Student Loans
Federal Loans
Direct Subsidized Loans
- Direct Subsidized Loans are available to undergraduate students with financial need.
- Your school determines the amount you can borrow, and the amount may not exceed your financial need.
- The U.S. Department of Education pays the interest on a Direct Subsidized Loan
- while you’re in school at least half-time,
- for the first six months after you leave school (referred to as a grace period*), and
- during a period of deferment (a postponement of loan payments).
Direct Unsubsidized Loans
- Direct Unsubsidized Loans are available to undergraduate and graduate students; there is no requirement to demonstrate financial need.
- Your school determines the amount you can borrow based on your cost of attendance and other financial aid you receive.
- You are responsible for paying the interest on a Direct Unsubsidized Loan during all periods.
- If you choose not to pay the interest while you are in school and during grace periods and deferment or forbearance periods, your interest will accrue (accumulate) and be capitalized (that is, your interest will be added to the principal amount of your loan).
Direct Parent PLUS Loans
- The U.S. Department of Education is your lender.
- You must not have an adverse credit history.
- The maximum loan amount is the cost of attendance (determined by the school) minus any other financial aid received.
- Apply Here
Master Promissory Note
The Subsidized/Unsubsidized Master Promissory Note (MPN) is a legal document in which you promise to repay your federal student loan(s) and any accrued interest and fees to your lender or loan holder. There is one MPN for Direct Subsidized/Unsubsidized Loans and a different MPN for Direct PLUS Loans. Most schools are authorized to make multiple federal student loans under one MPN for up to 10 years. Click Here to complete your Master Promissory Note!
If you have not previously received a Direct Loan or Federal Family Education Loan (FFEL), the Federal Government requires you to complete entrance counseling to ensure that you understand the responsibilities and obligations you are assuming.
If you are completing entrance counseling to borrow a loan as an undergraduate student, then the entrance counseling will fulfill counseling requirements for Direct Subsidized Loans and Direct Unsubsidized Loans.
If you are completing entrance counseling to borrow a loan as a graduate or professional student, the entrance counseling will fulfill counseling requirements for Direct Subsidized Loans, Direct Unsubsidized Loans, and Direct PLUS Loans.
Click Here to complete your Entrance Counseling!
Private Loans
The following list includes just some of the private loans available:
The Maine Loan
The Maine Loan™ is available to eligible undergraduate and graduate students to borrow funds up to the full cost of education less other financial aid. This loan program exists to bridge the gap between the full cost of university and traditional financial aid resources. The Maine Loan™ is Maine’s Alternative Student Loan™ offered by Finance Authority of Maine (FAME).
Maine Private Education Loan Network
- Bangor Savings Bank
- Bath Savings
- Camden National Bank
- cPort Credit Union
- INFINITY Federal Credit Union
- Maine State Credit Union
- Maine Savings Federal Credit Union
- Seaboard Federal Credit Union
- University Credit Union
The University does not have a preferred lender list.
If You Have Student Loan Repayment Questions…
Beal University has partnered with ECMC Solutions to provide student loan counseling and support to borrowers as they navigate federal student loan repayment. Contact ECMC Solutions by phone at 1-877-331-3262, or visit their website to make an appointment, connect through email, or web chat with a student loan counselor. The team at ECMC also offers a free webinar series to support borrowers as they navigate repayment.