was established in
the 1959 by the Maine Medical Association
(MMA) to make loans available to
Maine residents enrolled in or accepted to
approved medical schools. Over the past 50
years, over $5 million has been loaned to
deserving medical students. These loans can
be used to fill the gap between federal loan
programs and the full cost of education.
New
- Extended residency period– Students
may now defer principal payments for
up to five years after graduation from
medical school.
- Deferment of interest payments– Students will receive optional interest
statements during this five year period.
- Repayment period extended– Ten year
term begins when the loan enters full
repayment of principal and interest.
Benefits of a MMEF Loan
- No fees
- No interest accrues while in school
- Low, fixed interest rate during
loan repayment
- Free membership in the American
Medical Association while in school
- Free membership in the Maine
Medical Association while in school
- High-quality customer service center located in Maine
Terms & Eligibility
- Maine residents accepted by or enrolled
in approved medical schools
- Must be a member of the American Medical Association and the
Maine Medical Association
- No loan fees
- Loan amounts range from $2,000 up to
the full cost of education
- Checks are payable to the student and
mailed directly to the address listed
on the application
- Application deadline:
May 1st of award year
- Student must be pursuing a degree of
Doctor of Medicine (MD) or Doctor
of Osteopathic Medicine (DO)
Interest Rate
- No interest accrues while the student is
in school at least halftime
- Tiered interest rate while student is in
residency program (up to 5 years)
| |
|
|
| Year |
|
Interest Rate |
| 1st |
|
1% |
| 2nd |
|
3% |
| 3rd - 5th |
|
5% |
- Low, fixed interest rate of 5%*
during repayment
Repayment Options
- No payment due while the student is
enrolled at least halftime in medical school.
- Optional interest-only statements sent
during residency period. Students are
strongly encouraged to make payments
during this time to reduce the overall
cost of repaying this loan.
- No later than 5 years following
graduation from medical school,
repayment will begin in equal
quarterly installments.
- 10 year repayment term– full repayment
begins after the residency period expires
or a student ceases to be enrolled in
medical school.
- Forbearance periods allowed for up to
24 months on a case-by-case basis.
Questions
Student Loan Specialists, located in Maine,
are ready to assist at:
1-800-922-6352
customerservice@mesfoundation.com
How to Apply
- Download an application
- Mail or fax the application to:
MMEF
c/o Maine Education Services
131 Presumpscot Street
Portland, ME 04103
207-791-3616 (fax)
- Mail in the following supplemental
documents:
- A copy of your acceptance letter to
medical school (new students only)
- A letter of recommendation from your
pre-medical school or medical school.
This letter should contain basic information
about you including: your accomplishments,
activities or groups of involvement,
and your historical grades.
- AMA Membership Application
Benefits of MMA/AMA Membership
Medical students borrowing from the Foundation also become student members of the Maine Medical
Association and the American Medical Association. This membership is extended to borrowers without cost, as the
Foundation pays for the cost of the multi-year AMA membership and MMA membership is free to medical students and
residents. These memberships provide a medical student with the same types of benefits that active physician members
receive.
* Based on no interest accrual while in school, a tiered interest rate of 1% (1st year), 3% (2nd year), and 5% (3rd-5th year) while in residency, and a fixed
5% during repayment, the APR is 2.957%. The APR, or Annual Percentage Rate, is the effective interest rate if all interest charges are included. This APR
is based on a loan amount of $10,000, a repayment term of 120 months, and assuming deferment of principal and interest for five years during residency.
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