University of New England

Primary Care Loan
This low-interest loan program is for medical students with a commitment to a career in family medicine, general internal medicine, general pediatrics, geriatrics, preventive medicine or osteopathic general practice. Eligibility is determined on the basis of financial need. Borrowers are required to enter and complete a residency training program in primary health care no later than four years after graduation from UNECOM. Borrowers are required to practice in a primary care field through the date on which the loan is repaid in full.  Due to the severe penalties associated with not entering primary care, UNE will award this program during the 4th year of UNECOM, after the student has gone through the residency match.  Students interested in receiving funds at that time should contact the Financial Aid Office to apply.  Super Primary Care Loan awards will be made that will repay a portion of prior year(s) borrowing of student loan funds. 

Applicants for this program are required to provide complete disclosure of financial information, including the student's parents' income and assets, regardless of the student's age or independent status. If one or both parents are deceased, a photocopy of the death certificate is required.  Download a Primary Care Loan application (pdf). The completed application must be submitted to the Financial Aid Office along with 2007 Federal Tax Forms for the student and the student's parent(s). Borrowers will be required to sign promissory notes. (Additional information)

UNECOM Direct Tuition Credit Loan
This low-interest loan program is for medical students demonstrating exceptional financial need. Borrowers must be New England residents (for purposes other than attending college) who agree to practice primary care in New England for five years following the completion of a required internship or residency program.  Applications will be sent to current students in late summer.

Charles E. Gilbert Loan
This low-interest loan program is available to medical students who are graduates of the University of Maine. Annual amounts vary depending upon availability of funds and the total number of eligible applicants. Applications are available by contacting:

Office of Student Financial Aid
University of Maine
Orono, ME 04469
Tel: (207)581-1324

Maine Health Professions Loan
This low interest loan program was designed to encourage medical students who are bona-fide Maine residents to practice primary health care in underserved areas of Maine. Applicants must prove Maine residency via requirements established by the Finance Authority of Maine (FAME).

Loan amounts range from $5,000 to $25,000 per academic year. The application deadline is May 30th. Loans are need-based and require disclosure of total financial information (for students under the age of 30), including the student's and parents' income and assets, regardless of the student's independent status. Interested applicants should complete the UNE Maine Health Professions Loan Application (pdf) and submit to the Financial Aid Office along with copies of the student's and parents' 2006 Federal Tax Forms. Additionally, students will need to obtain and complete an application from the Finance Authority of Maine. Borrowers will be required to sign promissory notes. For FAME applications, contact:

NEOA Loan
This program is administered by the New England Osteopathic Association and is available to all returning medical students who are bona-fide New England residents. Borrowers who remain in osteopathic practice in New England for five years following the completion of required internship or residency training will not be charged any interest during the life of the loan. The five-year repayment period begins after completion of all required training. Loan applications are available at the Office of Continuing Medical Education, 207.602.2589.

Federal Subsidized Stafford Loan
Available to students demonstrating financial need who are enrolled at least half time in eligible degree and certificate programs. The interest is fixed at 6.8%. The Federal Government subsidizes interest on this loan until the repayment period begins, usually six months after the student leaves the University or drops below half-time status. The lender may deduct up to 2.5% in fees. Medical students may borrow $8,500 per year.

Federal Unsubsidized Stafford Loan
This non-need-based program is very similar to the Federal Subsidized Stafford Loan, with the exception that the interest is not paid by the Federal Government. The student is responsible for any accrued interest from the time of the first loan disbursement. The student has the option of paying the interest while in school or during other periods of deferment, or having the accrued interest capitalized when the loan repayment period begins. Capitalized interest is added to the student's principal loan balance. All other terms and conditions of this program are the same as the Federal Subsidized Stafford Loan.

Medical students who demonstrate sufficient need may borrow through the Subsidized Stafford Loan program and up to an additional $34,222  through the Unsubsidized Stafford Loan program, per academic year.

Disbursement of Loan Funds
The UNE Financial Aid Office determines the disbursement date of student loan proceeds.
Funds will not be disbursed earlier than ten days prior to the start of a semester. The dates listed here are recommended disbursement dates for lenders to release the funds to the school. This is not the date that you will receive a refund from the university. The UNE Disbursement Schedule lists the disbursement dates for each program.

UNE's Recommended Lenders for the Federal Stafford Loan
If 2008/2009 will be the first time that you will be borrowing a Federal Stafford Loan at the University of New England, our office will send you a Supplemental Financial Aid Application.  This form will provide information on UNE's recommended lenders for the Federal Stafford Loan Program.  This form is required of all students entering UNECOM.

UNE has researched numerous lenders to provide you with what we feel are the best options available to you.  We base our selection on benefits offered to the student, to include fee waivers and repayment incentives (to include % of borrowers who qualify for the benefit); customer satisfaction, to include customer service experience based on student feedback and our own experience when contacting the lender.  Once you decide on a lender that you wish to borrow through, you may select that lenders link to complete the Master Promissory Note (MPN), required to receive loan funds.

UNE's recommended lenders for the 2008/2009 academic year are:

Recent legislation, effective as of Oct. 1, 2007, may have caused some lender benefits to change.  Please contact the lender directly for the most up to date loan terms.

Federal Direct Loan Program
website
800-848-0979
Complete the MPN for the Federal Direct Stafford Loan

Citibank
website
800-967-2400
Complete the MPN for a Federal Stafford Loan through Citibank

Citizens Bank
website
800-708-6684
Complete the MPN for a Federal Stafford Loan through Citizen's Bank

Students also have the option to write in a lender choice on the form.  You must include the lender code for the lender so that we may electronically process the loan through that lender.

Returning borrowers of the Federal Stafford Loan Program will continue to be processed through the lender they borrowed through in previous years. 

Federal Graduate PLUS Loan
This credit based loan has a fixed interest rate of 8.5%  Loan fees of up to 4% are withheld at the time of disbursement.  Students may select this option (or the second option is alternative loans listed in the next section) to fill the Supplemental Loan Eligibility listed on their award letter.  You may contact the lender directly (either on-line at the link included below or on the phone) to apply for preapproval of this loan.

UNE has researched numerous lenders to provide you with what we feel are the best options available to you.  We base our selection on benefits offered to the student, to include fee waivers and repayment incentives (to include % of borrowers who qualify for the benefit); customer satisfaction, to include customer service experience based on student feedback and our own experience when contacting the lender.

First time borrowers of the Federal Graduate PLUS Loan must complete on-line entrance counseling prior to receiving the loan funds.

There are 2 steps to complete when applying for a Federal Graduate PLUS Loan:

1. Complete the UNE Graduate PLUS Loan Request Form.
2. Apply for approval of the loan by linking to the website of the lender you select from the information listed below.

UNE's recommended lenders for the Federal Graduate PLUS Loan Program for the 2008/2009 academic year are:

Recent legislation, effective as of Oct. 1, 2007, may have caused some lender benefits to change.  Please contact the lender directly for the most up to date loan terms.
 

Federal Direct Graduate PLUS Loan
Apply for the loan at the Direct Loan website.  This is where you will complete the Master Promissory Note (MPN) for student loans as well as request a credit check for approval of the loan.

Citibank 
800-967-2400
Apply for a Federal Graduate PLUS Loan with Citibank

Citizens Bank 
800-708-6684
Apply for a Federal Graduate PLUS Loan with Citizen's Bank

.Alternative Loans
Students often turn to alternative loans as a means of providing additional financial resources for living expenses while attending the University. This is the second option or loan type for students to access to fill the supplemental loan eligibility listed on their award letter.In general, these loans do not have interest rate "caps", nor can they be consolidated with federal student loans like Stafford Loans.

Another important difference between alternative loans and other types of student loans is the need for the borrower to have satisfactory credit. In some cases, applicants who do not meet the lender's credit criteria may have the option of applying with a credit-worthy co-borrower. It is highly recommended that all potential borrowers examine their credit report prior to applying for an alternative loan. The following credit reporting agencies can provide you with a copy of your credit report. (Residents of some states will be assessed a fee from the credit reporting agency.)

Equifax
P.O. Box 105496
Atlanta, GA 30348-5496
(800) 997-2493
Website

Experian
P.O. Box 2104
Allen, TX 75013-2104
(888) 397-3742
Website

Trans Union
P.O. Box 2000
Chester, PA 19022
(800) 888-4213
Website

We recommend that you request a free copy of your credit report annually, at annualcreditreport.com

If you wish to borrow an alternative loan, click on Alternative Loan Lenders for a comparison of each program's terms and conditions. Students wishing to apply for an Alternative Loan are strongly encouraged to apply for a pre-approval (no earlier than 90 days prior to the start of classes) through one of our recommended Alternative Loan programs. Students may apply on-line or over the telephone. Paper applications are also available by contacting the lender directly. Once you have applied, allow 4-6 weeks for processing time.

Should I borrow a Graduate PLUS Loan or a Private / Alternative Loan?
For students who are not sure which program is a better option for them to borrow their Supplemental Loan Eligibility through, view a comparison of the two types of programs.  Please note, this is just a comparison tool created by Total Higher Education (T.H.E.).  T.H.E. does not currently participate in the Graduate PLUS Loan Program, so you will not be able to apply for the federal Graduate PLUS Loan at this site.