MELA has been merged with FAME effective October 15, 2015. This will provide a convenient “one-stop” shopping experience for Maine students and their families for their higher education financing needs.
FAME continues to maintain impressively low cohort default rates for Maine student loan borrowers, despite increased borrowing and rising college costs.
At its August 20, 2015 meeting, FAME’s Board of Directors approved rulemaking related to the Maine New Markets Capital Investment Program. The Board adopted an emergency rule to prohibit one-day loans effective immediately, and authorized a regular ninety-day rulemaking process to commence with respect to the program, as well.
Program limit increased to maximum of $5 million per borrower.