AUGUSTA, Maine - The Finance Authority of Maine and Maine Educational Loan Authority are merging under a bill signed into law by Gov. Paul LePage.
The governor said Tuesday that the merger combines the best of two agencies and provides "one-stop shopping for their higher education finance needs.''
The Maine Educational Loan Authority offers private student loan financing. FAME has a much broader mission that includes providing resources to growing businesses, but it has long guaranteed federal student loans and administered higher education loan, loan repayment, grant and savings programs.
Bruce Wagner, CEO of FAME, says the merger will streamline the higher education financing process for Maine families. The bill was signed into law on Friday.