The Finance Authority of Maine (FAME) was established as Maine’s business finance agency in 1983 charged with supporting the start-up, expansion and growth plans of Maine’s business community.
In April of 1990, FAME’s mission was significantly expanded when the agency assumed responsibility for administering the State’s higher education finance programs. Through a variety of loan, grant and scholarship programs, FAME helps Maine students and families meet the costs associated with higher education. To aid in this important effort, FAME also oversees an extensive outreach and counseling program that is designed to encourage young people to aspire to and pursue higher education. FAME is also the administrator for the State’s Section 529 Plan – the NextGen College Investing Plan®.
FAME understands that the cost of some higher education choices often leads families to seek out loans to fund the gap between college costs and financial aid. In order to assist Maine students with that need, FAME created financial education resources to help inform borrowers and worked with local partners they know and trust to develop local loan options. In addition, FAME administers the Maine Loan and Maine Medical Loan. These are fixed rate alternative loans offered directly by FAME.
The local loan options are provided through local lending partners who are members of the Maine Private Education Loan Network. The members of this network use FAME’s financial education resources – the Loan for ME and iGrad – and a common application platform to offer in-school private student loans. Starting in 2016, many of these lenders began offering refinancing of student loans to Maine students and residents. FAME helps these lenders offer competitive local loans by providing them with loan insurance.
FAME is committed to being Maine’s leading resource to help students and their families plan and pay for higher education.