LINCOLN, NE - This month, after a thorough investigation, Andrew Ketterer, Attorney General for the state of Maine, issued a ruling approving the sale of the Maine Education Loan Marketing Corporation, Inc. (MELMAC, Inc.) to the National Education Loan Network (Nelnet). With the assistance of the accounting firm of Arthur Anderson, the Attorney General's investigation determined that the $30 million offer by NELnet represented fair market value for MELMAC, Inc.'s assets.

Last July, Nelnet announced that it had reached a definitive agreement with Maine Education Loan Marketing Corporation to acquire the stock of MELMAC, Inc., a subsidiary of MELMAC. Following the announcement, the Maine Attorney General began an investigation of the transaction after members of the public became concerned about the terms of the agreement.

"We are very pleased with the Attorney General's ruling," said Don Bouc, Nelnet President. "Our number one priority throughout this process was to provide the Attorney General's office with the information required to perform a thorough and timely investigation. Nelnet is anxious to formalize the relationship with MELMAC Inc., and have an opportunity to leverage our collective resources for the benefit of students and schools in the state of Maine."

Nelnet is a privately held corporation based in Lincoln, Nebraska. Composed of independent companies that market, originate, fund and service student loans, NELnet supplies the framework that connects the components of education lending (lenders, service centers, secondary markets, financial aid officers, guarantors, students, and parents) to streamline the educational finance process.