Schools can now view their eligible students in EPIC for the  2010-2011 academic year for all programs.

 

All schools should have requested payment for the spring semester so that the end of year reconciliation process can begin.

 

The following application deadlines are approaching:

 

  

The Second Regular Session of the 124th Maine Legislature adjourned sine die Monday, April 12, 2010.  The "short session" is limited to budgetary matters, emergencies and necessary agency bills, so fewer bills - 423 compared to 1,496 during the First Session - were considered by lawmakers.  Regular bills and resolves become effective July 12, 2010, ninety days after adjournment.  
           
The overall tone of the session was bipartisan, which was a welcome surprise in an election year beset by budgetary problems.  Members agreed by a two-thirds vote to enact a supplemental budget that included further cuts to FAME's student financial assistance programs ($511,582).  A scaled-back bond package was ultimately approved by two-thirds majorities, as well, and most of these initiatives will appear on the June ballot (a dental school bond question will be on November ballot).  No gubernatorial vetoes were exercised this session.
 
FAME underwent a successful Government Evaluation Act review before its oversight committee, the Business, Research, and Economic Development (BRED) Committee.  The eight-year review, required by law of all state agencies, involved a lengthy report and presentation that was well-received.

 

Below are brief summaries of some FAME-related higher education measures that were enacted into law during the latest session:
 
LD 1671 - An Act Making Supplemental Appropriations and Allocations for the Expenditures of State Government, General Fund and Other Funds, and Changing Certain Provisions of the Law Necessary to the Proper Operations of State Government for the Fiscal Years Ending June 30, 2010 and June 30, 2011:  Among other things, cuts $511,552 in Fiscal Year 2010-11 from FAME's student financial assistance programs.
 
LD 352 - An Act to Encourage Veterinary Practice in Maine and Make Revisions to Related Medical Education Programs Administered by the Finance Authority of Maine:  FAME worked closely with Senate President Libby Mitchell and stakeholders to improve this bill carried over from the First Session.  It establishes the Maine Veterinary Medicine Loan Program at FAME, which, when funded, would feature two forgivable loans per year for veterinary students and would promote veterinarian practice for livestock in areas that are insufficiently served.  The law also makes changes to the Health Professions Loan Program by changing forgivable loans to zero or low-interest ones.  It also eliminates the Access to Medical Education program in view of the changed medical school landscape in Maine.
 
LD 1296 - An Act to Strengthen the Job Creation Through Educational Opportunity Program:  Sponsored by Opportunity Maine, the original bill amended certain portions of the existing tax credit for student loan reimbursement.  FAME helped bring stakeholders together to simplify the program and make it easier on schools and students.  The Department of Education will inform schools of the program and their obligations under it, and Maine Revenue Services will annually determine the principal cap and benchmark loan payment amounts and provide schools with data necessary to document students' eligibility for the program.  It further requires the Tax Assessor and the Department of Education to provide institutions with information about the program on their websites.  FAME will continue publicizing the program through existing resources.
 
LD 1677 - An Act to Protect Minors from Pharmaceutical Marketing Practices:  Repeals last year's law prohibiting certain data collection and marketing to minors, which affected schools and FAME, among others.  New law narrowly tailored to prohibit pharmaceutical marketing to minors.

 

The FAME Board welcomes eight "new" members as a result of the Governor and Legislature's actions this session:   

 

Current Board chair Glenn Lamarr's re-nomination was withdrawn until a later date to accommodate a scheduling conflict.  Although able to continue on the Board, he likely will be confirmed during a special session in the fall.

 

On April 19, 2010, Democratic lawmakers introduced a bill, the Fairness for Struggling Students Act of 2010 that would allow private student loans to once again be dischargeable through bankruptcy.  This legislation would reverse changes that were made to bankruptcy laws five years ago.  Before 2005, the only loans non-dischargeable through bankruptcy were federal student loans and private loans whose funding was primarily provided by non-profit institutions.
 
The bills introduced in the two chambers of the U.S. Congress differ slightly:

In recognition of financial literacy month, FAME staff have been busy traveling to middle schools, high schools and colleges in Maine to provide money management tools and tips. 

 

One of our most notable events was at Lewiston Middle School's "Kick Start" program.  Over three days, we conducted six sessions of the Get A Life game and worked with 300 seventh grade students as they explored the relationship between higher education and earning potential. Most importantly, the game encouraged conversation among students regarding career goals and aspirations, while emphasizing the importance of making the right choices in order to have as many options in life as possible. 

 

So far this month, we have provided financial literacy and college access information to more than 700 students, participated in three college fairs and attended the Maine Counselors Association annual conference.  We still have several more events scheduled for this month!

 

For more information on FAME's outreach efforts or to schedule an event at your school, contact Angela Dostie.

 

For the past several months, Mary Dyer has served on a planning committee sponsored by the Department of Professional & Financial Regulation and the Maine Jump$tart Coalition to develop an exciting event for educators, administrators, counselors and others committed to supporting youth financial literacy in Maine schools and beyond.

 

"Fostering Financial Literacy in Maine Schools: Best Practices, Innovative Approaches" will be held on May 7 at the Augusta Civic Center. This day-long summit will be packed with information and curriculum resources designed to help Maine students become financially capable adults.

 

Visit Maine Jump$tart for more information.

 

FAME is excited to announce the creation of a Money Management Tool Kit, designed to provide valuable money management information to high school, college and adult students. This new publication focuses on an eight-step approach to financial success, covering topics such as, setting goals, budgeting, reducing expenses, savings and many more!

 

Copies of this new publication were sent to each financial aid office.  If you would like additional copies, you can order them online. 
 

Representative Melissa Bean (IL-08) introduced legislation on April 15, 2010 that would give families the option to use their 529 college savings accounts to afford higher education.  The College Savings Flexibility Act would temporarily expand allowable uses of 529 college savings accounts to include student loan repayment.  Many families who saved for college using a 529 plan experienced unprecedented losses between 2007 and 2008; this legislation would give families the choice to use 529 funds to repay student loans, thereby allowing accounts time to recover value.  Bean's Bill has been endorsed by the National Association of Financial Aid Administrators.
 

NextGen has topped $5 billion in assets.  NextGen continues to be a flexible, high-quality investment tool for families to prepare for college expenses.  With over $100 million of Maine resident assets invested in NextGen, the program is living up to its promise of improving access to higher education for Maine students.  Hitting the $5 billion mark is an important milestone and reflects the program's position as the fifth largest plan in the nation.