Student Loans

Federal Direct Subsidized Loan – This type of loan is based on the student’s financial need. EMCC will review the results of your Free Application for Federal Student Aid (FAFSA) and determine the amount you can borrow.  You are not charged interest while you’re in school at least half-time (6 or more credits) and during grace and deferment periods.  The interest rate is fixed at 2.75% for loans disbursed between 7/1/2020 – 6/30/2021

Federal Direct Unsubsidized Loan – You are not required to demonstrate financial need to receive a Direct Unsubsidized Loan. Like subsidized loans, EMCC will determine the amount you can borrow based on your FAFSA.  Interest accrues (accumulates) on an unsubsidized loan from the time it’s first paid out. You can pay the interest while you are in school and during grace, deferment, or forbearance periods, or you can allow it to accrue and be capitalized (that is, added to the principal amount of your loan). If you choose not to pay the interest as it accrues, this will increase the total amount you have to repay because you will be charged interest on a higher principal amount. The interest rate is fixed at 2.75% for all loans disbursed between 7/1/2020 – 6/30/2021.

Federal Direct Plus Loans – If you’re a parent* of a dependent student attending EMCC, you may be eligible to borrow a Federal Direct Parent PLUS Loan to help pay for your child’s educational expenses.

  • The parent borrower must be credit-worthy and complete a PLUS loan application – Apply for a Direct PLUS Loan as a Parent | Federal Student Aid
  • Repayment begins 60 days after the loan is fully disbursed, unless deferment arrangements are made with the servicing agency.
  • A federal loan origination fee is deducted from each disbursement of the loan.
  • PLUS loan eligibility is not listed on your student’s financial aid award offer; contact EMCC’s Financial Aid Office to determine your PLUS loan eligibility.

*Biological, adoptive or stepparent.

Opportunity Maine Tax Credit

You may be eligible for the Opportunity Maine Tax Credit if you are a Maine resident who borrows a student loan, graduates from a Maine college or university, and works and pays taxes in Maine.  To learn more, Click Here.