Title

"News & Issues" piece on the proposed sale of Maine Educational Loan Marketing C

Authors

Lee Burnett

Source

Maine Times

Date

8-3-2000

Pages

10

Abstract

"News & Issues" piece on the proposed sale of Maine Educational Loan Marketing Corp.'s (MELMAC) student loan portfolio. Two weeks ago, MELMAC announced it has signed a deal to sell its $504 million portfolio for $30 million to NELnet, of Lincoln, Neb., a giant in the student lending field. The $30 million would be used to establish an education foundation. The sale was immediately challenged as a backroom deal that thwarts the Legislature's intent to bring MELMAC under full public control. Last week, Attorney General Andrew Ketterer filed suit to block the sale until it can be independently evaluated, especially in light of the fact that the four states that preceded Maine in the privatization of a key segment of their student loan business, including Massachusetts, Nebraska, South Dakota and Ohio, all got better deals than Maine is projected to receive.

Subjects

Actions and defenses, Maine Educational Loan and Marketing Corp

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