Maine Gov. Paul LePage may soon sign into law proposedlegislation that could encourage the state's credit unions toprovide student loans, according to the Maine Credit Union League.
|Backed by the MCUL, the law would provide loan insurance onsupplemental student loans. The bill, which was recently passed byMaine's House and Senate, also would require students to take afinancial education class in order to receive a loan.
|Kyle Casburn, president/CEO of the $106 million Seaboard FCU inBucksport, and Joe Gervais, then executive vice president at the $211 millionUniversity CU in Orono, testified before state lawmakers to supportthe bill. Gervais has just been named CEO of the $126 Midcoast FCUin Bath.
|In his testimony, Casburn said the legislation would encouragemore credit unions to get involved with providing student loans,which would benefit students and parents.
|MCUL President John Murphy said the financial educationprovision in the proposed law reinforces the credit unionindustry's financial literacy advocacy. The $343 million MaineState CU in Augusta helped the league and state officials draft thebill, Murphy said.
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