The Maine LoanTM and the Maine Medical LoanTM are administered by Finance Authority of Maine (FAME)

The Maine Loan and the Maine Medical Loan were formerly offered by Maine Educational Loan Authority (MELA), and are now being administered by the Finance Authority of Maine (FAME). MELA was merged with FAME as of October 15, 2015. Like MELA, which provided private student loans, FAME’s mission is to assist Maine students and their families in achieving their higher education goals. Since 1990, FAME has provided financial education and outreach, as well as grant, scholarship, loans, loan guarantee, loan forgiveness and college savings programs. In 2015, the Maine Legislature approved merging MELA into FAME so Maine students and families would have a single State resource for all of their higher education financing needs.

You can learn more about FAME and the variety of other programs they administer here.

Loan Programs

The Maine Loan allows borrowers to borrow up to the full cost of an undergraduate or graduate education less other financial aid. This loan is available to Maine residents attending approved schools in the United States and Canada, and out-of-state students attending approved schools in Maine.

The Maine Medical Loan allows borrowers to borrow up to the full cost of a medical degree less other financial aid. This loan is available to Maine residents attending approved medical schools in the United States and Canada, and out-of-state students attending approved medical schools in Maine.

The Maine Loan and the Maine Medical Loan are available to students and parents or other co-borrowers based on the creditworthiness of the applicants.

Program Administration – Loan Servicing

FAME currently has a contractual relationship for loan servicing with the following organization:

Firstmark Services
FAME contracts with Firstmark Services, LLC, a wholly-owned subsidiary of Nelnet, Inc., for loans made under the Maine Loan and Maine Medical Loan programs,  since 1996. Firstmark Services specializes in the servicing of alternative loans and has offices in Woodbury, Minnesota and Lincoln, Nebraska.

Maine Loan and Maine Medical Loan Funding

These private education loans are funded with the proceeds from tax-exempt bonds or private financing, and no State monies are allocated to fund the program. FAME’s alternative student loan program has been an important safety net for many students and their families in meeting the full cost of higher education. FAME (and previously MELA) has disbursed over $300 million in student loans to thousands of Maine students and their families.