FAME announced today that it has developed a new online tool called TheLoanforME.com, designed to be a useful local student loan resource for Maine borrowers.* In an unprecedented partnership, FAME and the Maine Private Education Loan Network – a group of eight lenders from around the state – have combined their expertise and resources to help Maine residents secure education loans. Together, they have created TheLoanforME.com. The goal of the online tool is to help families become more informed when it comes to student loan borrowing. Primary audiences for the new tool include families who need to close the gap between what they have saved for higher education and any financial aid, grants or scholarships awarded, and those seeking to refinance their student loan debt. Visitors to the website will find a wide range of helpful information and tools, including:

• Things to consider (and steps to take) before borrowing
• A student loan calculator
• Informational videos
• Loan comparisons and things to look for from a lender
• Ideas on how to borrow less
• Frequently asked questions

The average student debt in Maine is $31,000. About 68% of Maine students rely on student loans to pay for college, according to a recent Maine State Chamber of Commerce and Educate Maine policy paper entitled, “On Strategies to Make College More Affordable.” For most families, there is a gap between what has been saved and what is required for college expenses. Once all of the financial aid and federal loans have been exhausted, if there is still a gap, credit-based private student loans may be the best solution for borrowers attending and ultimately graduating from college. “FAME understands that Maine families need help navigating the world of borrowing for college, so we’re excited to unveil this new resource, which represents a unique collaboration between FAME and eight local Maine lenders,” said Martha Johnston, Director of Education at FAME. “Every year FAME receives thousands of calls from families who are trying to determine how to pay for college,” continued Johnston. “They often need help bridging the gap between what they have saved and the actual cost of attendance. Our team is here to help them in person, over the phone, and now through this new online tool. Our goal is simple – we want Mainers to be informed borrowers so they can find the best fit for their individual or family financial circumstances.” FAME employs a team of financial aid experts who have worked with families for years and who understand the range of information families are seeking when they start the journey of saving and/or paying for college, and then later, when they need assistance repaying their student loan debt. FAME has many years of experience being Maine’s trusted resource when it comes to college saving, financial literacy, and borrowing smarter. “Our job is to help Maine people get the best possible information when it comes to financing higher education,” said Johnston. “Our goal is to assist individuals, and thereby the state of Maine, forge a strong economic future. This includes making higher education possible and attainable with the lowest possible debt.” *Eligible borrowers are either Maine residents or students attending an eligible Maine institution; additional eligibility is available for refinance borrowers.

About the Maine Private Education Loan Network

Lenders participating in the network include Bath Savings, Bangor Savings Bank, Camden National Bank, cPort Credit Union, Maine State Credit Union, Seaboard Federal Credit Union, and University Credit Union.