Alfond program will ease loan burden for STEM professionals who stay in Maine
PHOTO / Amber Waterman
Bruce Wagner, CEO of the Finance Authority of Maine, is on the advisory committee for the new Alfond Leaders student loan debt relief program that was launched on Tuesday.
The Harold Alfond Foundation announced Tuesday a new statewide student loan repayment program called Alfond Leaders, which is designed to provide student loan debt relief for Maine residents who are employed by a Maine-based business in the STEM-related fields of science, technology, engineering and mathematics.
The program will be administered by the Finance Authority of Maine and will assist Maine employers in attracting and retaining talented STEM professionals by providing student loan debt relief of up to $60,000 per recipient. The grants will be awarded through a competitive application process with the goal of selecting approximately 150 Alfond Leaders over the next three years.
The announcement was made by Harold Alfond Foundation Chairman Greg Powell at the historic Hains Building in downtown Waterville.
“It’s no accident that we are unveiling this statewide program from this renovated, downtown building in the city of Waterville,” Powell said in an announcement. “Thanks to the leadership of Colby College, the investment of global tech company CGI, and the commitment of hundreds of other businesses and individuals, Waterville is now officially on the road to a renaissance. By attracting and supporting a vibrant STEM workforce, Alfond Leaders wishes to support and replicate the revitalization unfolding in this city to other cities and towns across Maine.”
CGI President of U.S. operations David L. Henderson added: “Supporting STEM employees is a vital part of our commitment to building a skilled workforce that can contribute to technological innovation while revitalizing communities that are evolving for the digital age.”
Helping to grow Maine's workforce
“FAME works at the nexus of economic and workforce development, this is exactly the type of innovative program that will help Maine move forward in the global economy,” said Bruce Wagner, CEO of FAME. “There is a lot of energy and strategic action occurring to both grow the number of workers in Maine, as well as the percent of those with a higher education credential. This is the right kind of program to stimulate progress in that direction.”
Last June, Bill Norbert, governmental affairs and communications manager for FAME, told Mainebiz that, according to Maine Department of Labor estimates, the number of STEM jobs "will rise nearly three times the rate for all occupations in the 10-year period from 2012-2022, or 6.5%.
The expected increase in STEM jobs is projected to be 6,800 and will account for 46% of expected net job growth. Currently, STEM jobs make up 11.8% of all employment in Maine, placing us 31st in the nation."
The Alfond Leaders program will provide student loan debt reduction payments of up to $60,000 per recipient, to a select group of qualified individuals. Applicants will be recruited from across the nation and internationally, and current Maine residents are eligible and encouraged to apply.
An Alfond Leaders Advisory Committee will assist in the selection of applicants and will recommend a slate of candidates.
WEX President and CEO Melissa Smith, who will serve as chairwoman of the advisory committee, said the committee will guide “the selection of Alfond Leaders to help fill specific needs in occupations that are in short supply of qualified professionals, as well as help to meet needs in certain geographical regions of Maine.”
When the Maine economy is strong,” she added, “it benefits all employers and their employees, and I look forward to being part of that effort. As a global organization headquartered in Maine, being able to attract and retain highly-skilled professionals to fill our STEM jobs is critical to our continued growth and success.”
Who is eligible?
To qualify, applicants must be:
- 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.
- An applicant must have a higher education degree or certificate.
- An applicant must have outstanding student loan debt.
- Candidates must submit an application, including a written essay and resume, a statement of intent to live and work in Maine for 10 years; an employment certification by a Maine-based employer; and disclosure of the amount, source, and terms of the student loan indebtedness.
- Those selected to become Alfond Leaders will receive debt reduction payments made on their behalf, paid in two disbursements after five and ten years, respectively, of qualifying employment.
To learn more about the program or to apply, go here.
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