LEWISTON, Maine – FISC Solutions, a provider of student loan servicing to more than 25 credit unions and banks in Maine, yesterday announced the discontinuation of the Maine Advantage Education Loan Program.
Maine Advantage was started in 1997 by a group of Maine Lenders and FISC to provide low cost Stafford and Plus Loans to the state’s students and their families.
Recent congressional action proposes to eliminate lender participation in the Federal Family Education Loan Program in favor of the government’s direct loan program. As a result of these proposals, most higher education institutions already have moved to the direct loan program, eliminating the need for programs such as Maine Advantage.
"We are disappointed that we must discontinue the program, and it is unfortunate that community Maine lenders will no longer be able to offer this great product to their customers and members," said Jill Parker, FISC’s SVP of operations. "We will continue to service existing Maine Advantage Education Loans for our clients, and we are pleased to offer their borrowers superior service from a local company."
The Maine Advantage Education Loan Program will discontinue accepting new applications after March 15. Borrowers who have loan applications in process with the Program should contact FISC at 1-800-782-5772 to confirm the status of their loan.
