Student Loans can be a valuable option for funding your education. Understand, though, you are expected to repay your student loans when you have completed your degree or are no longer enrolled at least half time in an accredited program.


Perkins Loans

Federal Perkins Loan funds are allocated to UMF by the U.S. Department of Education. Perkins Loans are low-interest (5%) loans for students with exceptional financial need.

The University of Maine at Farmington authorizes these low-interest loans on the basis of need. To be considered for a Perkins Loan, you must be an on-time applicant (meaning your FAFSA was received at the Federal Processor by March 1).

A separate application is not needed as Perkins Loan eligibility is determined using information on the FAFSA at the same time eligibility for other aid is determined. All Perkins Loan recipients must sign a promissory note and complete an online Loan Information sheet before their loan can be finalized.

For details, contact the UMF Financial Aid Office.

Direct Stafford Loans

Federal Direct Stafford Loans are low-interest loans made to students attending UMF at least half time. Students do not have to make any payments on the loan during deferment periods. Students who do not qualify for the federal interest subsidy are responsible for the interest which accrues on the loan during deferment periods.

Applications are available from the UMF Financial Aid Office. Because eligibility for the interest subsidy is based on financial need, all Direct Stafford Loan applicants must first have their eligibility for need-based financial aid determined. For eligibility to be determined, a student must complete and submit the FAFSA or Renewal FAFSA to the Federal Processor.

Note: There are two types of Direct Stafford Loans: subsidized and unsubsidized. The Federal government pays the interest on subsidized Direct Stafford Loans while the student is in school and enrolled for at least 6 credits or in a deferment period. With unsubsidized Direct Stafford Loans, the student is responsible to either pay or capitalize the interest while in school or during a deferment period.

Federal Direct PLUS Loans

Federal Direct PLUS Loans (parent loans) are available through the federal government and are based solely on credit-worthiness. Parents can apply for a Direct PLUS Loan at: studentloans.gov.

Alternative Education Loans

Alternative Education Loans are available to credit-worthy borrowers and cosigners from participating lending institutions. See more about these private, alternative loans. For details, contact the UMF Financial Aid Office.

See this helpful chart for examples of loan options that may be available to you: Alternative Loan Chart 2013-2014 (pdf)

Educators for Maine Program

The Educators for Maine Program is a renewable loan program administered by the Finance Authority of Maine (FAME) for Maine residents who plan to become teachers. The loans may be forgiven in exchange for teaching service in a Maine public school.

Recipients who do not teach in Maine after college must repay the loan at a fixed interest rate determined at the time of loan approval.

Applications are due at FAME May 1st prior to the academic year. Information about eligibility and application is available from the UMF Financial Aid Office.

UMF Emergency Loans

Small, short-term, and interest-freem emergency loans are available to University of Maine at Farmington students during the regular academic year. Generously funded by contributions from former UMF students, these loans are for bona fide emergencies which cannot be anticipated and are not for paying University charges.


Average Loan Indebtedness

For undergraduate students who began college as first-year students at UMF, the average federal loan indebtedness (subsidized loans, unsubsidized loans, and Perkins Loans) for student borrowers at graduation in 2013 was $22,931.

Some students also chose to take out state and private loans, which brought the 2013 total average loan indebtedness to $27,299.

Many UMF graduates benefit from teacher and other forgiveness provisions available in some federal and state loans.

Contact Us

Financial Aid Office
University of Maine at Farmington
224 Main Street
Merrill Hall
Farmington, Maine 04938
tel 207-778-7100
fax 207-778-7555
TDD/TTY 207-778-7000
umfaid@maine.edu