FAME Services
As Maine's designated state agency, the Finance Authority of Maine has devoted its energy, resources and imagination to creating a full complement of guarantee services that will benefit students and families throughout Maine. FAME is committed to providing the highest level of customer service and strives to continually develop new programs to assist Maine families in achieving their goals.
FAME offers a wide variety of training for counselors and advisors, including webinars and presentations. See our training page for a schedule of events, and links to training materials.
FAME is committed to providing the highest level of service and we take pride in our ability to provide accurate and timely information to our customers. Through phone, walk-in and e-mail, we serve as a single point of contact for Maine families, as well as schools throughout Maine.
Because of our strong commitment to supporting higher education in Maine, FAME employs several full-time staff members dedicated to providing a full array of services, including outreach and default prevention. Many of our staff members are former financial aid administrators who bring a tremendous amount of experience and understanding into the daily issues that financial aid administrators, students and families encounter.
In addition to our extensive outreach and default prevention initiatives, FAME provides colleges and universities with training and assistance regarding interpretation and implementation of FFELP regulations. As a member of the NCHELP Program Regulations Committee, FAME remains up-to-date on regulatory changes and interpretations. With this knowledge, FAME assists colleges with many aspects of FFELP administration and compliance.
FAME produces a variety of both ad hoc and custom reports to assist colleges in managing their loan portfolios. From FFELP volume statistics to delinquent borrower reports, we provide schools with comprehensive information regarding their borrowers in school and during repayment.
Our Federal Loan Program Manager serves in the role of Ombudsman. As a member of the NCHELP Student Loan Ombudsman Caucus, FAME is dedicated to assisting students with problem resolution and disputes related to their federal loans. Contact FAME's Student Loan Ombudsman at education@famemaine.com.
Our Web site is designed to provide comprehensive information for students and parents, as well as our school partners. From college savings to loan repayment, our customers have access to a wealth of information and resources. In addition, our web site offers several interactive tools and resources, along with an opportunity to e-mail questions to our experienced staff.
In an effort to enhance our outreach and default prevention efforts, FAME has partnered with a number of companies that allow us to expand upon the services we provide to our customers.
- Mapping Your Future® - Providing free online interactive college, career, financial aid, and financial literacy services for students, families, and schools.
- ELM® - Providing automated FFELP and private loan data exchange, updates, and loan information through the Internet. ELM is a not-for-profit company supported by the lenders, guarantors and servicers who are its members.
- National Student Clearinghouse® - The nation's trusted source for student degree and enrollment verification.
FAME is dedicated to serving our college and university financial aid offices; therefore, we are committed to scheduling regular school visits. During these valuable meetings, we provide our customers with an opportunity to discuss their needs, as well as to share our new program initiatives. To request a school visit, please contact Martha Johnston, Director of Education Products and Relationships.
Education Bi-Weekly Update: FAME knows how important timely information is to the successful operation of your office. The Bi-Weekly Update contains vital information regarding state and federal financial aid policy, and regulations, as well as FAME news and initiatives.
Tool$ for Success: This quarterly newsletter is designed to keep you informed of FAME's current default prevention efforts, along with our new initiatives as they are implemented.
Comprehensive Default Prevention Program
- Default Prevention: Early Stage - Through our guarantee services, all schools in Maine receive the benefits of a comprehensive default prevention program. Through this program, FAME provides early intervention to high risk borrowers before they enter repayment. This service focuses on a reduction in the school’s cohort default rate by automatically contacting high risk borrowers during their grace period. As part of our GOAL$ program, borrowers are identified weekly through enrollment data reported from FAME’s guarantee database. Borrowers are contacted directly via phone, mail and email throughout their grace period and are counseled regarding loan repayment options, lender/servicer contact information, along with the consequences of default.
- Default Aversion: Late Stage - In addition to early intervention, FAME provides all borrowers with a premiere default aversion program that targets students once they become 60 days delinquent on their loan payment. Through this program, borrowers are contacted directly via phone, mail and email in attempt to bring their loan into good standing. Delinquent borrowers are provided with a variety of options, such as the ability to make automatic debit payments, alternative repayment options (graduated, income-sensitive, interest-only) and lastly, deferment and forbearance options.
- National Leader in Loan Recovery & Rehabilitation - FAME consistently boasts one of the highest loan recovery rates among guarantors nationwide. Through our recovery efforts, borrowers who are in default on their Federal Family Education Loans can bring their loans into 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. At FAME, we believe that all defaulted borrowers deserve a second chance and we have consistently provided borrowers with that opportunity.
- Borrower Debt Statements - We provide our school clients with the option of receiving individualized borrower debt statements. These statements provide borrowers with information regarding their total indebtedness, as well as an estimated monthly loan payment. Schools can customize how these statements are used; they can be mailed following graduation or withdrawal either to the school, or directly to the student.
FAME Model Default Prevention Plan for Schools
Department of Education Default Rate Guide
CDR Formula