Repayment Options
This repayment option decides your monthly payment based on your income.
What is the income-driven plan?
This tax credit is most helpful to currently enrolled full time students to claim, can only be claimed four times in an individual's lifetime, and only applies if your income is less than half of your support.
American Opportunity Tax Credit
The type of federal loan that accrues interest while you are an undergrad
Federal Unsubsidized Student Loans
This educator has a side hustle where he sells writing supplies on his own online store.
Bailey
This repayment plan increases your payment every two years for ten years
Graduated
Use this tool to figure out what your monthly payments would be under each plan
Payment calculator
This tax credit benefits professionals who take classes to better their skill set.
Lifetime Learning Tax Credit
This bank account run by Merrill Lynch with the help of FAME gives you up to $300 for your
Nex Gen 529
This educator also works with the Farmington Flyer.
Caleb
The length of the grace period after graduation before loan repayment starts
6 months
The log in credentials needed to check student loans and make payments (also the credentials needed to file the FAFSA)
FSA ID
The number of on time, paid-in-full student loan payments needed to qualify for Public Service Loan Forgiveness
120 (or ten years)
The UMF Building and room number Financial Literacy Peer Education is located
Franklin 201
This educator once ran for public office.
Isaac
This repayment option starts with low payments and increases every two years for 20 years
Graduated Extended
Loan servicers
Companies that manage student loans and payments are made through
The number of years you must teach at a low income school to qualify for teacher loan forgiveness
Five
It's important to have one of these for unexpected costs such as flat tires, a broken necessary appliance, or an unexpected trip to the hospital
An Emergency Fund (the $400 rule of thumb)
This educator has two artificial teeth
This plan has the highest payment option, but pays loans off the fastest with the least amount of interest.
Standard
This is what you do if you can't afford your payments
Call your servicer about deferment, forbearance, extended grace period, or lower monthly payment
This state tax credit reimburses student loan payments for college graduates who live and work in Maine
What is the definition of a budget?
A plan used for saving money/assuring income is greater or equal than money spent
These educators unknowingly went to the same Journey concert in 2017.
Abby and Jake