Because of payments lenders are required to make to the federal government on Federal Consolidation Loans, borrowers lose their interest rate discounts if they consolidate their loans. When someone borrows from a Maine Advantage Education Loan lender, they are borrowing from people they know and trust. They are borrowing from an institution in their community that employs local people and creates local jobs. Maine Advantage Education Loan loans are serviced in Maine. The discounted interest rate is received immediately upon entering repayment.
Many programs require several years of on-time payments before issuing the discount rate.
The Maine Advantage Education Loan does not require years of on-time payments before a discount is received. The borrower receives the discount starting day one of repayment. With The Maine Advantage Education Loan you are guaranteed a discounted interest rate. With other loan programs you may lose your entire discount for making a single late payment.