Maine Private Student Loans
It's easy, local and sensible.
Your future is bright! But sometimes your savings and financial aid options aren't enough to cover the full cost of your
education. Our private education loan bridges the gap between savings, financial aid, and the cost of working toward a degree.
In order to be eligible to receive education funding from Seaboard Federal Credit Union, all applicants must be credit union members. Please
visit our Membership Page to ensure you and your co-applicant, if applicable, are eligible for
membership. Membership can be acquired now or following conditional approval of your loan application.
Click here to check your application status, continue a previous
application, or for questions about the application process.
Cosigners click here to complete the cosigner portion of the application.
Why this loan?
Am I eligible?
- You must be enrolled at least half time in a degree granting program.
- School certification is required.
- You must meet credit standards (with or without a cosigner).
- Maine residents going to Maine or out-of-state colleges and universities are eligible.
- Out-of-state residents attending Maine colleges and universities are eligible.
How much can I borrow?
- Maximum loan amount: Cost minus aid (maximum $40,000 per year, $200,000 total)
- Minimum loan amount: $2,000
When do I need to start repaying my loan?
Many repayment options are available:
- You can start payments of principal and interest right away.
- You can defer payments of principal and interest while you are enrolled in school at least half time. Principal and interest payments begin following a six month grace period after you leave school.
- You can defer payments of principal, and make interest only payments while you are enrolled in school at least half time. Full principal and interest payments begin following a six month grace period after you leave school.
- Ask us for details about all of your repayment options.