FAME Services for Aid Administrators

At FAME, we are committed to providing comprehensive college access and financial education services to students and schools throughout the State of Maine.  Through our GOAL$ program, we provide our partners with valuable college access tools and resources, financial literacy and default prevention initiatives.  In addition, we educate students and counselors regarding financial aid and responsible borrowing.  Through a combination of these efforts, we hope to further assist Maine students and families achieve their educational GOAL$.

 

Training & Regulatory Compliance

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.

 

In addition to our extensive college access, financial education and debt management initiatives, FAME provides colleges and universities with training and assistance regarding interpretation and implementation of financial aid regulations. FAME remains up-to-date on regulatory changes and interpretations and assists colleges in resolving many of the complex issues related to financial aid administration and compliance.

 

Maine-Based Customer Service Center

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.

 

Experience

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 college access counseling and financial literacy initiatives. 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.

 

Customized Reports

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.

 

Ombudsman

Our Customer Service 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

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.

 

Education Update

Education Update: FAME knows how important timely information is to the successful operation of your office.  The Education Update contains vital information regarding state and federal financial aid policy, and regulations, as well as FAME news and initiatives.

 

Default Prevention and Aversion Assistance

 

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

FAME Model Default Prevention Plan for Schools 

 

Understanding your Cohort Default Rate

Department of Education Default Rate Guide

CDR Formula

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News of Interest

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  • Wednesday, March 12, 2014 8:32 AM

    The Maine Senate recently confirmed Gov. LePage’s six nominees (two reappointments and four new members) to the Finance Authority of Maine (FAME) Board of Directors. The six board members are: Jonathan A. Block of Portland; Reis Hagerman of Standish; James G. Howard of Topsham; Gregory E. Miller of Old Town; Rosaire Pelletier of Madawaska; and James P. Violette, Jr. of Waterville. Upon swearing in, the new members will join the fifteen-member FAME Board.   

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  • Thursday, March 06, 2014 9:29 AM

    FAME is pleased to welcome new Chief Executive Officer Bruce Wagner. The Maine Senate recently voted unanimously to confirm Gov. LePage’s nomination of Bruce to the position, which is for a term of four years.

     

    Bruce has a strong background in business management, development and renewal, having served as W.R. Grace’s President of the Darex Container Products Division, as chief executive officer at Barber Foods, and as chief financial officer at Martin’s Point Health Care. A graduate of Lafayette College, he also has completed advanced management programs at the Massachusetts Institute of Technology and at INSEAD, the French international business school.  

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