Student Loan Servicers

Who Needs a License

Anyone responsible for servicing a student education loan to a Maine resident or a person who shares legal responsibility with a Maine resident for repaying the student education loan.

Please note: If your business makes or extends credit to a student for postsecondary education expenses, or a holds debt or obligations owed or incurred by a student to finance postsecondary education expenses, you may need to register as a private student lender in addition to obtaining a student loan servicer license. CLICK HERE for information about Maine's Private Student Lender Registry.

The Bureau issues two types of student loan servicer licenses:

  1. Student Loan Servicer License: Required for any person or entity that services student loans owed by Maine residents; and
  2. Federal Contract Student Loan Servicer License: Entities performing student loan servicing in Maine solely pursuant to a contract or contracts with the United States Secretary of Education under 20 USC § 1087f may apply for this abbreviated, perpetual license in lieu of the standard student loan servicer license.

How to Apply

All applications for student loan servicer licenses must be filed with the Bureau through the Nationwide Multistate Licensing System (NMLS). For a full list of registraton requirements, please visit the NMLS Checklist Compiler (Trusted Partner Link).

Click the button below (trusted partner link) to visit the NMLS Resource Center.

NMLSButton

Fees

Name Fee Unit
Application Fee $1,000 per main office or branch license
Investigation Fee $800 per application
Renewal Fee $1,000 per license - Student Loan Servicer license only
Amendment Fee $25 per change to legal name, address, tradename, qualifying individual, or branch manager - Student Loan Servicer License only

NOTE: All fees collected through the NMLS are nonrefundable.

If you have questions or need more information, please contact the Bureau at (207) 624-8527 (TTY Maine Relay 711), or CCP.PFR@maine.gov