Frequently Asked Questions

Q: Do I have to repay my loans?
A: Yes. Student loans are obligations that must be repaid. You must repay the principal (amount borrowed), and the interest (finance charges on the principal).

Q: What should I do if I cannot afford my minimum monthly payment?
A: There are a variety of repayment options available, including repayment plans, deferment and forbearance. Please call customer service at 1.800.370.3472 or 207.783.2928. We will review your options with you and help establish a repayment schedule that meets your individual needs.

Q: What if my loans are delinquent at the time that I am making a request for one of the repayment plans?
A: You will be required to bring your account current by paying the outstanding old payment amount(s) or by applying for a forbearance or deferment before a new repayment schedule can be approved.

Q: Will the total amount I have to repay stay the same?
A: No. Your repayment is a combination of both principal and interest. Therefore, the amount you repay each month will determine how quickly you repay your obligation as well as the total interest applied to your loan. For example, if you lower your monthly payments you will increase the total amount you pay back over the life of the loan.

Q: How long do I get to repay my loan(s)?
A: That depends on the type of loan. Stafford and PLUS Loans need to be repaid within 10 years from the start of repayment. If your total Stafford or PLUS loan debt is $30,000 or greater, you may have up to 25 years to repay your loans. However, any periods of deferment and/or forbearance will not count toward the 10-year repayment term.

Q: How is the interest calculated on my loan?
A: Interest is calculated as simple daily interest. The outstanding principal balance is multiplied by the interest rate and divided by 365.25 days to calculate one day's interest amount. For example, if you have a $10,000 loan and the interest rate is 7%, a day's interest would equal $1.92 ($10,000 x 0.07) / 365.25 = $1.92