Perkins Loans
Federal Perkins Loan funds are allocated to UMF by the U.S. Department of Education. UMF authorizes these low-interest loans on the basis of need. Perkins Loans are low-interest (5%) loans for students with exceptional financial 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 and return a promissory note and complete an online Loan Information sheet before their loan can be finalized. For more info, contact the UMF Financial Aid Office.

Stafford Loans
Federal Stafford Loans are low-interest loans made to students attending UMF at least half time. Applications are available from the UMF Financial Aid Office. 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.

Because eligibility for the interest subsidy is based on financial need, all 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 and submit a Stafford Loan request to the UMF Financial Aid Office.

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

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 15 prior to the academic year. Information about eligibility and application is available from the Financial Aid Office.

Federal PLUS Loans
Federal PLUS Loans (parent loans) are available through participating lending institutions. Interested parents should contact the UMF Financial Aid Office.

University of Maine at Farmington Emergency Loans
These loans are available during the regular academic year. They are small, short-term, and interest-free. 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.