Loans

Loans are a reality for most students, and we will help you navigate the borrowing process from application to repayment. We encourage you to be a responsible consumer and to borrow only what is necessary. We urge you to seek advice from our Student Financial Services team whenever needed.

Please keep in mind that with loans, lenders often deduct loan fees before monies are disbursed, which can impact the amount you need to borrow. You should calculate loan fees prior to finalizing loan requests. Please see Federal Loan Fees for more information.

Federal Direct Subsidized and Unsubsidized Loans

The U.S. Department of Education offers low-interest loans to eligible students to help cover the cost of college. Direct Subsidized and Unsubsidized Loans are available depending upon your financial need and enrollment status. For both types of loans, UNE will determine the amount you can borrow based on your Cost of Attendance and annual limits. Visit the Federal Student Aid website for information on loan borrowing limits and on the current interest rates for Direct Loans.

Direct Subsidized Loan

The U.S. Department of Education pays the interest on the Direct Subsidized Loan while you are in school, as well as during your grace period or elected deferment period. This loan is available to students demonstrating financial need.

Direct Unsubsidized Loan

The Direct Unsubsidized Loan is available to all students regardless of need. Interest accrues from the date of disbursement.

To apply for Federal Direct Loans you must file the FAFSA and sign a Master Promissory Note (MPN) and Complete Entrance Counseling. For all Federal Loans, you will also need to complete Exit Loan Counseling when you are no longer enrolled at least half-time. Both Entrance and Exit Counseling provide information about terms of borrowing, interest accrual and repayment options and can be completed online.


Perkins & Nursing Loans

The Federal Perkins Loan is a federal loan program in which schools choose to participate. It offers low-interest federal student loans for undergraduate students demonstrating exceptional financial need. The Nursing Loan is available to undergraduate students enrolled in a nursing program who demonstrate exceptional financial need. 

UNE’s Perkins Loan and Nursing Loan funds are limited, and payments are ultimately made to UNE’s loan servicer. A separate Entrance Counseling process and Master Promissory Note need to be completed and will be sent to you via email if you are awarded these funds. These loans are typically awarded early in the process so access to these funds is limited as the year progresses.


Educators for Maine Program

This program is a competitive, merit-based, forgivable loan program for Maine students pursuing careers in teaching, including speech pathology and child development or childcare. The application is available in February on the FAME website and is due May 1st.


Federal Parent PLUS Loan

The Federal Parent PLUS Loan is a credit-based loan, subject to credit approval by the lender, for parents who wish to contribute to their dependent child’s college education. PLUS loans help pay for expenses up to the Cost of Attendance (COA) minus all other financial assistance. The application is available online and parents will need the 4-digit FAFSA PIN to apply.

If credit is denied for the PLUS Loan, your parents can pursue an endorser, appeal the denial, or request additional unsubsidized funding of up to $4,000 or $5,000 based on your year in school. The request for this additional funding must be sent in an email to the Financial Aid Office or parents can select this option via the online application.


Alternative Loans

Because of the flexible and forgiving nature of federal, state and institutional aid, we recommend that you exhaust all of these sources before applying for private or alternative loans. Alternative loans are privately funded loans available to students who qualify based on their credit history. The terms and conditions of alternative loans vary based on the loan program and lender criteria. You may request an amount up to your Cost of Attendance minus all other financial aid.

See UNE’s Recommended Lender List for more information on private loans.