First let me say THANK YOU from all of us at FAME for taking time to brainstorm a logistical solution to processing reductions for the State of Maine Grant spring disbursements while keeping the student impact of this change to a minimum.
After much lively brainstorming here is where we all landed:
- All full-time (FT) spring awards for new and returning students will be reduced by $60 for both public and private colleges;
- Public schools may make new spring awards for eligible FT students at an amount of $540;
- Private schools may make new spring awards for eligible FT students at an amount of $665;
- Fall disbursements will not need to be adjusted.
To accommodate both the technological needs of FAME and our school partners, the reduction to spring awards for returning students will be done as follows:
- FAME will make no adjustment to the state grant system, i.e. spring “awards” will show at their original amount ($600 for public and $725 for private);
- Schools will adjust their financial aid management systems (FAMs) for returning students to show a $60 reduction to their spring semester award ($540 for public and $665 for private);
- Schools will make FT spring awards for eligible new students in their FAMs system at the reduced amounts ($540 for public and $665 for private);
- When a school requests payment for a spring disbursement at the reduced amount, FAME’s system will accept the lower amount than what shows on the state grant system, i.e. this process would mimic the way a school might process a lesser disbursement in the case of an over-award.
Communications to students:
- FAME will contact directors of financial aid regarding student communication options for each of their respective institutions in a separate e-mail.
Please let me know if you have any additional questions or concerns.
Martha
Martha H. Johnston
Director of Education Products and Relationships
Finance Authority of Maine
P.O. Box 949
5 Community Drive
Augusta, ME 04332-0949