Maine Student Loan Forgiveness Programs
Maine offers several student loan forgiveness programs that are specific to just the State of Maine.
However, residents of the State of Maine can also potentially qualify for various Federal student loan forgiveness programs.
You can find a great list of Federal student loan forgiveness programs here: Top Student Loan Forgiveness Programs.
If you have private student loans, it might make more sense to refinance your loans and see if you can get a lower interest rate and payment. We recommend Credible for student loan refinancing because you can find out in 2 minutes or less if it's worth it. Try out Credible here. You can get up to a $1,000 bonus if you refinance your loans with Credible.
If you're not quite sure where to start or what to do, consider using a tool like Chipper to help you navigate your student loans. Chipper will show you the lowest repayment plan option, as well as any loan forgiveness programs you may qualify for. Plus, it helps you track your eligibility, helps with your paperwork, and more! Check out Chipper here >>
Maine Loan Forgiveness Programs
Program: Maine Opportunity Tax Credit
- Amount: Varies
- Description: The Maine Opportunity Tax Credit provides a tax credit for student loan payments made (which could potentially be refundable or carried forward if you exceed the limit) for residents of Maine who meet certain requirements of when they graduated college.
- Requirements For The Opportunity Tax Credit:
· Be a full-time Maine Resident
· Work in Maine for at least 9 months
· For those with an Associates or Bachelor's Degree: Must have been earned in Maine from 2007-2015, or anywhere in the United States after 2015
· For Graduate Degrees, must have been earned at a Maine school after 2015
- What You Get:
· Associates Degree: Fully Refundable Tax Credit
· STEM Bachelor's Degree: Fully Refundable Tax Credit
· Non-STEM Bachelor's Degree: Non-Refundable Tax Credit, With 10-Year Balance Carry-Forward
· Graduate Degree: Non-Refundable Tax Credit, With 10-Year Balance Carry-Forward
- Program Information: Opportunity Maine
Program: Educators for Maine
- Amount: Varies
- Description: As an Educators for Maine (EFM) Loan Program recipient, you may be eligible to have one year’s loan forgiven for each year of return service as a full time teacher, including speech pathologist, employed by a Maine public school or Maine private school approved for tuition purposes at the elementary or secondary levels or an elementary or secondary school operated by the State of Maine or as a Jobs for Maine’s Graduates specialist with appropriate teacher certification or as a qualified child care provider in a childcare facility. In addition, two years’ worth of your loan may be forgiven for each year that you are a full-time teacher in an eligible Maine school working in an underserved subject area.
- Requirements For Teachers:
· Certified by the Maine Department of Education;
· Employed at a Maine public elementary or secondary school, a Maine private elementary or secondary school that has been approved for tuition purposes, or a state-operated school;
· Employed as a Jobs for Maine's Graduates specialist with appropriate teacher certification;
· Employed as an elementary or secondary teacher, specialized subject teacher, vocational or industrial arts teacher
- Requirements For Child Care Providers Must Have A Degree or Certificate In:
· Child development
· Early childhood education
· Early childhood development
· Health and human services, with a focus on early childhood
· Special education from birth to five years
· Other similar programs, as determined by FAME
· Employed at a child care facility
- Program Information: Educators for Maine
Program: Maine Health Professions Loan Program Forgiveness
- Amount: Varies
- Description: Certain Maine Health Professions Loan Program recipients may be granted loan forgiveness. The rate of forgiveness is based on location and type of practice and/or population served.
§ Complete a Maine primary care residency and practice primary care in a health care professional shortage area or providing services to an underserved group.
§ Complete a Maine primary care residency and practice primary care anywhere in Maine.
§ Primary care physicians and general dentists practicing in a designated health care professional shortage area.
§ Any physician practicing in an underserved specialty.
§ Any physician providing services to a designated underserved group.
§ Veterinarians providing services to Maine residents with insufficient veterinary services.
§ Primary care practice in Maine not covered above.
- Program Information: Maine Health Professions Loan Program
Program: Maine Veterinary Medicine Loan Program Forgiveness
- Amount: Varies
- Description: Maine Veterinary Medicine Loan Program recipients must not have commenced veterinary medicine education prior to January 1, 2011 to be eligible to receive a need-based forgivable loan to help defray the cost of enrollment in a program of study leading to a Doctor of Veterinary Medicine degree. For doctors who conclude postgraduate veterinary medical training, return service may cancel all or part of the loan as indicated in the repayment chart below.
§ Practice veterinary medicine full time in an area of Maine with insufficient veterinary services and practice is devoted to livestock at least 20 hours per week.
§ Practice veterinary medicine full time in an area of Maine with insufficient veterinary services and practice is devoted to livestock less than 20 hours per week but not less than 10 hours per week.
§ Practice veterinary medicine less than full time in an area of Maine with insufficient veterinary services and practice is devoted to livestock at least 10 hours per week.
- Program Information: Maine Veterinary Medicine Loan Program
Program: Maine Dental Education Loan Repayment Program
- Amount: Up to 25% of the original indebtedness annually
- Description: As a Maine Dental Education Loan Recipient you may be eligible to have all or part of your dental education loan debt forgiven under certain circumstances. This program was created to increase access to dental care for underserved populations in Maine.
- Requirements: Loan recipients practicing primary dental care in an eligible dental facility in an underserved area (as determined by the Commissioner of The Maine Department of Health & Human Services) may be forgiven 25 % of their original outstanding indebtedness on an annual basis. Recipients must provide documentation that they have practiced primary dental care in an eligible facility in an underserved area. Loan recipients may receive partial loan forgiveness on a pro rata basis if they fulfill all the criteria but maintain the appropriate practice for less than a year.
- Program Information: Maine Dental Education Loan Repayment Program