The Maine Advantage Education Loan is the only higher education program in Maine where borrowers receive the benefit of their interest rate discount starting with their very first payment.
Borrowers never lose it.
However, to receive that lower interest rate, the borrower must make two, three, or even four years of payments before they qualify for their full discount. However, if the borrower is late with just one payment during the initial repayment period, the borrower forfeits the lower rate forever . Studies indicate that fewer than two in ten borrowers will ever receive the discount these programs offer because they will miss a payment during the initial repayment period. Maybe, like many others, you will find yourself juggling payments as you start your new life after college. Whatever the reason, missing a payment could end up costing you thousands of dollars with those other loan programs.