AUGUSTA — New Ventures Maine staff are offering free student loan repayment counseling in addition to classes and coaching in financial education.

Counseling is for individuals who are struggling to repay student loans or:

• Have a loan that is past due or in default;

• need assistance choosing a repayment plan;

• want to learn about debt consolidation; and

• have questions about loan forgiveness programs.

Individuals can schedule a repayment counseling session in person, online via Zoom, or by phone by contacting NVME at 207-621-3440 or info@newventuresmaine.org.

Counseling also will include information related to taxes, such as determination of eligibility for the Maine Student Loan Repayment Tax Credit. Individuals paying off student loans may be eligible for a credit of up to $2,500 annually when all of the following apply:

• They earned an associate, bachelor’s, or graduate degree after 2007 from an accredited Maine or non-Maine community college, college, or university;

• they have a certain amount of earned income;

• they live in Maine; and

• they file a Maine individual income tax return.

The new free service is made possible in part by a grant from the John T. Gorman Foundation.

Five NVME staff, experienced in providing financial education, completed training with the Institute of Student Loan Advisors in order to provide student loan borrowers with student loan repayment options such as income-based repayment plans and public service forgiveness plans.

 

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