Through the Alfond Leaders Student Debt Reduction Program, qualifying participants have the ability to qualify for up to $60,000 in student loan repayment assistance. This program focuses on students who work in the STEM program. STEM (Science, Technology, Engineering, and Math) are the sectors you will need to be in in order to qualify for this program. This program is only available to residents of Maine but has some great perks for those residents. To find out more about how to qualify for this program, check out the eligibility section below.
This program specifically is designed for Maine residents but you do need to meet some additional requirements. These requirements include the following:
- Applicants must have a higher education degree or certificate
- Applicants must have outstanding student loan debt
- 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. (For a list of STEM occupations click here)
- Preference may be given to applicants working full-time in certain STEM occupations as determined by FAME in cooperation with the Alfond Leaders Advisory Committee.
How much should be expected through his award?
Within the Alfond Leaders Student Debt Reduction Program, you may qualify for up to $60,000 in assistance. The awards are paid through two installments, the first installment will be available after servicing five years of qualifying employment. The second installment will be paid after an additional five years. To find out all of the information regarding this repayment program please head here.
What Loans Qualify?
The following loans qualify for this program:
- Undergraduate Student Loans
- Graduate Student Loans
- Consolidated Student Loans (debt must consist of only education expenses)
- Refinanced Student Loans (debt must consist of only education expenses)
*Please note that Parent Loans (including Parent PLUS Loans) are not eligible for this program.
How to apply?
Applying for the Alfond Leaders Student Debt Reduction Program is a fairly simple process. With this program, they accept applicants at two times per year, once in the spring and once in the fall. The dates that you need to keep in mind are September 15th – November 15th, 2018. In order to apply for this program you will need to provide the following three items:
- Official College Transcript
- Most recent statements of all outstanding student loan debt
You can complete the online application here. Note that in the event that you are a finalist chosen for this program, you may be required to do an interview. Additionally, there may be a requirement to provide employment certification to complete the required eligibility requirements.