$500,000 additional financing to assist wood fiber-based insulation manufacturer at former Madison paper mill in Somerset County

AUGUSTA — At its monthly meeting held on January 18, 2024, the Finance Authority of Maine (FAME) approved additional financing for GO Lab, Inc. (d/b/a TimberHP), a manufacturer of wood fiber-based insulation products located in Madison. FAME’s actions are expected to help to create and retain approximately 114 jobs in Somerset County.

FAME approved a $500,000 FAME Direct Loan to support the company’s purchase of explosion suppression equipment needed to complete the second and third production lines for its board and batten insulation products. The Maine Rural Development Authority also recently approved a $500,000 loan to GO Lab, Inc. to assist with this same project.

TimberHP manufactures high-performing wood fiber insulation made with renewable resources. Their products are resistant to moisture liabilities, mold and fire, and offer superior properties to reduce heating and cooling loads. Wood fiber insulation is cost-competitive and has been manufactured and used in Europe for decades.

“We are grateful for the continued support of FAME. TimberHP plans to complete our production line for our board insulation product in Q2 of 2024, which will complete TimberHP’s suite of building products offered in Madison Maine. Financing we have received from FAME, the Maine Rural Development Authority, and other economic development entities across the state have been instrumental in getting us to the finish line on schedule,” stated Dr. Joshua Henry, GO Lab, Inc. President.

“We are pleased to provide additional support for GO Lab’s project in Madison,” stated FAME CEO Carlos Mello. “Finding new uses for wood fiber, including innovative building materials, has the potential of revitalizing the forest products industry in Maine, which we fully support.”

In addition to today’s FAME Direct Loan financing, FAME previously approved up to $85 million in conduit bond financing for GO Lab, Inc; approximately $860,000 in Seed Capital Tax Credit financing; as well as a FAME Direct Loan totaling $1,200,000, with FAME as lead lender at $500,000. Other partners in that loan include Coastal Enterprises Inc. (CEI) at $250,000, and Maine Technology Institute (MTI) at $200,000. Eastern Maine Development Corporation (EMDC) also has approved a $250,000 loan. 

Other Maine financing entities have partnered to provide support for the purchase and refurbishment of the Madison mill, as well as to purchase the necessary production equipment for the company’s operation. The Maine Rural Development Authority (MRDA) has approved $1 million for the project, while the Town of Madison has authorized a $400,000 loan, which includes a Community Development Block Grant Program (CDBG) contribution through the DECD of $300,000, which will be used for engineering costs. Additionally, the Somerset Economic Development Corp. (SEDC) has authorized a $300,000 loan for the project. The Maine Venture Fund recently invested $3.5 million in the company as part of the Grow Maine program funded through federal State Small Business Credit Initiative funds.

Also at the recent board meeting, FAME approved a renewal of Commercial Loan Insurance on a $2.2 million line of credit from Gorham Savings Bank for American Unagi. American Unagi, which operates in Waldoboro, purchases locally harvested glass eels and grows them to market size for the domestic seafood market. In 2019, FAME approved a FAME Direct Loan of $1 million for the company, as well as 50% pro rata Commercial Loan Insurance on the Gorham Savings Bank line of credit for the purchase and construction of a Recirculating Aquaculture System (RAS). Twelve jobs are expected to be created or retained in Lincoln County by FAME’s financing.

FAME’s Direct Loan provides access to operating capital for startups and existing businesses for most business purposes. Loans up to $1 million may be available if substantial public benefit is demonstrated and sufficient funds are available. FAME’s Commercial Loan Insurance Program insures a portion of a loan to a business made by a participating financial institution or investment firm. For a business, it may mean the difference between obtaining a loan or never getting the opportunity to start a business.

Free Family Financial Wellness Program to Support Families and Caregivers in Building Financial Skills

AUGUSTA –The second half of the school year is underway in Maine and the Finance Authority of Maine (FAME), in partnership with the Consumer Financial Protection Bureau, is supporting more students than ever before throughInvest in ME Reads, a family financial wellness program designed to support parents and caregivers in teaching their kids about money and building early financial skills for life.

Through Invest in ME Reads, Maine public school students in grades two through five receive a collection of educational resources, including free books that include themes of saving, giving, and delayed gratification. Parents and caregivers also have an opportunity to use the materials at home, including conversation starters, tips from experts, information to support college savings, and InvestinMeReads.com, an educational webpage full of fun activities and resources for children and adults.

“You don’t have to be a financial expert to teach your child about money, but we recognize that it is sometimes difficult to know where to begin. We want to support parents and caregivers by providing free resources and activities to begin the conversation,” said Mary Dyer, Financial Education Programs Manager at FAME. Dyer recently was featured on the WGME podcast, Raising ME, where she provided practical tips and advice for starting the money conversation at home. 

Invest in ME Reads helps to support Maine’s statewide goal to produce an educated and skilled workforce. For many Mainers, a lack of financial capability can be a significant barrier to pursuing education and training after high school, which in turn can have an impact on an individual’s ability to seek employment and, ultimately, the strength of Maine’s economy.

Families are also encouraged to share feedback about the program and how it has helped their family at InvestinMeReads.com\survey. 

For more information about how FAME can support your family’s financial goals, please visit the Invest in ME Reads website.

AUGUSTA — The Finance Authority of Maine (FAME) celebrated forty years of business and education success stories and partnerships at its annual meeting and awards event, Showcase Maine, on Thursday, November 16, 2023, at South Portland’s Portland Sheraton at Sable Oaks.

Showcase Maine is FAME’s annual celebration of its successful partnerships with Maine’s business, lending, governmental, and higher education communities. The event featured a reception, including a showcase of exhibits by Maine businesses and educational organizations that partner with FAME. Entertainment was provided by comedian Karen Morgan. Madeline Emery, a sophomore at Kennebunk High School who studies voice at River Tree Arts, performed the national anthem, as well.

“It is through our partners in Maine’s business, lending, governmental, and higher education communities that we are able to help Maine people achieve their business and education goals,” said FAME CEO Carlos Mello. “None of us alone has the breadth, scale, scope, resources, and capabilities to do it alone, but together, as a public-private ecosystem, for the betterment of the businesses and people of Maine, there is nothing we cannot accomplish. The past forty years have been bright, but they pale to what the next forty years hold in store for Maine.”

During its first forty years, FAME supported with its partners nearly 10,000 Maine companies with approximately $2.5 billion in financing, helping to create and retain over 200,000 Maine jobs. In fiscal year 2023 alone, this Maine ecosystem of lenders and economic development organizations supported a quarter of a billion dollars in financing for Maine’s businesses. Since 1990, when it assumed administration of the state’s higher education grant, loan, and loan repayment programs, FAME, along with its partner higher education and workforce development organizations, has awarded over $440 million in grants and loans to over 270,000 Maine students.

This year’s award recipients included:  

• Business at Work for Maine Award – Springworks Farm Maine: Springworks Farm was honored for their success at starting and expanding a unique aquaponics organic lettuce farm to produce a sustainable year-round food source thereby creating jobs and benefitting Maine’s economy. The farm grows over two million heads of lettuce and produces approximately 150,000 pounds of tilapia fish annually. Trevor Kenkel, a Bowdoin College alumnus, started the company in 2014 at age nineteen when he bought a 168-acre farm in Lisbon. By 2021, the company had nearly forty employees and opened its third greenhouse. FAME commercial loan insurance in partnership with a loan by Farm Credit East helped to finance the construction by Springworks of an additional greenhouse at its farm and to provide working capital. The company also will benefit from a Thrive Maine forgivable loan.
• Education at Work for Maine Award – Maine School Counselors: FAME recognized all of Maine’s school counselors for their unwavering and extraordinary support of Maine students throughout the COVID-19 pandemic and beyond. FAME’s college access and financial education outreach team has witnessed firsthand the positive and lasting impact Maine school counselors have on their students. They help students build their confidence, provide a safe space where they can share their dreams and fears, and offer thoughtful and caring guidance to their students as they navigate their educational and personal journeys. The award was presented to representatives of the Maine Counseling Association and the Maine School Counselor Association. 
• Lender at Work for Maine Award (over $1.5 billion in assets)- Camden National Bank: This was the bank’s thirteenth time as an awardee. Over the past year, Camden National Bank partnered with FAME on 59 loans totaling approx. $23 million. This helped to create 100 Maine jobs and retain an additional 386 jobs. One notable transaction on which FAME partnered with Camden concerned Magic Falls Adventures, LLC, a rafting company located in West Forks. The financing helped to create 1 job and retain 20 jobs. The company, now celebrating its thirty-fifth year of operation, specializes in whitewater rafting adventures, including camping and lodging. In addition to being a top partner in stimulating economic development in Maine, Camden National Bank is actively committed to the communities in which it operates. Founded in 1875, the bank encourages employee volunteerism and makes donations to local nonprofits.
• Lender at Work for Maine Award (up to $1.5 billion in assets) – Evergreen Credit Union: Evergreen Credit Union was recognized for the second year in a row in the category for lenders with less than $1.5 billion in assets. Over the past year, FAME partnered with Evergreen Credit Union on 24 loans totaling approx. $8.5 million. This helped to create 43 Maine jobs and retain an additional 205 jobs. One company benefitting from FAME’s partnership with Evergreen Credit Union is MGS Services, LLC, d/b/a Maine GuardSafe, located in Portland and with clients in Maine and New Hampshire. The company offers a wide variety of professional security solutions from event security, corporate security and even construction site security. They also offer patrol services and pride themselves on customizing safety and security needs for their clients. Six jobs were created and 32 were retained as a result of this financing. Evergreen is one of the largest credit unions in Maine, with $508 million in assets as of March 2023. Evergreen proudly serves individuals, families, and local businesses throughout southern Maine. They strive to benefit their neighbors and organizations by donating time and resources, as well.
• Lender at Work for Maine Award (most enhanced partnership) – First National Bank: First National Bank was honored this year for having greatly increased its partnership with FAME on various financing projects. This past year, FAME partnered with the bank on 15 loans to Maine companies totaling approximately $9.3 million. This helped to create 54 Maine jobs and retain an additional 115 jobs. First National Bank partnered with FAME to provide a loan to Boothbay Sea and Science Center. The company provides a community sea and science education center that offers equal and affordable access to the waterfront for youth through sailing, boating, and marine science experiential learning programs, and activities. Boothbay Sea and Science Center aims to inspire individuals to strengthen themselves and their community through the enjoyment of the sea. First National Bank invites customers to become part of their Dream First Community. Members who open a Spark, #E-Chieve, or Inspire checking account are automatically enrolled in the Bank Local, Buy Local, Give Local Dream First Community program. By doing so, members can support local businesses while helping tackle food insecurity here in Maine. Also, when members shop locally with their First National Bank VISA® Debit Card, FNB donates money to local food banks.

Prior to the event, the FAME board of directors held its monthly meeting. The current slate of officers was re-elected to one-year terms. Officers elected for additional one-year terms include: Richard Trafton, Esq. (Chair); Dustin Brooks (Vice Chair); and Rebecca Asen (Treasurer).

FAME is a quasi-independent state agency celebrating its fortieth anniversary in 2023 that provides financial solutions that help Maine people achieve their business and higher education goals. FAME 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 eighth year in a row as one of the Best Places to Work in Maine. To learn more about FAME, please visit www.FAMEmaine.com

Photos by Sharyn Peavey Photography

AUGUSTA – The Finance Authority of Maine (FAME) is pleased to announce that Jennifer Lanphear, FAME’s Education Programs Manager, has been elected President of the National Association of State Student Grant & Aid Programs (NASSGAP). 

NASSGAP, a national non-profit organization, is dedicated to advancing high standards in the management and execution of state-based student grant and aid initiatives. NASSGAP plays a pivotal role in facilitating the development and exchange of information, policy insights, and procedures among member agencies across the nation. This collaborative platform enables state agencies to learn from one another and fosters stronger state aid initiatives to expand higher education access and affordability for students. NASSGAP collaborates with similar associations and with the U.S. Department of Education to address the needs of state workforce shortages and enhance student higher education access and affordability.

Lanphear’s tenure as NASSGAP President began October 19, 2023. She previously served as the organization’s president-elect during the 2022-23 academic year. She has been an active and engaged member of NASSGAP for nearly ten years, with seven of those years serving on the Executive Committee.

“The NASSGAP members are an incredible group of people passionate about higher education access and affordability,” said Lanphear. “My association with NASSGAP began in 2014 in my role as FAME’s Customer Service Specialist when my responsibilities included Maine State Grant, data analysis, and responses to any legislative or governor constituent inquiries. I have had the honor of serving on the organization’s executive committee since 2016, in the elected positions of Member-at-Large, Secretary, and President-Elect, as well as the appointed role of Conference Co-chair. FAME’s support of my NASSGAP involvement is much appreciated. I am humbled to have been nominated and elected by my peers as NASSGAP President and proud to represent the great state of Maine.”

Lanphear brings thirty-five years of industry experience in her current role as FAME’s Education Programs Manager, where she provides policy guidance and operational support to FAME management and staff. She manages roughly $117 million in state grant, workforce development, and private education loan funds by partnering with her six-person team. FAME is tasked by the Maine Legislature with administering the state’s higher education grant, loan, loan repayment, and financial aid outreach and education programs. One such program is the Maine State Grant, the state’s need-based grant available to eligible undergraduate students pursuing higher education at Maine’s public and private higher educational institutions. Since 1992, FAME has awarded more than $420 million in need-based grants through the Maine State Grant Program. Over 350,000 grants were awarded during this period. 

Lanphear has been instrumental in launching several new postsecondary financing programs to help more Maine residents afford and achieve higher education and advance Maine’s workforce. One recently launched program is the Maine Health Care Provider Loan Repayment Pilot Program, which was enacted by the Maine Legislature and is geared toward certain healthcare professionals to address critical workforce shortages exacerbated by the COVID-19 pandemic, including, but not limited to, the behavioral health and oral care sectors. 

Lanphear earned a B.A. in Mathematics at the University of Maine and continually improves her skills through additional training. She lives in Manchester with her husband, Harry, who is a director in state government. They have two adult sons, two daughters-in-law, and two grandchildren.

The Finance Authority of Maine (FAME) is a quasi-independent state agency celebrating its 40th anniversary. FAME 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.

Fueling Maine’s Economic Growth by Supporting 10,000 Businesses that Created and Retained 200,000 Jobs

Augusta, Maine – November 28, 2023 – The Finance Authority of Maine (FAME) marks a significant milestone this year as the agency celebrates 40 years of unwavering commitment to supporting Maine’s business community and helping Mainers meet the costs associated with higher education. 

Since its establishment in 1983, FAME has been at the forefront of fostering economic growth, job creation, and education opportunities in the state. In its first four decades, FAME has helped nearly 10,000 Maine companies with approximately $2.5 billion in financing, resulting in the creation and preservation of over 200,000 Maine jobs throughout the state. FAME has been instrumental in helping Maine students and families meet the costs associated with higher education, as well, awarding over $470 million in grants to over 285,000 Maine students. 

“Over four decades, FAME has strengthened Maine’s economy by empowering thousands of Maine people to go to college or to start or expand a business,” said Governor Janet Mills. “FAME has been a critical partner in my Administration’s work to build an economy poised for future prosperity—efforts that have helped to fuel more economic growth over the last four years than during the preceding fifteen. I congratulate FAME on their milestone, and I look forward to our continued work to strengthen economic opportunities for all who call Maine home.”

FAME began its journey in 1983 by working closely with Maine’s lending community to enhance access to funding and bridge gaps in the state’s commercial finance system. Over the years, FAME’s mission has evolved, expanding its scope to meet the diverse financial needs of Maine’s businesses and residents seeking access to affordable higher education. 

Here are some key highlights from FAME’s journey:

Diverse Business Assistance Programs

FAME has offered a wide array of business assistance programs, from traditional loan insurance programs for small and larger businesses to investment tax credits for business investors. The quasi-independent agency also offers taxable and tax-exempt bond financing programs, allowing creditworthy firms in Maine to access capital at favorable rates and terms. 

Creating Brighter Futures for Maine Students

In 1990, the Maine Legislature significantly expanded FAME’s mission by tasking it with responsibility for administering the state’s higher education finance programs. Through various grant, loan, loan repayment, and scholarship programs, FAME helps Maine residents pursue higher education. Some highlights:

• Since 1992, FAME has awarded more than $420 million in need-based grants through the Maine State Grant Program. Over 350,000 grants were awarded during this period.
• FAME’s outreach and counseling programs have encouraged numerous young people to aspire to, plan for, and pursue higher education. This work includes financial aid nights, webinars, FAFSA completion assistance, and financial education tools. 
• FAME proudly administers Maine’s Section 529 education savings program, NextGen 529®. It is a top ten savings plan in the nation, with approximately $13 billion in assets under management. The program provides a $100 initial matching grant to eligible accounts; a $100 grant to eligible beneficiaries with qualifying automatic contributions made directly from a bank account or via payroll deduction; and up to a $300 match per year for those making contributions to their account.
• Since NextGen’s inception, FAME has awarded over $50 million in grants to encourage Maine families to save.
• The Harold Alfond College Challenge (also known as the Alfond Grant) provides a $500 grant to eligible Maine resident babies to be used for future higher education expenses. Over 150,000 Alfond Grants have been awarded to Maine children over the years. This $75 million investment has been leveraged by family NextGen contributions, investment earnings, and FAME matching grants to represent $400 million in education savings for a brighter future for Maine’s children.

Innovation and Flexibility

FAME’s strength lies in innovative, adaptable solutions, making them the preferred resource for businesses and individuals pursuing success in Maine’s evolving economic landscape. 

• FAME’s loan insurance helps to cover a commercial lender’s credit risk. For a business, it may mean the difference between obtaining a loan, going out of business, or never getting the opportunity to start a business. Loan insurance is available for almost any prudent business activity and insures up to 90 percent (100 percent for veterans) of a loan to a maximum FAME insurance exposure for any one relationship of $7.5 million. Since inception, the state has invested approximately $40 million in funding for this program, which in turn has resulted in over $750 million in loan insurance offered by FAME over the years. This insurance has supported approximately $1.5 billion in commercial loans to Maine businesses in partnership with local Maine lenders and has helped to create and retain over 100,000 Maine jobs.

“Maine’s Legislature created FAME in 1983 with a primary purpose to improve economic opportunities for current and future Mainers,” said Dick Trafton, chair of the FAME board of directors. “As sponsor of that law, I am excited and rewarded by FAME’s loans to businesses, grants to students, and partnering with others in Maine’s public sector. As current chairman of FAME’s Board, I believe FAME improves life for most Mainers and will continue to grow its impact.”

FAME’s Impact on Maine’s Business Landscape: Supporting Innovative Companies

MedRhythms: Cutting-edge technology improving Mainers’ health

In recent years, FAME has provided financing for some cutting-edge technology businesses, including MedRhythms, Inc., a digital therapeutics company located in Portland. MedRhythms uses sensors, music, and software to build evidence-based, neurologic interventions to measure and improve walking. FAME has worked with the company to provide various types of financing, including investments made through the Maine Seed Capital Tax Credit Program and the Maine New Markets Capital Investment Tax Credit Program, which helped to finance the costs of developing and executing a commercialization strategy for a stroke rehabilitation digital therapeutic device, as well as additional R & D expenses. The company was awarded funding through the Grow Maine program, as well. MedRhythms was honored by FAME in 2022 with its Business At Work for Maine award.

Standard Biocarbon: Biochar production, a new High-Growth, Clean, Sustainable Industry

FAME partners well with other economic development finance entities at the state and local level. One example is the partnership between FAME, Coastal Enterprises, Inc., and the Maine Technology Institute to provide $2.5 million for Standard Biocarbon, Inc.’s first Maine manufacturing facility. Standard Biocarbon is a Maine-based, clean-tech startup producing biochar at industrial scale to supply demand in agriculture, remediation, and materials and to generate carbon removal credits. The financing helped to allow the company to purchase equipment for producing high-quality biochar at its facility in Enfield.

“The support from FAME and other finance agencies, together with investment and encouragement from the broader Maine community, officials, and local forest products industry, has been instrumental in bringing this industry to Maine,” said Fred Horton, co-founder, president, and chief executive officer.

Standard Biocarbon supplies biochar for use in agriculture, environmental remediation, and emerging applications in composite building materials and pavement. Studies have shown biochar to be effective for remediation of PFAS “forever chemicals” and heavy metals. Biochar does not degrade in nature, so carbon content is captured for thousands of years where biomass, whether burned or left to rot, soon releases all of the carbon back to the atmosphere. Biochar has emerged as a highly efficient, durable, economical, and scalable carbon dioxide removal technology.  

Empowering Entrepreneurship and Thriving Business Growth: Quoddy’s Success Fueled by FAME Support

Quoddy, a Maine-based footwear company, came under the ownership of Kristen and Kevin Shorey in 1997. Their entry into the industry stemmed from their background as retailers on a mission – they could not locate Maine-made shoes within the state, so they took the step of crafting their own. As their vision rapidly outgrew their original space in Washington County, they set their sights on joining the ranks of fellow shoemakers in Lewiston, a long-time hub for this traditional Maine industry. 

“FAME has been an invaluable partner in our journey to revive and expand Quoddy,” said Kevin Shorey, President of Quoddy Inc. “Their financial assistance, especially during our move to Lewiston, has been a game-changer for our business. Without FAME’s support, we wouldn’t be where we are today. They’re not just a lender; they’re a true partner who understands our business and helps us thrive. Their commitment to Maine’s small businesses, like ours, is vital for our state’s economy.”

Quoddy worked with FAME several times, the first in 1997 so they could move their business from Washington County to Lewiston, again in 2004, 2010, and 2018. From purchasing additional machinery to hiring more people, Shorey said they would not have been able to grow into the multi-million-dollar company that they are now, hiring dozens of people over the years. 

“There’s no reason not to partner with FAME,” Shorey added. “They understand your business, they’re on your side, and they’re in it for your success. Without FAME, the state of Maine would look dramatically different. Small businesses like ours are what make up the state of Maine and contribute significantly to Maine’s economy, touching the lives of countless people in our state.”

The Journey of Pleasant River Lumber with FAME’s Vital Support

Pleasant River Lumber underwent a significant transformation in 2004 when brothers Chris and Jason Brochu, alongside their family members, acquired the business. Since then, their visionary leadership has elevated the company to become one of Maine’s largest logging enterprises. The company now owns and operates two lumber mills, plus a logging and trucking company, as well as Ware-Butler Building supply, which has fifteen locations across the state. In their pursuit of growth, the Brochu brothers partnered with FAME in 2004, a pivotal moment that marked the beginning of their journey. Today, they proudly own and operate five mills across the state, and their workforce has grown from 75 employees in 2004 to 600, all based right here in Maine. 

“FAME has been an unwavering partner in our journey to success. Their initial support, guaranteeing a portion of our loan, was instrumental in our acquisition of the business back in 2004,” said Chris Brochu, Co-President of Pleasant River Lumber. “With their assistance, we’ve not only sustained the business but thrived. Today, we proudly employ over 600 people, all within the state of Maine. Without FAME’s vital support, our growth and impact on the state’s business landscape would be vastly different. They’ve been a cornerstone in shaping the business climate in Maine, and we are deeply grateful for their partnership.”

Throughout its remarkable 40-year journey, the Finance Authority of Maine (FAME) has been instrumental in shaping the economic, educational, and workforce landscape of Maine. 

“FAME has been a catalyst for economic growth, business expansion, and educational empowerment in the state of Maine,” said FAME CEO Carlos Mello. “We are proud to have played such a crucial role in the success of countless businesses and the pursuit of higher education for so many Maine students. FAME’s legacy is one of support for the people of Maine, and we remain committed to innovating and fostering a prosperous future as we move forward.”

FAME launches resources to help Maine borrowers get ready for repayment restart

Augusta – According to a recent survey conducted by U.S. News & World Report, only 30% of student loan borrowers know when their payments are set to resume, while almost half said they aren’t financially prepared to begin repaying their debt. In Maine, there are 187,100 student loan borrowers with $6.2 billion in student loan debt belonging to state residents. After a three-year pause of payments by the federal government, FAME has launched a Student Loan Repayment Restart online resource to help Mainers prepare for and navigate the repayment process, which starts in October. Federal student loan interest begins accruing September 1, 2023.

“It has been over three years and nine extensions since most borrowers were required to make a payment on their federal student loans,” said Martha Johnston, FAME Director of Education. “In addition, students who graduated during the pandemic have never had to establish the habit of repaying their loans. We hope that these new resources will provide meaningful support to help borrowers prepare and navigate repayment.”           

The new online resource provides information to help borrowers plan for repayment, including key steps that borrowers can take to prepare. For example, borrowers should visit StudentAid.gov to verify their federal student loan servicer, as it may have changed. Once they have confirmed their servicer, they should update their online account and provide current contact information. It is also critical that borrowers pay attention to and respond to any emails or letters from their loan servicer. Most importantly, borrowers who can’t afford their student loan payment or can’t make their payment on time should contact their loan servicer to explore alternative repayment options and loan forgiveness programs, such as Income Driven Repayment and Public Service Loan Forgiveness.

About FAME:

The Finance Authority of Maine (FAME) is a quasi-independent state agency celebrating its 40^th anniversary. FAME 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.