Maine - The Finance Authority of Maine (FAME) is thrilled to introduce a forgivable loan program to support future educators, childcare providers, and speech pathologists in Maine. High school seniors and college students must apply by Thursday, May 1, 2025, to take advantage of this opportunity!
Undergraduate students can receive loans of $5,000, while graduate
students can obtain $4,000. The loan is renewable for up to eight semesters for undergraduates and four semesters for graduate students.One year of loan forgiveness is available for each year of service as a full-time teacher, speech pathologist, or childcare provider in an eligible Maine school or facility. Teachers in underserved subject areas can have two years’ worth of loans forgiven for each year of service. Partial loan forgiveness is also available under certain conditions.
Borrowers must be Maine residents and either graduating high school seniors, undergraduates, or graduate students accepted into postsecondary degree programs. They must be pursuing initial certification or qualifications in education, speech pathology, or childcare. They must secure a position after graduation that matches their certification or qualification.
Those who do not work in eligible Maine schools or facilities must repay the loan with interest, beginning six months after graduation at a fixed rate of 5.0%.
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