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FAME Update

FAME Update. MASFAA Conference October 17-18, 2011. Today’s Topics. FAME Update. College Access and Financial Education State Education Programs NextGen College Investing Plan Commercial Division. CAFÉ Staff . FAME Update. Jessica Bernier, College Access Counselor

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FAME Update

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  1. FAME Update MASFAA Conference October 17-18, 2011

  2. Today’s Topics FAME Update • College Access and Financial Education • State Education Programs • NextGen College Investing Plan • Commercial Division

  3. CAFÉ Staff FAME Update • Jessica Bernier, College Access Counselor • Joined FAME September 19 • Comes from YCCC Early College for ME • Will cover Western and Southern Maine regions • Angela Dostie, CAFÉ Manager • Mila Tappan, College Access Counselor (Northern and Downeast) • Pam Crate, College Access Counselor for Adult Education • Mary Dyer, Financial Education Specialist

  4. FA101 FAME Update • FA101 – 6th year completed • Signature training • 140 registrants, 125 attendees • Greg Darnieder, keynote speaker • ME Files the FAFSA • One of only two states actively working with high schools to help increase FAFSA filing rates • IL is the other • 58% for 2011 – 2012 • 60% goal for 2012 -2013, 85% goal for 2014-2015 • 90% of those that file a FAFSA attend college within 12 months!

  5. College Access Challenge Grant FAME Update • MCACG competitive sub-grants • Award notifications sent mid-September • Total Dollars Awarded: $675K • Thomas College and Eastern Maine Community College • Check FAMEmaine.com for other projects funded • Challenge ME Grant • Early College Courses or AP Tests • Guidelines • Income • Pursuing high school or GED • Eligible high schools and adult education centers • College Access and Persistence

  6. College Goal Maine FAME Update • Site request form new this year • Sunday, January 29, 2012 • 8 – 10 sites that Sunday • Computer access required • FAFSA labs • Afternoons and evenings January, February, March • 35 – 40 sites • Event format • Sign-in • Surveys • Scholarships

  7. College Access Efforts FY11 FAME Update • Participated in 384 events • Helped complete 728 FAFSAs • Trained 677 counselors and advisors • Conducted 68 Financial Aid Night presentations • 53 during November and December alone • 34,026 Maine citizens attended one of these events and 10,765 participated in a training or workshop.  •  In addition to the events listed above, there were 6 Casting Calls at which 692 applications were completed

  8. Financial Education FAME Update • Financial Literacy Advisory Council • Group of 25+ stakeholders working in ME on financial literacy • FAME assisted in coordinating an inventory of efforts in State • Mary Dyer has been asked to be the President of the Maine Jump $tart Coalition • FAME continues to partner with the Maine Office of Securities to offer the 3rd annual Financial Literacy Summit for Maine Educators – April 26, 2012. STAY TUNED for more information.

  9. Default Prevention & Debt Management FAME Update • Early Intervention Program since inception • 14,255 borrowers enrolled • 12,504 in good standing = 87.7% of enrollees • FAME Cohort Default Rate 6.1% • Held steady from prior year • National average is 8.8% • At-risk students remain FAME focus • High default rates • Low graduation rates • Exploring collaboration in changing landscape • MYF sponsorship discontinued • Salary-Debt calculator on FAME site • Three VFAs submitted by FAME

  10. State of Maine Grant Program FAME Update • 2011 – 2012 holding steady on EFC & projections • 2010 – 2011 • 24,558 students assisted • $15,244,594 ($10,630,340 appropriation) • Stakeholders Study Group Underway • Broad Goal: ensure program is meeting the needs of Maine students • Student centric focus • Persistence and completion • Report to Legislature due December 1 • Statute modifications

  11. State Education Programs FAME Update • GEAR UP Scholarship • Last cohort of students eligible for the GEAR UP scholarship entered college this Fall • No new GEAR UP grants funded in Maine for this round • FAME is preparing for increased CAFÉ demands • John R. Justice Grant Program • Loan repayment program for public service attorneys • Funded by Feds for year two • Expect 15 renewals and 3 new awards

  12. Other State Education Programs Financial Aid Update • Educators for Maine • Maine Health Professions Loan • GEAR UP Scholarship • Doctors for Maine’s Future • Dental Education Loans • Dental Loan Repayment • $5,066,651 awarded in FY11

  13. NextGen College Investing Plan FAME Update • Successful Scholarship Partnerships • 11 $1,000 scholarships annually • Glenburn Elementary School • January 2011 Press Event • Scholarship Criteria Announcement

  14. NextGen College Investing Plan FAME Update • March 2011 – new matching grant programs • Eligible accounts opened after January 1, 2011 • No income restrictions • $200 Initial Matching Grant • $400 NextStep Matching Grant • $50 Automated Funding Grant • Harold Alfond College Challenge • $500 baby grant • 10,000th enrollee in July 2011

  15. Commercial Division FY11 FAME Update • Economic Recovery • Potato Marketing • Agricultural Marketing • Underground Oil Storage Facility • Regional Economic Development Daycare • Energy Conservation • $7.5 million

  16. Commercial Division FY11 FAME Update • $44.5 million in Commercial Loan Insurance (CLI)

  17. Commercial Division FY11 FAME Update • 3,664 jobs created and/or retained • Variety of FAME programs designed to support businesses in Maine

  18. Commercial Division Notables FAME Update • Maine Food Processing Grants • For fishing and agricultural enterprises • FAME awarded $975K • Grants expected to help create and/or retain 165 jobs • State Small Business Credit Initiative (SSBCI) • FAME Collaboration to write and administer this grant • $13.2 million in Federal funding to spur $132 in additional small business lending • Recapitalizing - Regional Economic Development Revolving Loan Programs, FAME’s Economic Recovery Loan Program and Small Enterprise Growth Fund • www.FAMEmaine.com

  19. Customer Service FY11 FAME Update

  20. November 15, 2011 FAME Update • Financial Planning Conference for Maine Professionals • Holiday Inn by the Bay beginning at 9:00 a.m. • Collaboration with NextGen and Maine Office of Securities • Thank you Andrea Cross and Peggy Crawford! • Showcase Maine • Holiday Inn by the Bay beginning at 4:30 p.m. • Bob Doll, Keynote speaker • Senior Managing Director, Chief Equity Strategist and Head of U.S. Large Cap series at BlackRock • BlackRock has $3.66 trillion assets under management • Bob appears regularly on CNBC, Bloomberg and Fox Business News

  21. Questions? FAMEUpdate Finance Authority of Maine 5 Community Drive P.O. Box 949 Augusta, ME 04332 1-800-228-3734 www.famemaine.com/education

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