You may not know it, but if you live in Maine and are a college-bound student or parent you have one of the best student loan sources right in your own backyard. The Maine Education Loan Authority, MELA offers a comprehensive menu of affordable financial products, particularly aimed at those students whose education is not covered by federal loans.
Find out everything you need to know about your federal loans, first.
Federal student loans are low-cost, affordable and easy to get—most college students qualify for some level of aid. AND the federal loans should always be your first step in your financial aid strategy. But in many cases federal loans don’t cover all your college expenses. If you live in Maine you’re one of the lucky ones: MELA was created by the Maine state government expressly to provide a reliable alternative student loan program to state residents. When federal loans don’t meet the financial need here are the MELA options, a triumvirate of branded loan products:
You can find more information and applications on the MELA website.