BUCKSPORT, Me. — Seaboard FCU has become the first financial institution to offer a new private student loan guaranteed by the Financial Authority of Maine, known as FAME.
The new loan will require a FICO score of at least 680 for the borrower and co-borrower.
"This new student loan will offer Maine students and families competitive rates from a trusted local lending partner," said Kyle Casburn, president of the $110 million credit union. "More families are looking for ways to bridge the gap between savings and financial aid and the total cost of college. We are pleased to offer this new solution to them."
Students and families can apply online from Seaboard's website. The application process includes financial education to help ensure that students understand borrowing for higher education. Students will also have access to financial education tools designed to increase the financial capability of college students.
Two more credit unions, University CU and Maine State CUI, and four banks, Camden National Bank, Androscoggin Skowhegan Savings Bank and Kennebunk Savings Bank, are expected to roll out the new loans in the near future.
