Finance Authority of Maine - Maine Loan Servicing Request for Proposals - 2025
Finance Authority of Maine | State of MaineState · Augusta, ME- Due
- Dec 19, 2025
- Deadline passed
- Posted
- Nov 26, 2025
- Contract term
- 5 years
- Primary contact
- Jennifer Lanphear
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THE 30-SECOND BRIEF
The Finance Authority of Maine (FAME) is seeking proposals from qualified third-party servicers for the Maine Loan alternative credit-based student loan program, including The Maine Loan, Maine Medical Loan, and Maine Consolidation Loan portfolios. The scope includes conversion of an existing portfolio of approximately $88.8 million (7,349 loans / 3,641 borrowers) and newly originated loan volume commencing April 1, 2026, estimated at $20 million per year. Major tasks encompass core operational requirements, account management, compliance and reporting, customer service and communication, performance standards (SLAs), and technology and security requirements. Proposals must be submitted electronically to [email protected] by 5:00 p.m. EDT on Friday, December 19, 2025. Bidder questions are due by December 4, 2025. The initial contract period is five years, with options to renew for up to two additional years.
Company qualifications and experience including team structure (30 points), Customer service capabilities and demonstrated commitment to excellence in service (30 points), Ability to deliver services using most current technology (20 points), Overall quality of the response (10 points), Cost proposal (10 points)
SUMMARY
The Finance Authority of Maine (FAME) is seeking proposals from qualified third-party servicers for the Maine Loan alternative credit-based student loan program, including The Maine Loan, Maine Medical Loan, and Maine Consolidation Loan portfolios.
The scope includes conversion of an existing portfolio of approximately $88.8 million (7,349 loans / 3,641 borrowers) and newly originated loan volume commencing April 1, 2026, estimated at $20 million per year. Major tasks encompass core operational requirements, account management, compliance and reporting, customer service and communication, performance standards (SLAs), and technology and security requirements. Proposals must be submitted electronically to [email protected] by 5:00 p.m. EDT on Friday, December 19, 2025. Bidder questions are due by December 4, 2025. The initial contract period is five years, with options to renew for up to two additional years.
EVALUATION CRITERIA
Company qualifications and experience including team structure (30 points), Customer service capabilities and demonstrated commitment to excellence in service (30 points), Ability to deliver services using most current technology (20 points), Overall quality of the response (10 points), Cost proposal (10 points)
REQUIRED ATTACHMENTS
6- Certificate of Insurance
- Appendix B - Acknowledgements
- Audited financial statements or representation of financial solvency
- Servicer audit report (SSAE No. 16)
- Identity Theft Prevention Program and FACT Act compliance policies
- Cyber Risk Management requirements documentation
- Submit to
- [email protected]
- Duration
- 84 months
- Scope location
- Augusta, Maine
- Reported agency
- Finance Authority of Maine
Questions about this RFP
How do I respond to this RFP from Finance Authority of Maine | State of Maine?
Review the full solicitation document for submission requirements, evaluation criteria, and deadlines. The submission deadline is December 19, 2025. Be sure to include all required attachments as outlined in the solicitation. Submissions should be delivered to: [email protected]. For questions, contact Jennifer Lanphear.
Can small businesses or minority-owned firms bid on this RFP?
Most government agencies, including Finance Authority of Maine | State of Maine in ME, encourage participation from small businesses, minority-owned, women-owned, and disadvantaged business enterprises (MBE/WBE/DBE). Check the full solicitation for any small business participation goals.
What happens after the RFP submission deadline?
After the deadline, the issuing agency reviews all submissions against the stated evaluation criteria. This typically includes a compliance check, technical evaluation, cost analysis, and may involve oral presentations with shortlisted vendors.
Can I ask questions about this solicitation before submitting?
Yes, most solicitations allow vendors to submit questions during a designated period. The primary contact is Jennifer Lanphear. Questions and answers are typically shared with all prospective bidders.
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What are the evaluation criteria for this solicitation?
This solicitation includes specific evaluation criteria that will be used to score proposals. The criteria include: "Company qualifications and experience including team structure (30 points), Customer service capabilities and demonstrated commitment to excellence in service (30 points), Ability to deliver services..." Vendors should carefully align their proposals with each criterion to maximize their score.
Where can I find more RFPs from Finance Authority of Maine | State of Maine?
All active and historical solicitations from Finance Authority of Maine | State of Maine are tracked and searchable. As a state agency, Finance Authority of Maine | State of Maine regularly publishes solicitations. Visit the agency profile to see current open bids, past contracts, vendor relationships, and decision-maker contacts.
What is the contract term for this solicitation?
The anticipated contract term is 5 years. Contract terms may include renewal options.
What documents are required to bid on this RFP?
Requirements vary by solicitation, but common documents include a technical proposal, cost/price proposal, proof of insurance, relevant certifications, past performance references, and any forms specified in the solicitation. This solicitation specifically requires the following attachments: Certificate of Insurance, Appendix B - Acknowledgements, Audited financial statements or representation of financial solvency, Servicer audit report (SSAE No. 16), Identity Theft Prevention Program an. Review the full document from Finance Authority of Maine | State of Maine for the complete list.
What is the scope of this project?
This solicitation defines a specific project scope. The scope covers the following locations: Augusta, Maine. Review the full solicitation for detailed scope requirements.