MELMAC Education Foundation

The MELMAC Education Foundation was established January 1, 2001 as Maine's newest and largest foundation dedicated to advancing the cause of education for all Maine citizens. The Foundation was created as a result of the conversion of Maine Educational Loan Marketing Corporation (MELMAC) from a private non-profit secondary market for student loans into a for-profit entity on December 31, 2000. MELMAC's conversion was the sixth such conversion nationwide of a non-profit student loan agency converting to a for-profit company. The resulting for-profit company, MELMAC, Inc., was subsequently acquired by National Education Loan Network (NELNET), and the proceeds from the sale were used to form the non-profit MELMAC Education Foundation, as directed by IRS law. The MELMAC Education Foundation's portfolio is currently valued at approximately $28 million, making it the largest non-college affiliated education foundation in Maine. The MELMAC Education Foundation is committed to supporting high quality initiatives that serve the purpose of increasing educational opportunities for Maine people. The Foundation believes that Maine people and the State of Maine will thrive in the new economy by providing access to the appropriate education, skills and training at all levels.