Video: Michaud Introduces Bill to Allow FAME to Help Maine Students (12-8-11) part of Mike Michaud

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Michael Herman (Mike) Michaud (born January 18, 1955) is the U.S. Representative for Maine's 2nd congressional district, serving since 2003. He is a member of the Democratic Party....

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Michaud Introduces Bill to Allow FAME to Help Maine Students (12-8-11)

WASHINGTON, DC -- Today, Congressman Mike Michaud introduced the "Student Loan Default Prevention Act," which is a bill that would allow the Finance Authority of Maine (FAME) to provide guidance to more than 20000 Maine students annually on their federal loan portfolio. Due to federal student loan origination changes, state-based agencies like FAME have been precluded from working with students on new federal loans since July of 2010. According to The Project on Student Debt's report on the class of 2010, Maine ranks 2nd in the highest average amount of debt ($29983) carried by each graduating student. "For 20 years, FAME has serviced federal loans for Maine students," said Michaud. "While changes recently made to how federal student loans are handled are largely good, they didn't ensure that there was a way for students to receive comprehensive loan counseling services locally. My bill would allow state agencies like FAME to partner with the Department of Education to ensure that our students are getting the best services possible closer to home." The Higher Education Act authorizes state-based and nonprofit guaranty agencies like FAME to provide comprehensive services in support of the Federal Family Education Loan Program (FFELP). Since 2010, no new loans have been originated under FFELP and all new loans have been made under the Federal Direct Loan Program (FDLP), which does not utilize the services of guaranty agencies. "We greatly appreciate Congressman Michaud's <b>...</b>
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