Rep. Grohman Introduces Governor’s Bill for Student Loan Relief

 Independent State Representative Martin Grohman of Biddeford will introduce a Governor’s bill later today that will provide significant debt relief for students and work towards retaining young people in Maine.  LD 1834 is "An Act To Authorize a General Fund Bond Issue To Provide for Student Loan Debt Relief”.  Rep. Grohman said, “This approach would give Maine businesses a powerful tool to attract and retain in the state recent college graduates.” 

According to the Project on Student Debt, the average student loan indebtedness for a Mainer is $31,295.  This ranks Maine as eighth-highest in the nation.

 Grohman said, “This is a critical problem and it’s getting worse. That’s why, together with Governor Paul LePage, I am proposing legislation that would authorize a $50 million general obligation bond to offer zero percent student loans, as well as loan refinancing. This is not loan forgiveness, and eligibility would be tied to living and working in Maine. But if you are from another state and move here to live and work, you would be eligible for the loan consolidation-refinancing portion of the plan. The program would be administered by the Finance Authority of Maine (FAME). I look forward to working with my colleagues in a bipartisan manner to implement this bold plan as soon as possible.”