Loans and Lenders
To be considered for a student loan you must enroll at least half-time (6 credits), be in a degree program, not be in default or owe a repayment of educational funds and continue to make satisfactory academic progress. You must also complete a Free Application for Federal Student Aid (FAFSA) to be considered for a federal student loan.
Students who attend The University of Maine at Augusta have the benefit of multiple lending options. UMA participates in the William D. Ford Direct Loan program that allows students to borrow Federal Stafford Loan directly from the Department of Education. Students can also borrow Federal Stafford Loan through a private bank, credit union, or lending institution. We encourage students to explore the options available to them. Not every loan program is right for every student you should determine which one is right for you. If you have borrowed in the past it is you must continue to use the same lender throughout your education.
Two types of Federal Stafford Loans are available depending upon a student's need and their grade level.
Subsidized Stafford is need based. Payment of principle is deferred and interest is paid by the Federal government while the student is enrolled at least half-time.
Unsubsidized Stafford is non-need based. Payment of principle is deferred, but interest accrues or is paid by the student while in school.
Once you have complete the application process for Federal aid, you will receive an Award Letter estimating your eligibility for Stafford Loan. This estimate may be different than your actual eligibility. You may apply for your Stafford Loan by completing the request on the back of the Award Letter. Maine Lenders will send a pre-printed Master Promissory Note to all first-time borrowers. New Direct Loan borrowers will receive a Master Promissory Note from the Financial Aid Office.
All first-time borrowers are required to complete and Entrance Interview to review their rights and responsibilities. The Interview can be completed by phone, or in person at the Financial Aid Office in Augusta.
Annual Loan Limits:
Federal Regulations specify the maximum loan amount any student can borrow each academic year, depending upon grade level.
| Grade Level | Dependent | Independent |
Freshman: | ||
Sub | 2625 | 2625 |
| Unsub | 0 | 4000 |
| Sophomore: | ||
Sub | 3500 | 3500 |
| Unsub | 0 | 4000 |
| Junior: | ||
Sub | 5500 | 5500 |
| Unsub | 0 | 5000 |
| Senior: | ||
Sub | 5500 | 5500 |
| Unsub | 0 | 5000 |
The total undergraduate maximum indebtedness (combined subsidized and unsubsidized) for dependent student is $23,000, for independent student is $46,000.
Lender Information
Finance Authority of Maine (FAME)
www.famemaine.com/edu/index.html
FAME offers a full list of Maine Lenders as well as information regarding the discount programs available through each lender.
P.O. Box 949
5 Community Drive
Augusta, ME 04332-0949
Tel: 1-800-228-3734
Tel: 1-207-623-3263
Fax: 1-207-623-0095
TDD: 1-207-626-2717
Preferred Lenders of UMA Students
Fleet Bank - - www.fleet.com
446 Main Street
Worcester, MA 01608
(800) 235-3385
Key Rewards- -Key Bank, N.A. - - www.key.com
745 Atlantic Avenue
Suite 300
Boston, MA 02111-2735
(800) 539-5363
The Maine Advantage Education Loan - - FISC www.maineadvantage.com
Financial Institutions Service Corp. (FISC)
PO Box 781
Lewiston, ME 04243-0781
(800) 782-5772
Superloan 2000 - - MES/MELMAC by its Trustee www.superloan.com
UNIPAC
Suite 400
3015 South Parker Road
Aurora, CO 80014
(800) 255-6157
Winning Combination - - National Education www.nationaleducation.com
501 Silverside Road
Suite 125
Wilmington, DE 19809
(800) 353-3357