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Financial Aid

Cyr Hall • University of Maine at Fort Kent • 23 University Drive, Fort Kent, ME 04743

Repaying Your Loans

Accessing Your Loan Records

Before you can begin repayment, it is important to know which loan servicers will be handling your loans, the type and amount of each loan, and other important details essential in managing your student debt. The following resources will help simplify the process of gathering this information.

What you need to know about paying back your Direct Loan

Direct Loans require repayment. After a student graduates, leaves school or drops below half-time (i.e., less than 6.0 credits), a student has a six month grace period before repayment begins. If a student has a subsidized Direct Loan, neither the interest nor the principal needs to be paid during the grace period. If a student has an unsubsidized Direct Loan, the student will be responsible for the interest from the time the loan was disbursed until the time that the loan is paid in full. More information about deferments and/or forbearance etc., is available below at:

Where can I find more information regarding Direct Loan Repayment, Consolidation and Deferments?

For Direct Lending borrowers, below is contact information for the Department of Education:

Direct Loan Repayment Information and Resources:

Direct Loan Deferment, Forbearance, and Cancellation Information and Resources:

More information on income-driven plans, and other repayment plan options, is available on at The Repayment Estimator is available at

What you need to know about paying back your Parent/Plus Loan

Direct Parent/Plus Loans require repayment. Generally, repayment must begin within 60 days after the loan is fully disbursed. There is no grace period for Parent/Plus Loans.

Parents borrowing a Plus Loan may request a deferment of the loan from the lender/loan servicer:

  • while your child is enrolled at least half-time and
  • for an additional six months after your child ceases to be enrolled at least half-time.

Interest on the loan will continue to accrue during deferment. You may choose to pay the interest during the deferment period, or wait until the deferment period ends. You will be contacted by your loan servicer when your first payment is due.

For more information on repaying your Parent/Plus Loan, please visit the following websites:

What you need to know about paying back your Alternative Loan

Alternative/Private loans require repayment and must be paid back. Repayment terms and options may vary from lender to lender. For more information contact your lender and/or go to their website.