Understand Your Loan Repayment Options

Managing Repayment

Loans are a reality for most students but repayment doesn’t have to be a burden. Tools exist to assist you in keeping track of borrowing and managing repayment. The National Student Loan Data System (NSLDS) houses all of your federal loan borrowing history, including PLUS Loans, Perkins Loans and Direct Loans. We highly recommend that you regularly monitor your loan history so there are no surprises when it comes time to begin repayment.

To make your payments more affordable, repayment plans can give you more time to repay your loans or may be based on your income. Contact your loan servicer for helpful guidance on the right plan for you and to review or change your repayment plan. The Finance Authority of Maine (FAME) also offers information and resources regarding student loan repayment. 

In addition, organizations specific to your major may offer debt management management and other financial resources. For instance, the American Physical Therapy Association (APTA) features a resource page for its members.

Video Resources

Managing Your Student Loans

Responsible Borrowing

Loan Forgiveness and Cancellation

Federal student loan forgiveness, cancellation, or discharge allows some or all of your federal student loan debt to be forgiven depending upon your employment circumstances. See below for other types of loan forgiveness.

Loan Repayment Calculators

Knowing what to expect when your grace period ends (typically six months after graduation or withdrawal) is critical to ensure you're prepared to successfully manage repayment of your student loans. Below are some tools that will help you determine your monthly payments and guide you toward creating a budget.

Federal Loan Repayment Estimator

The Federal Loan Repayment Estimator imports data on federal student loans from National Student Loan Data System and accurately estimates payment based on a variety of loan repayment options.

FinAid Loan Calculator

The FinAid Loan Calculator is a general loan repayment calculator for all types (federal and private) of educational loans.

Federal Student Aid Budget Guide

The Federal Student Aid Budget Guide has information on how to create a budget and what to include. This website also includes examples of various types of expenses and links to resources to help you learn what’s typically included in the cost of attending college, compare between different colleges, and reduce costs.

Additional Resources

Opportunity Maine Tax Credit

The Opportunity Maine Tax Credit program provides an income tax credit for Maine resident taxpayers who are qualifying graduates (and employers of qualifying graduates) and who make eligible education loan payments on loans obtained to earn:

  • An associate or bachelor’s degree from an accredited Maine college or university after 2007 and before 2016 or
  • An associate or bachelor's degree from an accredited Maine or non-Maine college or university after 2015 or
  • A graduate degree from an accredited Maine college or university after 2015

Eligible graduates must live, work, and pay taxes in Maine.

The credit is limited to tax except for tax years beginning on or after January 1, 2013, the credit allowed to a program participant is refundable if the program participant obtains an associate degree or a bachelor’s degree in science, technology, engineering or mathematics (STEM). Unused portions of the nonrefundable credit may be carried forward for up to 10 years.

Certain limitations apply. 

For more information visit Maine IRS or Live + Work in Maine. 

Alfond Leaders Student Debt Reduction Program

The Alfond Leaders Student Debt Reduction Program provides student loan repayment assistance to people who live and work in Maine in a STEM designated occupation at a Maine-based employer.

Maine Dental Education Loan Repayment Program

The Maine Dental Education Loan Repayment Program provides loan repayment assistance to dentists practicing in underserved areas in Maine.

Maine Health Care Provider Loan Repayment Pilot Program

The Maine Health Care Provider Loan Repayment Pilot Program provides one-time funds to support rebuilding Maine’s health care industry workforce. The program attracts and retains health care professionals in Maine by repaying outstanding student loans of selected participants who commit to living and working in Maine for at least three years.

Nursing Education Loan Repayment Program

The Nursing Education Loan Repayment Program provides student loan repayment assistance to registered nurses working in Maine as nurse educators or relocating to work in Maine in a position as a nurse educator, at a nursing education program.

For more information about the Alfond Leaders Student Debt Reduction Program, the Maine Dental Education Loan Repayment Program, the Maine Health Care Provider Loan Repayment Pilot Program, Nursing Education Loan Repayment Program visit the FAME website