Bath Savings Institution Announces Partnership with FAME to provide Education Loans for Maine Students
Bath, Maine (October 5, 2016) — Through a partnership with the Finance Authority of Maine (FAME), Bath Savings Institution has joined the Maine Private Education Loan Network (MPELN) and is now offering private student loans, and consolidation loans, to help students cover the cost of higher education.
Maine Private Student Loans
When considering higher education, many families find that they do not have the savings required to pay for college expenses. In fact, roughly two-thirds of college students need student loans to pay for their education.
Private student loans from Bath Savings offer families and students a Maine-based loan with a local community partner to help cover the cost of higher education once savings, financial aid and federal loan options have been fully utilized.
Student Consolidation Loans
According to a 2014 report by the Institute for College Access and Success, the average student debt in Maine is $31,000. For many students, that debt is spread across multiple loans at various interest rates. Bath Savings can help graduates combine multiple student loan payments into one easy payment or refinance a high-interest rate student loan.
“As one of only a handful of financial institutions in Maine we are very proud to be a part of this program. We want to help every student realize their goal of a college education,” said Glenn Hutchinson, President of Bath Savings. “Our partnership with FAME and the Maine Private Education Loan Network allows us to offer solutions that will bridge the gap between savings, financial aid and the cost of working toward a degree.”
Maine residents and out-of-state students attending (or that have attended) a Maine college or university are eligible to apply for education loans at Bath Savings. Other eligibility requirements also apply. Interested borrowers will need to complete a brief online loan counseling course prior to submitting their application. For more information, visit Education Loans.