FAME Announces "GOAL$", Comprehensive Default Prevention and Outreach Program

The Finance Authority of Maine (FAME) today announced the creation of a comprehensive default prevention and outreach program, “GOAL$,” which stands for “Great Opportunities to Achieve Life Success.”

FAME created the program in light of the following statistics:

• Maine has the 7th-highest student debt level nationally (source: Project on Student Debt, Sept. 2007).
• The average debt for a Maine student is $ 22,877.
• 72% of Maine students graduate with some form of student loan debt (source: Project on Student Debt, Sept. 2007).
• 36% of Maine colleges have cohort default rates that are higher than the national average of 4.6%.

Through “GOAL$,” FAME is renewing its commitment to college access, financial literacy, and default prevention by implementing a series of new initiatives such as:

• naming Angela Dostie to fill the new position of Outreach & Default Prevention Manager.  Angela brings more than 10 years of financial aid experience to the position;
• recently hiring Mary Dyer for the new position of Default Prevention Specialist to implement a comprehensive default prevention program at FAME.  Mary has significant experience in college financial aid;
• expanding programs designed to assist high-risk borrowers during their grace periods;
• creating on-line Alternative Loan Counseling & Money Management tutorials for students;
• providing new financial literacy tools, publications and training;
• expanding college access, outreach & default prevention content on FAME’s website, www.famemaine.com; and
• increasing college access, outreach & training services to schools throughout Maine.

FAME recently earned the distinction of having the second-highest recovery rate in the nation in the Federal Family Education Loan Program (FFELP) for the federal fiscal year ending September 30, 2007.  Through FAME’s recovery efforts, borrowers who are in default on their Federal Family Education Loans can restore their loans to good standing and, as a result, avoid many of the negative aspects of default such as damaged credit and loss of Title IV aid eligibility. 

"FAME is aggressively taking steps to educate and assist Maine students and families as they navigate the complex world of student loans,” stated FAME Acting CEO Beth Bordowitz.  “We are pleased to offer ‘GOALS’ as a comprehensive default prevention and outreach program so that borrowers may avoid defaulting on their loans and may adopt healthy fiscal habits early on.”

College Goal Sunday is another resource FAME annually coordinates for Maine students and their families.  College Goal Sunday is a statewide volunteer program that provides free information and assistance to students and families who are applying for financial aid for post secondary education.  The program brings together financial aid professionals from colleges and universities, along with other volunteers, to help college-bound students and their families complete the Free Application for Federal Student Aid (FAFSA) form.  This year College Goal Sunday will take place on Sunday, January 27, 2008 at 2 p.m. at various locations throughout the state.  FAME also has made available several interactive television (ITV) sites for more rural areas.  To learn more about the program, or for directions to a location near you, visit www.collegegoalsundaymaine.com.  Interested individuals also may contact FAME at 1-800-228-3734 or by email at education@famemaine.com.