Tenth-Annual “Fostering Financial Education in Maine Schools Conference” to be held May 10th in Augusta
Youth Financial Literacy Month is in full swing at the Finance Authority of Maine (FAME). Throughout the month of April, FAME’s College Access and Financial Education Team has been offering a variety of statewide initiatives and educational workshops intended to promote the importance of financial education to Maine citizens.
In honor of April as Youth Financial Literacy month, FAME is excited to celebrate the upcoming tenth anniversary of the “Fostering Financial Education in Maine Schools Conference.” The conference will be held on May 10th at the Augusta Civic Center, with a special pre-conference on May 9th at the Senator Inn. The goal of the conference is to provide Maine educators with the necessary tools, resources, and best practices for implementing Maine’s learning standards for personal finance and economics. The event is free for classroom teachers and funds are available to cover substitute teacher expenses. This year’s speakers include Laura Levine, President of the National JumpStart Coalition, as well as State Senator Matthew Pouliot of Kennebec County. The conference is made possible by the Maine JumpStart Coalition, the Maine Office of Securities, the Maine Credit Union League, Town & Country Federal Credit Union, and many others.
“FAME’s financial education efforts are a key element of our mission. We provide outreach to students of all ages at schools throughout the state, from Aroostook to York Counties, in order to help prepare Maine students for financially successful futures,” stated FAME Chief Executive Officer Bruce Wagner. “We are proud to be a sponsor of the upcoming financial education conference for Maine teachers and community educators.”
In addition to the conference and numerous statewide financial education activities, FAME is continuing its national expansion of Claim Your Future®, a program designed to encourage students to explore education and training after high school, future careers, and money management. The online version of Claim Your Future has been played by students in over ninety countries and in every U.S. state. Due to strong demand for the classroom game kit, FAME has adapted the program so that other organizations can co-brand and customize the program for their own constituents.
FAME is a quasi-independent state agency that provides innovative financial solutions to help Maine citizens pursue business and educational opportunities. FAME helps to lead the creation of good paying jobs for Maine citizens by working at the nexus between economic and workforce development. To learn more about FAME, please visit www.famemaine.com.
Alfond Leaders Program Seeking More Applicants for Student Loan Debt Relief
Funded by the Harold Alfond Foundation, the Maine program aims to stimulate economic growth in key industries by attracting and retaining STEM graduates
The Harold Alfond Foundation and the Finance Authority of Maine (FAME) opened another application cycle to provide student loan debt relief for Maine residents who are employed by a Maine-based business in the STEM-related fields of science, technology, engineering, and math. Applications can now be accepted through May 15, 2019.
The Alfond Leaders program assists Maine employers in attracting and retaining talented STEM professionals by providing student loan debt relief of up to $60,000 per recipient. The grants are awarded through a competitive application process and, to date, ninety-two applicants have been selected to become Alfond Leaders. Cumulatively, awards now total over $2.9 million and the average award is $31,600.
Applicants will be recruited from across the nation and internationally, and current Maine residents are eligible and encouraged to apply.
An Alfond Leaders Advisory Committee assists in the selection of applicants and recommends candidates. Applicants can apply by visiting alfondleaders.org.
Graham Garland of Saco, Maine was named an Alfond Leader in the fall of 2018. He is a Manufacturing Engineer at Fiber Materials Inc. in Biddeford Maine. Graham graduated from the University of Maine and started his engineering career at Portsmouth Naval Shipyard.
Graham recently shared this about receiving the award: “My fiancée and I love living in Maine; we chose it for the quality of life, the proximity to family, and the culture. However, being burdened by student loan debt hindered us from achieving our goals. So many classmates, coworkers, and friends of mine are limited with it, as well; it’s a systemic problem for young Mainers. We shouldn’t have to build our lives around this debt, but we’re very fortunate to have help from the Harold Alfond Foundation. Because of this program, we’re able to start our family sooner, establish a secure life here, and give back to the local economy. It opens new doors for us in home ownership, work flexibility, and travel. We are grateful for the opportunity and are looking forward to our future living and working in Maine.”
Who is eligible?
- Maine residents or persons who will become Maine residents upon being hired by a Maine-based employer;
- A person employed, or who will be employed, by a Maine-based employer in a designated STEM occupation;
- An applicant must have a higher education degree or certificate;
- An applicant must have outstanding student loan debt;
- Candidates must submit an application, including a written essay and resume, a statement of intent to live and work in Maine for six years; an employment certification by a Maine-based employer; and disclosure of the amount, source, and terms of the student loan indebtedness.
- Those selected to become Alfond Leaders will receive debt reduction payments made on their behalf, paid in two disbursements after three and six years, respectively, of qualifying employment.
New Feature Connects Students’ Dream Careers to Schools and Scholarships
The Finance Authority of Maine (FAME), in partnership with Carnegie Dartlet, recently launched a new college and scholarship search feature within the Claim Your Future (CYF)® website (claimyourfuture.com). CYF is a financial literacy game used worldwide that teaches students about careers, higher education, and money management. Carnegie Dartlet and FAME partnered to take the program one step further—from an interactive financial lesson to a resource that connects students with the right higher education path and guides them to their career of choice.
FAME has incorporated CollegeXpress, Carnegie Dartlet’s student portal for higher education, into CYF. CollegeXpress is a popular higher education and scholarship search website focused on helping its users find the right college fit. It provides a free personalized experience and allows students to seek colleges, scholarships, and information that help link future career goals and interests to their higher education path. Together, CYF and CollegeXpress create a powerful tool that helps students understand careers, academic majors, and college options while considering the financial consequences of their choices.
“Claim Your Future has always been a popular teaching tool and students gain memorable lessons and ‘a-ha’ moments from the experience,” said Mary Dyer, Financial Education Officer at FAME. “Now with CollegeXpress, students can connect to colleges and scholarships that actually help them reach their higher education goals. It will help students to not only claim their future, but to plan for their future.”
Within a few days of launching the CollegeXpress feature, dozens of high school students were on their way to connecting with colleges and scholarships based on their career of choice.
“The partnership between CollegeXpress and Claim Your Future is a perfect fit,” said Joe Moore, Chairman & CEO of Carnegie Dartlet. “We tapped into research that says that Generation Z students are incredibly outcome driven and want to graduate from college with a promising career. By combining the CYF activity with CollegeXpress’s vast array of college and scholarship search tools, we can help students on a more direct path to accomplishing their goals.”
FAME developed the CYF program to use in Maine’s financial education efforts and has helped tens of thousands of Maine students from grades five and up become more financially savvy. The online version of the interactive game has been played all over the world and is popular with teachers in many states. Due to overwhelming requests, FAME has adapted the program so other organizations can co-brand and customize the program for their own constituents.
About Claim Your Future: Claim Your Future (CYF) is a financial literacy program that helps increase knowledge about higher education, careers, and money management. They can connect to CollegeXpress at the end of the lesson. Teachers and students all around the country have been raving about the interactive educational program and over 150,000 people from around the world have played online or in the class room. The CYF program is proven to expand knowledge and engage students from fifth grade through high school and even into adulthood. Teachers have used the program as a one-time classroom activity or as part of a larger unit on careers, higher education, and money management.
The program is offered in a hands-on interactive game kit or online. To watch students engage in, learn more about, and/or try the lesson, go to ClaimYourFuture.com.
About FAME: FAME is a quasi-state agency that expands business and education opportunities for Maine people. A large part of FAME’s mission is to help families afford higher education financial education. FAME is often called upon in state and nationally for their extensive experience with financial education around higher education.
About Carnegie Dartlet: Carnegie Dartlet is a leader and innovator in higher education marketing, offering groundbreaking services in the areas of research, strategy, creative, digital, lead generation, and team building to create clarity and connection inside and outside of institutions. Since 1985, Carnegie Dartlet has helped students find the right colleges—and colleges find the right students—through their leading college search engine, CollegeXpress, a free college and scholarship resource for students, their families, and guidance counselors. With college and scholarship search tools, 800 unique college-related lists, and a summer program search, CollegeXpress has all the resources students and families need to find a college, help pay for it, and much more.
One Lucky Maine Resident will Receive a $20K Scholarship Prize
AUGUSTA, MAINE — January 20, 2019 —The Finance Authority of Maine (FAME) announced today its $20,000 Invest in ME 20th Anniversary Sweepstakes – awarding its biggest scholarship prize ever – to kick off its year-long 20th anniversary celebration of helping Maine families save for college and other post-secondary education opportunities. One lucky Mainer will receive the $20,000 scholarship prize.¹ Entries will be accepted from January 20 to May 29, 2019.
Maine’s Section 529 plan, known as NextGen 529TM , which is administered by FAME, celebrates 20 years in 2019. “Over the last 20 years, NextGen 529 has been an important resource for Maine families,” said Bruce Wagner, Chief Executive Officer at FAME. “To mark this major milestone, we wanted to start this celebratory year off with a big bang and launch our most significant scholarship prize sweepstakes ever.”
NextGen 529 has grown immensely over the last 20 years. Now there are more than 59,000 Maine accounts (as of 12/31/2018) with more than $325,000,000 in savings for post-secondary educational expenses. In 2002 FAME instituted a NextGen 529 Matching Grant program which has invested over $21,000,000 to more than 37,600 Maine accounts. Families can use the funds saved through the NextGen 529 plan to help pay for qualified educational expenses² like tuition, room and board, and books and supplies, including computers.
“With the cost of higher education rising every year, opening and contributing to a NextGen 529 account early in a child’s life can really help families save and reduce the need for student loans. We hope the $20,000 Scholarship Prize will inspire families to get started,” said Wagner.
To enter the $20,000 Invest in ME 20th Anniversary Sweepstakes:
- Open a NextGen 529 account for the benefit of a legal resident of the state of Maine
- Contribute to an existing NextGen account for the benefit of a legal resident of the state of Maine
63-room Best Western hotel will serve area lodging needs and help revitalize downtown Rumford and River Valley area
At their February 21, 2019 monthly meeting, the board of directors of the Finance Authority of Maine (FAME) approved 75% commercial loan insurance on a $4.1 million loan by First National Bank to Pennacook Falls Investments, Ltd. (PFIL) for the construction of a sixty-three-room Best Western Plus Inn and Suites in downtown Rumford. The project is expected to create approximately nineteen jobs and help meet growing area lodging needs. FAME’s Commercial Loan Insurance Program insures a portion of a loan to a business made by a participating financial institution. For a business, it may mean the difference between obtaining a loan or never getting the opportunity to start a business. PFIL is an investment group established by Rumford area business leaders to build a brand-name hotel in downtown Rumford. “We are grateful for FAME’s assistance with our plans,” stated Tony Carter, President of PFIL. “This financing will allow us to construct much-needed lodging in downtown Rumford and hopefully spur additional economic investment in this redeveloping area.” Rumford has been without a hotel for some time now, and this development is expected to help revitalize the downtown area. The area is not only a gateway to the Rangeley Lakes area and Maine’s western mountains, including nearby Black Mountain and Sunday River, which offer numerous ski and snowmobile trails, but also boasts a community hospital and active pulp and paper mill operated by ND Paper. “FAME is pleased to help finance this project that is expected to boost downtown Rumford and meet some of the growing lodging needs of the River Valley Area” stated Jay Violette, FAME board chair FAME is a quasi-independent state agency that provides financial solutions that help Maine people achieve their business and higher education goals. FAME recently celebrated its 35th anniversary. It helps to create a Maine workforce that with good-paying jobs by focusing on the nexus of economic and educational development. FAME recently was recognized for the fourth year in a row as one of the Best Places to Work in Maine. To learn more about FAME, please visit www.famemaine.com.Students Claim Their Futures While They Learn about Education, Careers and Money Management
Educators from Maine, Massachusetts and Illinois are giving their students’ future success a boost with Claim Your Future (CYF) – a financial literacy program that helps increase knowledge about higher education, careers, and money management. Teachers and students all around the country have been raving about the interactive educational program and over 120,000 have played online or in the class room. “Claim Your Future is an engaging and informative way for middle school students to start thinking about career planning and money management at a young age,” said Jean Eddy, President and CEO of Massachusetts-based American Student Assistance (ASA). “This unique program is one of many ways ASA is working with students to help them make informed choices to achieve their education and career goals. It’s fun, effective, and most importantly, kids love it!” ASA, the Illinois Student Assistance Commission (ISAC), and the program developer, the Finance Authority of Maine (FAME), have invested in Claim Your Future (CYF) to help increase financial capability and knowledge of future career opportunities among students in their states. In addition, YMCAs, Boys and Girls Clubs, scouts, and others have embraced CYF as it enhances their existing programs. Educators and other educational organizations from these states can request free program kits or play their online version. “We use Claim Your Future with the middle and high school students in our Illinois GEAR UP program to help them better understand college, careers, and life after high school,” said Jacqueline Moreno, managing director of college access initiatives at ISAC. “It’s interactive and our students find it highly engaging.” The Finance Authority of Maine (FAME) developed the program to use in Maine’s financial education efforts and has helped tens of thousands of Maine students from grades five and up become more financially savvy. The online version has been played all over the world and is very popular in many states. Due to overwhelming requests, FAME has adapted the program so other organizations can co-brand and customize the program for their own constituents. FAME offers standard or customized program kits or online sites for other state entities, non-profit organizations, financial institutions, and youth programs looking to promote financial literacy, as well as raise awareness of their own brand and their program offerings. “We can customize careers, expenses, and even add an organization’s logo to either the physical game kits or websites,” says Mary Dyer, FAME’s Financial Education Officer. Revenue generated from the sales of this program is used to provide financial education to Maine families. The program is proven to expand knowledge and engage students from fifth grade through high school and even into adulthood. Teachers have used the program as a one-time classroom activity or as part of a larger unit on careers, higher education, and money management. “Claim Your Future was so easy to use. I just opened the box and in minutes was engaging students. It was amazing how much they learned in under 40 minutes. They had so many ah-ha! moments,” said teacher Kathy Boucher of St. Michael School in Augusta, Maine. “Students gain greater understanding than they would just from a book or lecture. They share with one another as they learn about higher education, career opportunities, and spending choices,” said St. Michael School Principal Kevin Cullen. To watch students engage in, learn more, and/or try the lesson yourself go to: ClaimYourFuture.comFinancing expected to help create and retain hundreds of Maine jobs in Westbrook, Brunswick, and Old Town
At its December 13, 2018 board meeting, the members of the Finance Authority of Maine (FAME) approved financing for three separate projects that collectively are expected to help create and retain at least 700 Maine jobs. The projects range from renewable energy at Brunswick Landing to public infrastructure improvements in Westbrook to the re-start of the shuttered Old Town mill. FAME approved conduit bond financing for GIGME01, LLC for a project at Brunswick Landing. GIGME01, an operator of solid waste facilities, is an entity formed by Genesis Industrial Group to purchase the Village Green Ventures’ 1- megawatt digester at the former navy base. Genesis is renovating the existing digester and building an additional one to double the facility’s capacity and improve performance. The facility diverts biosolids (sludge) from landfills and anaerobically digests them to produce biogas, which is then converted to electricity and fertilizer. The facility provides a significant portion of the electricity needs of the businesses located at Brunswick Landing. The work also will permit the injection of renewable natural gas into the Maine Natural Gas pipeline on the campus. The proceeds of the bonds will be used to finance the new capital improvements, as well as to refinance the cost of acquiring the facility. FAME’s actions are expected to help to create and retain approximately six Maine jobs. The bonds to be issued in this matter may not exceed $18 million. FAME’s Revenue Obligations Securities Program provides tax-exempt bond financing to eligible borrowers without any recourse or obligation on the part of the state. The bonds carry no liability or credit enhancement on the part of FAME or the state. FAME acts as a conduit for borrowers in order to allow them to access favorable interest rates and to help stimulate the economy and create and retain Maine jobs. The second deal approved, also involving conduit bond financing, is for Dirigo Center Developers, LLC (DCD), a company formed to build a large, phased, multi-use development at the site of a former quarry in Westbrook, to be known as Rock Row. As part of the project, DCD has committed to building a number of public infrastructure improvements, both on the former quarry site and on other public lands, including upgrades to public street intersections and two Maine Turnpike Authority exits. The bonds issued may not exceed $16.3 million. The first phase of the multi-use development is expected to create up to 250 construction jobs, as well as an additional 250 permanent jobs related to the tenants of the development. “FAME is pleased to support GIGME01’s plans for efficiencies and continued operations on the former naval air station base at Brunswick Landing, as well as DCD’s plans for the Rock Row project in Westbrook” stated Jay Violette, chair of the FAME Board. A third deal approved concerns financing through the Maine New Markets Capital Investment Program for approximately $31.8 million in investments at the Old Town mill in the company formed to hold the facility, ND OTM, LLC. In connection with the investments, a total of approximately $12 million in tax credits will be awarded over the next seven years. The FAME Board certified applications for investments in the following six community development entities: Stonehenge Community Development 124, LLC; CCG Sub-CDE 44, LLC; Enhanced Capital New Market Development Fund 58, LLC; Community Development Funding XXII, LLC; UA Sub-CDE XXV, LLC; and CIF XIV, LLC. The companies will use the proceeds of the investments for various capital improvements, investments in working capital, construction, equipment procurement, and other related improvements in order to re-start and optimize a pulp manufacturing facility at the site of the currently shuttered Old Town mill. This is expected to create or retain approximately 130 direct and 635 indirect and induced jobs related to the site. The Old Town mill site has been idle for approximately three and one-half years. In October 2018, OTM Holdings sold the mill to ND Paper, a wholly-owned subsidiary of Nine Dragons Paper (Holdings) Limited. ND Paper operates three pulp and paper mills in North America with combined annual production capacity exceeding 1.1 million metric tons, including the fully-integrated pulp and paper Rumford Division in Oxford County, Maine. FAME has administered the Maine New Markets Capital Investment Program since the Legislature created it in 2011. It does so in cooperation with Maine Revenue Services. The program is designed to attract investment in economically distressed areas of the state. It allows eligible investors to claim tax credits against state taxes in amounts up to 39 percent of a project’s total cost. The maximum aggregate amount of tax credit authority is set forth at $250 million, of which after today approximately $11 million remains. “We are grateful for FAME’s assistance with our plans for the Old Town mill,” stated Brian Boland, Vice President of Government Affairs and Corporate Initiatives at ND Paper. “The financing will help us expeditiously re-start this idled facility that will ultimately supply pulp to a global base of customers. Even more importantly, an operating Old Town mill will once again provide, directly and indirectly, literally hundreds of well-paying jobs for hard-working Mainers.” FAME is a quasi-independent state agency that provides financial solutions that help Maine people achieve their business and higher education goals. FAME is celebrating its 35th Anniversary and helps to create a Maine workforce that with good-paying jobs by focusing on the nexus of economic and educational development. FAME recently was recognized for the fourth year in a row as one of the Best Places to Work in Maine. To learn more about FAME, please visit www.famemaine.comCenter for Generational Kinetics’ Alicia Rainwater Speaks
The Finance Authority of Maine (FAME) celebrated thirty-five years of successful business and educational partnerships at its annual meeting and awards event, Showcase Maine, held this year on Thursday, November 15, 2018 at Portland’s Holiday Inn By The Bay. Showcase Maine is FAME’s annual celebration of its successful partnerships with Maine’s business, lending, governmental, and higher education communities. The evening featured a reception, including a showcase of exhibits by Maine businesses and educational organizations that partner with FAME; a dinner and awards presentation; and a keynote speech by the Center for Generational Kinetics’ Alicia Rainwater entitled “Crossing the Generational Divide.” Rainwater is a Millennial who has earned a reputation as a leader in her own generation. She has extensive experience working firsthand to bridge generations in a variety of organizations from hospitals to global non-profits. Her presentation combined The Center’s latest research and how-to with her unique experience working with clients and effectively demonstrating how to solve generational challenges people may be experiencing with employees and customers. “FAME enjoyed celebrating the successes of the past thirty-five years with our partners in Maine’s business, lending, governmental, and higher education communities,” said James “Jay” Violette, Jr., chair of FAME’s board of directors. “We were proud to showcase the progress we are making in educating our workforce and growing well-paying Maine jobs. We were pleased, as well, to honor our partners who help to make Maine’s economic and educational future brighter.” This year’s award recipients included:- Business at Work for Maine Award: Front Street Shipyard: Front Street Shipyard, located on Penobscot Bay in Belfast, is an expansive, thriving marina and yard with deep-water frontage, state-of-the-art equipment and a growing workforce. Front Street provides services for various types of vessels ranging from small recreational boats to commercial vessels and superyachts. The yard’s team of more than 100 experienced boat service professionals uses both advanced composite construction and traditional boat building techniques. FAME assisted the company in March 2018 with commercial loan insurance in partnership with Androscoggin Bank to help construct a 23,000- square foot assembly and storage building.
- Education at Work for Maine Award: JMG: Previously known as Jobs for Maine’s Graduates, JMG is celebrating twenty-five years of partnering with Maine’s public middle and high schools, as well as community colleges and university system to help students reach their fullest potential. JMG serves more than 7,000 students in communities throughout each of Maine’s sixteen counties. JMG programs are hosted within Maine’s public schools, and classes and year-round activities are led by JMG Specialists who serve as mentors and educators. FAME recognized JMG’s efforts to increase high school graduation rates, college retention, and degree attainment. JMG also plays a critical role in strengthening financial capability in Maine by supporting statewide teacher training led by the Maine Jump$tart Coalition for Personal Financial Literacy, and through its strong collaboration with FAME’s College Access and Financial Education Team.
- Lender at Work for Maine Award (over $1.5 billion in assets): Camden National Bank: This was the bank’s ninth time as an awardee. Over the past year, Camden National partnered with FAME on 57 loans totaling over approximately $18 million. This in turn helped to create 79 Maine jobs and retain an additional 566 jobs. In addition to being a top partner in bringing business to FAME, Camden National has grown remarkably in recent years and is actively committed to the communities in which it operates.
- Lender at Work for Maine Award (up to $1.5 billion in assets): Androscoggin Bank: Androscoggin Bank was recognized in the category for lenders with less than $1.5 billion in assets. Founded in 1870, Androscoggin Bank is an independent community bank that is committed to delivering smarter banking to all of the communities it serves. This past year, FAME partnered with Androscoggin Bank on 8 loans to Maine companies totaling over $5 million. This helped to create 45 Maine jobs and retain an additional 114 jobs.
The Board of Directors and staff of the Finance Authority of Maine (FAME) recently visited Front Street Shipyard in Belfast, a customer that has grown rapidly in recent years. The group later toured other customers at the Midcoast Regional Redevelopment Authority (MRRA) in Brunswick, which is located on the former Brunswick Naval Air Station base.
On October 17, members of the FAME Board and staff toured Front Street Shipyard in Belfast, an expansive, thriving yard with deep-water frontage, state-of-the-art equipment and a growing workforce. The business operates a yacht yard, marina and storage facility on Penobscot Bay. Front Street provides services for various types of vessels ranging from small recreational boats to commercial vessels and superyachts. The yard’s team of more than 100 experienced boat service professionals uses both advanced composite construction and traditional boat building techniques. FAME assisted the company in March 2018 with commercial loan insurance in partnership with Androscoggin Bank to help construct a 23,000- square foot assembly and storage building.
Later that day FAME toured other customers at MRRA in Brunswick. MRRA Deputy Director Jeffrey Jordan led board and staff on a bus tour of the property. MRRA is a public municipal corporation established by the Maine Legislature to implement the Reuse Master Plans for both Naval Air Station Brunswick and Topsham’s Annex. MRRA has successfully managed the redevelopment effort and has actively engaged with the private sector to ensure rapid redevelopment. There are now 115 entities doing business at Brunswick Landing and Topsham Commerce Park. Businesses include Mölnlycke, SaviLinx, Tempus Jets, STARC Systems, Wayfair, and Flight Deck Brewing, among others.
FAME toured Mölnlycke, a customer from years ago when it was known as Rynel Inc. Rynel later was acquired by Mölnlycke. Rynel always credited FAME for its survival and growth over the years prior to its acquisition. Mölnlycke designs and supplies medical solutions to enhance performance in healthcare, from the hospital to the home.
The board and staff also visited STARC Systems, which manufactures reusable temporary wall containment systems to eliminate the disruption of renovations in facilities. The company previously benefitted from FAME’s Seed Capital Tax Credit Program. The group also toured TechPlace, Brunswick Landing’s technology accelerator, which currently houses thirty-four businesses.
The FAME Board held its monthly meeting on October 18 at the offices of the Maine Technology Institute (MTI), which is located at Brunswick Landing. Members enjoyed a presentation by MTI President Brian Whitney on the organization’s history and recent activities, as well as a talk by Southern Maine Community College President Joseph Cassidy and Dean of SMCC–Midcoast Campus James Whitten. They discussed workforce development efforts by the college, as well as course offerings.
FAME CEO Bruce Wagner stated: “FAME really benefits from these opportunities to get out in the community and visit with our customers and partners, local businesses and institutions of higher education. We enjoy witnessing up close their success stories and learning about the needs and future plans of our business and higher education partners.”
The Harold Alfond Foundation and the Finance Authority of Maine (FAME) announced the 23 newest Alfond Leader award recipients. Collectively, they qualified to receive about $670,000 in student loan debt relief. To date, 67 Maine-based STEM professionals have been named Alfond Leaders and over $2 million of their student loans will qualify for repayment assistance. A new application cycle is now open until November 15, 2018. Interested individuals can learn more and apply at AlfondLeaders.org.
The ground-breaking Alfond Leaders student loan repayment assistance program was launched in 2017 and provides student loan repayment assistance to people who either currently live and work in Maine or who come to Maine for a position with a Science, Technology, Engineering and Math (STEM)-designated occupation at a Maine-based employer. The program was designed to help Maine employers attract and retain talented workers. The Harold Alfond Foundation has committed $4 million over the next three years to the program and anticipates it will give about 150 recipients up to $60,000 in college debt relief per person. The Alfond Leaders program is administered by FAME.
“Maine needs to attract and retain highly skilled STEM and other professionals to strengthen Maine’s economy,” said Greg Powell, Chairman of the Harold Alfond Foundation. “This program is one incentive that we think can help build up Maine’s workforce.”
Each awardee receives loan repayments up to half of their outstanding student loan balance, not to exceed $60,000. These payments are made in two installments, the first paid at three years, and the second paid after the completion of an additional three years of qualifying employment and state residency. The payment periods have been shortened from five and 10 years since the program was originally launched and are retroactive to include the first two rounds of Alfond Leaders.
The second application cycle concluded on May 15th. More than 160 applications for the competitive loan repayment program were received to select the 23 most recent recipients. The awardees work in a variety of Maine-based organizations as scientists, engineers, information technology professionals, and entrepreneurs. They are: Mikayla Bolduc, Skowhegan; Shawn Brackett, Auburn; Laura Brown, Portland; Julie Cross, Gorham; Jordon Cyr, Freeport; Tyson Girsa, Millinocket; John Golder, Poland; Katherine Kelley, Steep Falls, Jonathan Hardingham, Sanford; Joel Hyde, Veazie; Shane Kelly, Portland, Jacob Keniston, Prospect; Jonathan Labrecque, Ellsworth; Joshua Libby, Gray; Austin Moore, Gardiner; Matthew Moretti, Portland; Giovanna Patrizio, Portland; Joel Plunkett, Brunswick; Scott Rizzo, Lamoine; Aric Rogers, Ellsworth; Scott Webber, Auburn; Ann Wells, Southwest Harbor; and Sarah Wheatley, Gardiner.
Below are details on three of the recipients:
Matthew (Matt) Moretti, President of Wild Ocean Aquaculture, LLC, a company he co-founded with his father, graduated with a degree in biology from Bates College and then headed off to Boston to pursue a master’s degree in marine biology at Northeastern University. After obtaining his master’s degree in 2010, he knew he didn’t want to pursue a research career, but instead wanted to return to Maine and immerse himself in the state’s vibrant and growing aquaculture industry. To start Wild Ocean Aquaculture, he and his father acquired Bangs Island Mussels in 2010. In the last eight years, he has spearheaded the growth of the business from three small farms producing less than 30,000 pounds of mussels a year to the largest rope-grown mussel farm in New England with 10 employees producing 250,000 mussels a year, 60,000 pounds of farm-raised kelp and a ground-breaking new venture into farm-raising sea scallops. Matt lives in Portland but grew up in the Bangor area. He came back to Maine because he says, “Having grown up here, I have a strong affinity for Maine, especially the ocean, and I knew my home state was poised to become a leader in the Northeast aquaculture industry. About student loan debt, he says, “It can be an enormous hurdle that at times seems impossible to overcome. This award will go a long way in helping me to manage my student debt load so that I can continue to pursue by professional dreams.”
Katherine Kelley, a New Hampshire native, moved to Maine in 2011 after receiving her Bachelor of Science degree in civil engineering from the University of New Hampshire. As a civil engineer, she started her career at the Maine Department of Transportation and worked. While at the MaineDOT, she pursued and obtained her master’s degree in civil engineering from Norwich University in Vermont through its online graduate school program. Today, she is the Wastewater Division Manager for the City of Westbrook and wears many hats from working closely with the engineering team, to planning, to erosion control, and to waste water back-up coordination. She’s also a recent newlywed and lives in Steep Falls, Maine. Becoming an Alfond Leader is “life changing,” says Katherine. “Student loan debt is like a lingering shadow that is always in the background. With the award, we can really consider having a family and buying a bigger house – something I didn’t think would be possible.”
Saco native Nathan (Nate) Lareau attended USM and graduated with a degree in electrical engineering in 2016. While at USM, he was diagnosed with Type 1 Diabetes, which got him thinking about how electrical devices are linked to the medical world and compelled him to pursue his master’s degree in biomedical engineering at Boston University. Armed with passion, knowledge and skill, Nate recently returned to Maine to start his career and is an Electrical Design Engineer at Enercon Technologies in Gray, a local company that manufacturers some of the country’s leading medical devices. He says, “Student loan debt impacts your ability to save for the future because you are putting so much of your paycheck toward debt reduction.” Although Nate is just starting his career, he noted, “This award will help me save for my future. I want to stay in Maine long term, and this type of program shows a commitment to growing the STEM industry in Maine. It’s a program that can help attract talent to our state, and for those of us who want to live here, that you don’t have to move to Boston or New York City to have a successful career.”
Who is eligible to become an Alfond Leader?
- Maine residents or individuals who become Maine residents when hired by a Maine-based business
- An individual employed or about to be employed by a Maine-based business in a designated STEM occupation
- An applicant must have a higher education degree or certificate
- An applicant must have outstanding student loan debt
