Alfond Leaders Student Debt Reduction Program
Established in 2016 with founding support from the Harold Alfond Foundation, the Alfond Leaders Student Debt Reduction Program seeks to identify high-quality STEM workers and, using the promise of student debt reduction (of 50% of an individual’s student debt, up to $60,000 per person), incentivize them to live and work in Maine. The program is administered by the Finance Authority of Maine (FAME), and Foundation grant funds for this initiative are paid to FAME Leaders, Inc.
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Established with founding support from the Harold Alfond Foundation, the ground-breaking Alfond Leaders Student Loan Debt Reduction 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.
Alfond Leaders may qualify for loan repayment up to half of their outstanding student loan balance at the time of application to the program, not to exceed $60,000. Awards are paid in two installments; the first installment will be paid after three years of qualifying employment and the second installment will be paid after an additional three years of qualifying employment.
The Harold Alfond Foundation has committed nearly $5.5 million to the program and anticipates it will award at least 150 recipients up to $60,000 in college debt relief per person. Through the program’s first two years of operations, 133 Maine STEM workers have been selected as ‘Alfond Leaders’. The Alfond Leaders program is administered by the Finance Authority of Maine.
To learn more or to apply, visit: AlfondLeaders.org
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