According to Nerdwallet.com, Maine students left more than $11 million in Federal Pell Grants (federal grants that don’t need to be repaid) on the table for the 2014-2015 academic year (the most recent year for which data is available) because they did not complete the Free Application for Federal Student Aid (FAFSA). Each year in Maine, only 60% of Maine high school seniors complete the FAFSA, the federal application that college, universities, and trade schools use to determine student eligibility for federal financial aid, according to FAME. While a 60% FAFSA completion rate puts Maine in the top tier of state completion rates, it is critical that the remaining 40% of high school seniors file their FAFSA so they can understand their financial options for pursuing education after high school. To see FAFSA completion rates for each of Maine’s high schools visit here. “Unfortunately, many families mistakenly believe they won’t be eligible for federal financial aid, so they don’t fill out the FAFSA, leaving potentially significant grant money on the table or missing out on financial aid all together,” said Martha Johnston, FAME Director of Education. “We want to change that and encourage every Maine family sending a child off to college, trade or technical school to complete the FAFSA.” According to FAME, there is no specific income “cut-off” so families won’t know what they are eligible to receive unless they apply. And any amount of grants and scholarships can make a big difference in helping to reduce total student debt. The average student debt in Maine is 29,644 per student, and 63 percent of Maine students graduate with debt.¹ On Sunday, October 1, 2017, the FAFSA for the 2018-2019 school year will be available to families at fafsa.gov. Previously, the FAFSA became available in January, but last year the availability date was permanently changed to October 1. Having the FAFSA available earlier can result in students receiving their financial aid awards earlier and having more time to understand their awards and make the decision as to where to attend school. “We encourage Maine families to complete the FAFSA as soon as they can – in fact we like to have families complete the FAFSA in October because aid eligibility is different for every school and can be disbursed on a first-come first-served basis,” noted Johnston. “Filing the FAFSA early is the best way to maximize financial aid eligibility and reduce student loan borrowing.” Don’t Fear the FAFSA Facebook Live Events  FAME is collaborating with local comedian Karen Morgan, a finalist on Nickelodeon Television’s Search for the Funniest Mom in America. Morgan, who lives in Cumberland and is the mom of three children, sent her oldest off to the University of Maine at Farmington this fall. She will be featured in a series of free Facebook Live events, called “Don’t Fear the FAFSA,” hosted by Mila Tappan, an outreach manager for FAME’s CAFE´ (College Access and Financial Aid) Team on the FAME Facebook page. Together, the two will help walk parents, and students, through the various stages of completing the FAFSA and answer questions in real-time. The Don’t Fear the FAFSA Facebook Live events will air on the following Tuesdays at 7:30 PM.  Dates and themes for each event are:

• Tuesday, September 26 – What is the FAFSA & How to Get Prepared
• Tuesday, October 10 – Filling out the FAFSA: Tips and Tools
• Tuesday, October 24 – Busting FAFSA Myths: What’s Holding You Up?
• Tuesday, November 7 – FAFSA Complete, Now What?

“We’re excited to add Karen’s voice to our statewide FAFSA education efforts,” said Johnston. “Her humor will help us shatter some of the current myths and hopefully eliminate some of the fear around filling out the FAFSA, by providing insights and a real-mom perspective.” Morgan admitted to FAME that she didn’t complete the FAFSA for her son because she had been dissuaded by friends that it was too hard to complete. “I wish I’d had FAME as a resource when I was considering filling out the FAFSA because I may have made a different decision,” said Morgan. “I’m excited to dig into the form this year, with FAME’s help, and see what happens.” Statewide Help Sessions Over the last 13 years, FAME has hosted free statewide in-person FAFSA Labs or in-person help sessions for families. At those events, families can get help from an experienced FAME representative or financial aid professional to fill out the FAFSA . This year, 15 sessions are scheduled from October 12 to October 30. A complete list of dates and locations is available at FAMEmaine.com. If families are not able to attend the in-person help sessions, FAME also offers online support at FAMEmaine.com. Families can also call 1-800-228-3734 with questions. For those families attending the in-person help sessions, FAME recommends bringing the following information:

• FSA ID – this user name and password is needed to access all Federal Student Aid websites, including the FAFSA. We recommend the student and one parent create it ahead of time at studentaid.gov
• Social Security numbers (SSN) for student and parents
• 2016 Federal Income Tax Returns, W2s and other records of money earned
• Current bank statements for student and parents

STEM professionals throughout the state selected to receive student loan debt relief, Applications now open for second round

The Harold Alfond Foundation and the Finance Authority of Maine (FAME) are pleased to announce the first cycle of Alfond Leader awardees, who collectively will be awarded up to $685,000 in student loan debt relief. A second application cycle also is being launched, with applications due by November 15, 2017. To learn more about the program and apply: AlfondLeaders.org. The Alfond Leaders program was originally launched in late February 2017. The competitive program provides student loan repayment assistance to people who live and work
in Maine in a Science, Technology, Engineering and Math (STEM)-designated occupation at a Maine-based employer. The Alfond Leaders Advisory Committee has been working since that launch to prepare for and review over 400 applications for the competitive loan repayment program. The selected Alfond Leaders may receive payments up to half of their outstanding student loan balance, not to exceed $60,000, as loan repayments on their outstanding student loans. The payments will be made in two installments, the first installment will be paid after a participant demonstrates five years of qualifying employment and state residency, and the second installment will be paid after the completion of an additional five years of qualifying employment and state residency. The Alfond Leaders Program is administered by FAME. The selected awardees for the first cycle work in a variety of Maine-based organizations as scientists, physicians, engineers, information technology professionals, and entrepreneurs. They are: Katrina Christie, Yarmouth; Mick Daigle, Yarmouth; Kendra Emery, Rockport; Christopher Gauvin, Rumford; Jordan Hallett, Presque Isle, Brian Harris, Gray; Devan Houlihan, Portland; Paul Koroski, Portland; Zachary Leavitt, Buckfield; Amanda Lessard, Bowdoin; Alec Mackenzie, Freeport; Elisabeth Marnik, Franklin; Owen McCarthy, Gorham; Steven Munger, Mount Desert; Zachary Murphy, Waterville; Kristen Onos, Ellsworth; Cote Ward, Belmont; Ryan Whitt, Farmington; John Williams, Freeport; and Nicholas Workman, Rome. Nicholas Workman, a quality engineer at New Balance in Skowhegan, was selected as one of the first Alfond Leader awardees. He has a degree in engineering and initially upon graduation went from college in Massachusetts to work at a firm in Connecticut. Within a year, he returned to his home state of Maine with his fiancée. “After ten months, we decided to move back for the quality of life,” he said, “We were making a financial turn backwards and would have to make some sacrifices, but we wanted a future in Maine.” He mentions how his student loan debt payments affect his family’s ability to own a home and travel, and says, “I was fortunate to find a job at New Balance and recently started a family. The Alfond Leaders program will help me be less hampered by student loan debt and help us to keep living and working in Maine.” Alec Mackenzie studied engineering at Maine Maritime and received his MBA from Babson College. In 2007 he started and continues to operate his own mechanical engineering firm, Mackenzie Design, in Portland with two employees. “The Alfond Leaders program drastically shifts the calculus of our family’s planning. It eases the student loan debt we have and gives us confidence that we can make our lives here. It also frees us up to make further investments in human capital at Mackenzie Design. We can accelerate our growth and create more great STEM jobs in Maine.” “We were delighted to receive such strong interest in our Student Debt Reduction Program for STEM workers,” said Greg Powell, Chairman of the Harold Alfond Foundation. “Our hats go off to the Advisory Committee and the team at FAME for selecting our first group of Alfond Leaders. Given the very competitive applicant pool, the selection process was no easy task. But with this new group of outstanding professionals, and those chosen in the future, the Foundation will be as pleased to help pay down their college debt as we are to have them here in Maine contributing to our economy.” In addition to announcing the first awardees, the Harold Alfond Foundation and FAME are welcoming more applicants for the second round of Alfond Leaders. Applications are due by November 15, 2017, and the second group will be announced by the end of this calendar year.

Who is eligible?

• Maine residents or persons who will become Maine residents upon being hired by a Maine-based business
• A person employed or who will 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
• Candidates must submit an application, including a written essay and resume, a statement of intent to live and work in Maine for ten 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 five and ten years, respectively, of qualifying employment.

About the Harold Alfond Foundation

The Harold Alfond Foundation furthers the legacy of Harold Alfond by investing in education, healthcare, youth development, and other philanthropic charitable causes that hold the promise of making enduring transformative contributions to the community and state of Maine. To learn more about the Harold Alfond Foundation, please visit www.haroldalfondfoundation.org.

For the third year in a row, the Finance Authority of Maine (FAME) has been named as one of the Best Places to Work in Maine. The awards program, created in 2006, is a project of the Society for Human Resource Management–Maine State Council and Best Companies Group. Partners endorsing the program include: Mainebiz, the Maine State Chamber of Commerce, and Maine HR Convention. This statewide survey and awards program was designed to identify, recognize and honor the best places of employment in Maine, benefiting the state’s economy, its workforce and businesses. The 2017 Best Places to Work in Maine list is made up of 80 companies in three size categories: small (15-49 U.S. employees), medium (50-249 U.S. employees), and large (250+ U.S. employees). FAME was honored as part of the medium-size business category. “We are pleased and honored to receive this designation for a third straight year. This recognition confirms what we have known all along: FAME is a special place to work due to our can-do attitude, terrific staff and board, and unique and rewarding mission. We love coming to work every day because we are charged with expanding economic and educational opportunities for all Maine residents,” stated Bruce Wagner, FAME’s Chief Executive Officer. Companies from across the state entered the two-part process to determine the Best Places to Work in Maine. The first part consisted of evaluating each nominated company’s workplace policies, practices, and demographics. This part of the process was worth approximately 25% of the total evaluation. The second part consisted of an employee survey to measure the employee experience. This part of the process was worth approximately 75% of the total evaluation. The combined scores determined the top companies and the final rankings. Best Companies Group managed the overall registration and survey process in Maine and also analyzed the data and used their expertise to determine the final rankings. FAME will be recognized at the Best Places to Work in Maine awards ceremony on October 10 and will be listed in a special publication by Mainebiz. The final rankings will be announced at the event. For more information on the Best Places to Work in Maine program, visit www.BestPlacestoWorkME.com or contact Jackie Miller at (717) 323-5237.

Loan Insurance Expected to Help Create and Retain 124 Jobs

At its August 17, 2017 monthly board meeting, the members of the Finance Authority of Maine (FAME) approved loan insurance on two loans totaling $3.6 million by Androscoggin Bank to Dubba, LLC, a real estate holding company, for the purchase of land and construction of a new boat manufacturing and maintenance facility in Belfast. The property, located at 101 Front Street, is currently occupied by a related operating company, FSS, Inc., d/b/a Front Street Shipyard. FSS is a full-service boat yard occupying 1,500 feet of frontage on Penobscot Bay. The company provides new boat construction, restoration and refitting for a variety of vessels, including advanced composite construction and classic wooden yachts. The company also offers a marina and storage facility for customers. FSS plans to expand its operations by exercising an option to purchase land it currently leases from the City of Belfast. The total project cost is estimated to be $5.8 million. The company has plans to engage in new technology and enter new markets as it expands. FAME’s actions are expected to help create forty new jobs and retain an additional eighty-four jobs. “FAME is pleased to support Dubba’s plans for growth and expanding manufacturing jobs in a traditional industry in Waldo County through Front Street Shipyard,” stated FAME Board Chair Ray Nowak. “We wish the company all the best with its plans for growth and success.” 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. “We are grateful for FAME’s assistance with our plans for a new boat manufacturing facility in Belfast,” stated John “JB” Turner, President of FSS, Inc. “This financing will help our company grow and add jobs in one of Maine’s most historic industries.”

OnLine Answer Insurance Expanded to $750,000 FAME Exposure

The Finance Authority of Maine (FAME) is pleased to announce that, beginning April 1, 2017, FAME lender partners can opt for up to $750,000 in loan insurance through OnLine Answer (OLA). Lenders can process applications for loan insurance on OLA, FAME’s secure web application, and receive a decision in seconds. This expansion allows lenders to use the OLA system instead of applying for larger exposure loans through FAME’s traditional paper application. This is the fourth and largest loan insurance enhancement FAME has launched in the past six months in response to extensive customer feedback actively sought by the agency. The maximum FAME OLA exposure per borrower is now doubled from $375,000 to $750,000. Commercial Loan Insurance (CLI) maximums are now available for:

• Pro-rata term loans and lines of credit:
  • 75% maximum CLI up to $500,000 FAME exposure
  • 60% maximum CLI on FAME exposure between $500,001 and $750,000
  • 60% maximum CLI on start-ups (businesses open less than one year) up to $500,000 FAME exposure
  • Pro-rata refinance of existing debt up to 40% CLI up to $500,000 FAME exposure (Leveraged insurance is not available for refinancing existing debt)
  • Leveraged term loans up to 25% CLI up to $250,000 FAME exposure
  • Leveraged lines of credit up to 20% CLI up to $250,000 FAME exposure (FAME’s aggregate exposure per borrower in OLA is capped at $750,000)

Last fall, FAME launched three new enhancements to FAME’s loan insurance programs that help lenders obtain loan insurance decisions faster, more easily and at a lower cost. These enhancements are:

• 3 and 5-year fee options for term loan insurance;
• 3-year fee option for line of credit loan insurance; and
• Leveraged insurance in the OnLine Answer (OLA) application process.

Learn more about FAME’s OLA from this detailed explanation of the program.

Direct Loan Will Help Address Maine’s Nursing Shortfall

At its March 16, 2017 monthly board meeting, the members of the Finance Authority of Maine (FAME) approved direct loan financing of $400,000 for Beal Education, LLC (“Beal College”) of Bangor for working capital and equipment purchases to help the institution establish a new school of nursing. FAME’s actions are expected to help create six new jobs and retain an additional thirty-five jobs. Beal College’s new nursing program seeks to address the expected workforce shortage of nurses in Maine in the coming years. According to labor statistics, forty-three percent of Maine’s nursing workforce is at or approaching retirement age, to the point where the state will lose approximately 3,000 nurses from its workforce within the next eight years. One solution is to train new nurses to help fill this gap. The college plans to begin offering Registered Nurse Associate’s Degree classes in the Fall of 2017. Beal College has entered into a strategic partnership with Eastern Maine Medical Center. The Bangor-area hospital will donate the equipment necessary to set up a nursing lab at the school, and will provide clinical rotations for students and classroom space as needed. Founded in 1891 as the Bangor Business College, Beal College is a licensed and accredited junior college located in Bangor. It offers a unique twelve-month school year with six individual terms. The current student population is approximately 320, the majority of which is enrolled in health care and social services degree programs. “FAME is pleased to assist Beal College’s plans to establish a nursing degree program in order to address the expected shortage of nurses in the state, thereby helping to meet the workforce training and educational needs of Maine students and our economy,” stated FAME CEO Bruce Wagner. “We wish the school all the best with its future plans for continued success.” For the past ten years, Beal College has been a leader in its efforts to promote financial education and debt management. Beal has participated in FAME’s Salt^® program for the past five years. The Salt program is a web and counseling-based tool that instructs students and graduates on strategies to manage money and student debt. Beal College is an ardent supporter of the program. Beal students engage in the Salt curriculum at a rate nearly four times the national average. FAME’s assistance with establishing the nursing program further extends their dedication and support of Beal College. “We are grateful for FAME’s assistance with establishing our new nursing program,” said Sheryl DeWalt, CPA and Beal College President. “This financing will help us address a critical nursing workforce shortage in order to meet the higher education and workforce needs of Mainers.” The FAME Direct Loan helps new or existing businesses with flexible gap financing. Offered for maximum terms of five years at an interest rate of Prime plus 2%, the loans range from less than $500,000 up to $1 million dollars for projects involving substantial public benefit.

The new “Alfond Leaders” program aims to attract and retain STEM employees for Maine companies to stimulate economic growth in key industries

The Harold Alfond Foundation announced today that it is unveiling a statewide program called Alfond Leaders, a student loan repayment program designed 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. The Alfond Leaders program, to be administered by the Finance Authority of Maine (FAME), will assist Maine employers in attracting and retaining talented STEM professionals by providing student loan debt relief of up to $60,000 per recipient. The grants will be awarded through a competitive application process with the goal of selecting approximately 150 Alfond Leaders over the next three years. The announcement was made by Harold Alfond Foundation Chairman Greg Powell at the historic Hains Building, located at 173 Main Street in downtown Waterville. First District Congresswoman Chellie Pingree; Second District Congressman Bruce Poliquin; Colby College President David A. Greene; Finance Authority of Maine Chief Executive Officer Bruce Wagner; CGI Senior Vice President Ned Hammond; and Melissa Smith, Chief Executive Officer of WEX, Inc., and Chair of the Alfond Leaders Advisory Committee, took part in announcing the collective effort by all these parties to improve the economy by reducing student loan debt and encouraging STEM employment opportunities. Governor Paul R. LePage and U.S. Senator Angus S. King shared videotaped messages with the crowd who attended to celebrate the event. “I am honored to stand here today with so many distinguished guests – including our 1st District congresswoman, 2nd District congressman, and the leaders of FAME, Colby College, CGI, and WEX – to announce the Alfond Leaders program,” said Powell. “The program will help support Maine’s transition from traditional manufacturing and natural resource industries to an economy where one in seven jobs over the next decade will be in science, technology, engineering, and math.” “It’s no accident that we are unveiling this statewide program from this renovated, downtown building in the city of Waterville,” added Powell. “Thanks to the leadership of Colby College, the investment of global tech company CGI, and the commitment of hundreds of other businesses and individuals, Waterville is now officially on the road to a renaissance. By attracting and supporting a vibrant STEM workforce, Alfond Leaders wishes to support and replicate the revitalization unfolding in this city to other cities and towns across Maine.” “FAME works at the nexus of economic and workforce development, this is exactly the type of innovative program that will help Maine move forward in the global economy,” said Bruce Wagner, CEO of FAME. “There is a lot of energy and strategic action occurring to both grow the number of workers in Maine, as well as the percent of those with a higher education credential. This is the right kind of program to stimulate progress in that direction.” Colby President David A. Greene agreed, “The Alfond Leaders program is just what Maine needs. It will encourage recent college graduates to make Maine their home and innovative companies working in the science and technology sector to grow their businesses here. This program will accelerate our efforts in Waterville to strengthen the local economy and expand job opportunities. It is another brilliant and generous move by the Harold Alfond Foundation, which has an unparalleled commitment to Maine’s people and institutions.” The Alfond Leaders program will provide student loan debt reduction payments of up to $60,000 per recipient, to a select group of qualified individuals. 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 will assist in the selection of applicants and will recommend a slate of candidates. WEX CEO Melissa Smith, Chair of the Committee, said, “I’m honored to serve as the Chair of the Alfond Leaders Advisory Committee. The Committee’s work will help guide the selection of Alfond Leaders to help fill specific needs in occupations that are in short supply of qualified professionals, as well as help to meet needs in certain geographical regions of Maine. When the Maine economy is strong, it benefits all employers and their employees, and I look forward to being part of that effort. And, as a global organization headquartered in Maine, being able to attract and retain highly-skilled professionals to fill our STEM jobs is critical to our continued growth and success.” In addition to Smith, the Advisory Committee includes:

• Betsy Biemann, Chief Executive Officer of Coastal Enterprises, Inc.
• Chris Claudio, Co-founder and Chief Executive Officer of Winxnet
• John Dorrer, Senior Advisor, Georgetown University, Center on Education and the Workforce
• Chris Emmons, Designee of Educate Maine and President and Chief Executive Officer of Gorham Savings Bank
• Chuck Hewett, Executive Vice President and Chief Operating Officer of The Jackson Laboratory
• Dana Humphrey, Ph.D., P.E., University of Maine
• Ben Shaw, Founder, Director and Chief Executive Officer of Vets First Choice
• Bruce Wagner, Chief Executive Officer of FAME

“CGI is proud to support the Harold Alfond Foundation’s vision for job creation in Waterville and IT industry growth across the state of Maine,” said Ned Hammond, CGI Senior Vice- President, U.S. Global Infrastructure Services and Onshore Delivery. “Supporting STEM employees is a vital part of our commitment to building a skilled workforce that can contribute to technological innovation while revitalizing communities that are evolving for the digital age. The Alfond Leaders program is a big step forward for students, Maine communities and companies like ours that are competing to hire and retain STEM recruits nationwide.” 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 ten 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 five and ten years, respectively, of qualifying employment.

To learn more about the program or to apply, please visit AlfondLeaders.org. To learn more about the Harold Alfond Foundation, please visit www.haroldalfondfoundation.org. To learn more about Colby College, please visit www.colby.edu. To learn more about CGI, please visit www.cgi.com.    

Bond financing will help students and help to save and improve Maine lives

The board of directors of the Finance Authority of Maine (FAME) recently approved bond financing for two Maine schools and two health care companies, totaling approximately $97.3 million. The move will help to improve the general health and well-being of Maine students and businesses. At its monthly meeting on January 19, 2017, the FAME Board approved financing for Husson University; Thornton Academy; MaineHealth; and LifeFlight of Maine, LLC. “FAME is pleased to support the growth and success of these Maine educational institutions and companies, and the related Maine jobs,” stated FAME Board Chair Raymond Nowak. “We wish them all well with their plans for growth and success in the coming years.” Husson University, a private college located in Bangor, was approved for $10.3 million in financing to refinance a portion of the costs of construction of student apartments, replacement of a maintenance facility, and renovation of certain residence halls. Thornton Academy, a private elementary and secondary school in Saco, was approved for financing of $23.5 million to finance and refinance the costs of certain capital improvement projects, including the acquisition of land for construction of new dormitories and business offices, and renovations to existing facilities, including classrooms, a gymnasium, a cafeteria, and athletic fields. MaineHealth, a non-profit health care company that owns Maine Medical Center and a variety of other hospitals and medical service providers throughout the state, was approved for $61 million in financing to help with costs associated with completion of an electronic medical records system. Finally, LifeFlight of Maine, which provides critical care transport and training statewide, was approved for $2.5 million to finance a portion of purchasing, medically reconfiguring, upgrading, and equipping a new helicopter. The company also will use the financing to upgrade its facilities at Sanford, Auburn, and Rockland, and miscellaneous other projects. “We are grateful for FAME’s assistance on this important project,” said Thomas Judge, Executive Director of LifeFlight. “As a private non-profit charity with a distinctly public mission, this financing is essential to helping us better serve the people of Maine.”   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. FAME acts as a conduit for borrowers in order to access favorable interest rates and to help stimulate the economy and create and retain Maine jobs. 

Maine-owned company purchases competitors and plans to retain 115 Maine jobs

The Finance Authority of Maine (FAME) recently approved commercial loan insurance on three loans made by Camden National Bank totaling approximately $8 million to Casco Bay Vending of Lewiston to help finance the acquisition of the two largest vending operations in Maine, Canteen Service Company of Bangor, and the vending division of Pine State Trading Company of Gardiner. The move will help to retain 115 existing jobs in Maine. Casco Bay Vending will now become the largest vending operation in the state. It provides vending services, including traditional and intelligent solutions, to businesses throughout the state. “FAME is pleased to partner with Camden National Bank to support the growth of this Maine company and the retention of good paying Maine jobs,” stated FAME Chief Executive Officer Bruce Wagner. “We wish Casco Bay Vending well with its plans for growth in the coming years.” “We are grateful for FAME’s assistance on this important project,” said Theodore Morton, principal with Casco Bay Vending. “This financing will allow us to create a strong, viable entity and move forward with our plans to increase our operations in the state.” 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.

Ellsworth Nurse Shares Story of How Refinancing Student Loan Debt is Helping Her Regain Independence  Since childhood, Nichole Austin of Ellsworth, Maine, dreamed of becoming a nurse. When the time came to pursue her dream, she went to college and graduated with a Bachelor of Science in Nursing in 2011. Right out of college, she was able to secure well-paying nursing jobs and, over the last five years, has been able to continue to advance her career. She is now a labor and delivery room nurse at Maine Coast Memorial Hospital in Ellsworth. Although working in her chosen field and making good money, Austin, like many in Maine and across the country, is confronted with paying off her student loan debt. Her student debt is unusually high and totals over $100,000 and her monthly payments are equal to what it costs to rent an apartment or pay a mortgage here in Maine. Austin says: “I didn’t understand the long-term financial impact of choosing a private college and the cost of private student loans to help pay for it. I don’t regret my decision, but wish I had done more initial research so I would have had a clearer picture of the loan costs after graduation. I didn’t know how student loans were going to impact me. Living with student loan debt, despite having a good paying job, has definitely limited how I can live my life,” she concluded. In an effort to help Maine residents understand the consequences of taking on student loan debt, as well as how to refinance or consolidate their student loans, the Finance Authority of Maine (FAME), in partnership with a network of local Maine lenders, recently unveiled an online resource: TheLoanforME.com. Designed to be Maine’s Student Loan Resource, the website assists individuals seeking to refinance or consolidate their student loan debt, as well as helping families become informed borrowers when they need to close the gap between the cost of higher education and what they have saved and might obtain through financial aid, grants, and scholarships. Since the online resource was launched last June, the tools have already helped nearly 1,000 Mainers become more informed borrowers to help minimize their student loan debt and lower their overall costs of borrowing. As the end of the year approaches and recent Maine college graduates complete their grace period and begin the student loan repayment process, FAME wants to ensure that Mainers are aware of their local options for refinance and consolidation of their education loans. TheLoanforME.com includes new refinancing and consolidation options for existing student loan debt offered by six Maine lenders. Austin recently worked with FAME and Seaboard Federal Credit Union to refinance her higher, variable interest rate loans with a lower, fixed interest rate loan for the same term as her original loan. The process allowed her to:

• Cut her interest rate from roughly 8.8% to approximately 4.75%*
• Lower her monthly payments by almost $400 (from $1200 to $822)
• Remove her parents as co-signors

FAME’s new and free TheLoanforMe.com refinancing/consolidation resource tool offers valuable information, including:

• Things to consider and steps to take before refinancing or consolidating student loans
• Informational videos
• Tips to consider when selecting a lender
• A refinancing example
• Access to six local lenders with online applications
• Frequently asked questions
• Support from FAME Student Loan Specialists during the process.

“We’ve been helping Maine families for decades become better informed about borrowing and finding affordable solutions to help reduce student loan borrowing up front,” said Martha Johnston, Director of Education at FAME. “The Loan For ME can now help people with existing student loan debt explore ways to lower monthly payments and have more dollars in their pockets to help build their lives.” Austin concluded: “FAME has been extremely helpful throughout this entire process. I felt like I had someone in my corner and a real advocate to help me understand what I was facing. Refinancing has been invaluable. My original loans made me feel like I could never get to the end. Now I feel like I have some control. Gaining my independence and being able to live on my own was really important to me.” *Rates are determined by lender and consider applicants’ credit and other factors; rates may be fixed or variable. This fall, FAME announced its statewide Invest in ME goal that by 2030, all Maine families are saving for college and Maine will have one of the lowest average student loan debt rates in the nation. Today, FAME assists Mainers with refinancing or consolidating their student loan debt ranging from $10,000 and upward. About 64 percent of Maine college students graduate with student loan debt, and the average student loan debt per student in Maine is $30,908, putting Maine 7^th-highest[1] in that regard when compared to other states. To get involved, please visit InvestinME2030.com to find action items that Maine people can deploy to make progress on this goal throughout the state. [1] Institute for College Access and Success, Student Debt and the Class of 2013-2014