A bill to reform the Maine Education Services' ability to steer tax-free public
A bill to reform the Maine Education Services' ability to steer tax-free public money for student loans into a private non-profit corporation outside of state control is likely to pass the Legislature. It would effectively end MES dominance over two loan agencies with public involvement, Maine Education Loan Marketing Corp. and the Maine Education Loan Agency. MES lost on another front this week when the Senate voted against providing degree-granting authority to Portland College, an Internet college funded by MES. MES's chief adversary, Financial Institutions Servicing Corp., lobbied hard against MES, claiming it was not passing on the benefits of tax-free bond money. A commission chaired by University of New England President Sandra Featherman concurred, and recommended giving banks and credit unions equal access to bonds. FISC was unable to devise a way to fund for-profit entities without violating IRS regulations, leaving FISC with a more level playing field, but no bond money.
Bills, Legislative, Maine Education Services Portland, Portland College, Student aid
Burnett, Lee, "A bill to reform the Maine Education Services' ability to steer tax-free public" (2000). Maine News Index – Maine Times. 4300.