University of Maine at Farmington

Applying For Financial Aid

Grant & Scholarship Information

Loan Information

Employment

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224 Main Street
Farmington, ME 04938
Phone: (207) 778-7100
FAX: (207) 778-8178
TDD: (207) 778-7000
e-Mail: umfaid@maine.edu

Parents of a dependent student may apply for a FFELP PLUS loan to pay for the student's educational expenses. Eligibility for Federal PLUS loans is not based on financial need. Parents may borrow up to the cost of education minus other financial aid the student receives.

Other characteristics of the program:

borrower must have a good credit history
interest rate is fixed at 8.5%
origination fee of 3% to 4% deducted from each disbursement of the loan
repayment begins 60 days after second disbursement of the loan
maximum repayment term of 10 years, minimum payment is $50 per month
payment of principal can be deferred upon request of your lender in some situations, but borrower is always responsible for interest payments.

Academic Year 2009-2010:

Parent must complete a 2009-2010 Parent Plus Loan Request Form separate from the Federal Plus Loan Application and Master Promissory Note. You may receive this Request Form at the UMF Merrill Center, Financial Aid Office or you may click on this link 2009-2010 Federal Plus Loan Request Form and print the form.

Parent needs to complete the lender application and the UMF Federal Plus Loan Request Form. The parent needs to submit the Federal Plus Loan Request Form to the UMF Financial Aid Office for processing.

Lender & Lender Code Number	PLUS Loans Interest Rates For Parent Borrowers
NELNET (831300)	Interest Rate of 8.5% Fixed
Maine Advantage Education Loan Program Participating Lenders (805734)	Interest Rate of 8.5% Fixed
FAME (834105)	Interest Rate of 8.5% Fixed

For more information about the Federal PLUS Loan program, consult the Student Guide published yearly by the U.S. Department of Education. In addition you may find details on Federal PLUS Loans on the Departments website.