Through the Maine Dental Education Loan Forgiveness, qualifying applicants may be eligible, to have up to 25% of their original outstanding indebtedness forgiven on an annual basis. To find out what is required in order to be eligible for this program continue reading.
In order to be eligible for this program, you will need to be a dentist who practices general dentistry in an eligible dental care facility in an underserved area of Maine. This is determined by the Commissioner of The Main Department of Health & Human Services so long as this criteria is met, you may be eligible for loan forgiveness at the proposed rate of 25% of their original outstanding debt on an annual basis.
To be an eligible dental care facility, the facility must:
- Provide primary dental care
- Serve all patients regardless of ability to pay
- Accept payment through MaineCare
- Offer a sliding fee scale
- Not limit service to patients based on the payment source
What is the award amount?
The award amount for this program is sold based upon the above criteria. You have a maximum loan forgiveness amount of 25% of the original outstanding debt on an annual basis. For more information, you can head over to the programs official website.
How to apply?
In order to apply for the Maine Dental Education Loan Forgiveness, you will need to head over to their official website and fill out this contact form once you have found employment. Upon completing the contact form they will then determine the loan forgiveness eligibility level. In order to apply for forgiveness, you will want to complete and submit an Annual Report for each year that you are in the program. The FAME program mails Annual Reports every year in May or June.
Upon completing the application, the recipients must provide documentation that they have practiced primary dental care in an eligible dental care facility in the area that is underserved. Recipients may receive partial loan forgiveness on a pro rata basis if they fulfill all the criteria BUT maintain the appropriate practice for less than a year.
What happens in the event that I am not eligible for forgiveness and I have to repay my loan?
Repayment must be completed according to the terms specified in your promissory note. The loan repayment will begin six months following the month you complete your professional education or withdraw. Interest is calculated based on the rate disclosed in your promissory note.