MMA President's Watch
MMA President
DR. WILLIAM J. BRENNAN
Affordabilityisoneofthepressingissues ships,makingitpossibleforstudentstocometo fulvalueoftheireducationandproceedinto
we face consistently at Maine Maritime
MMA and to graduate with less debt.
well-paying careers. We are committed to positive
Academy. The Board of Trustees confronts
Student debt in America has skyrocketed in the
career outcomes for our students. According to
the need to balance the budget annual y, while
past decade. According to Bloomberg News, "Stu-
the White House's online college scorecard of ev-
minimizing increases in tuition and fees. We
dent loans have eclipsed credit cards to become
ery college in the country, our graduation rate is
operate in a very conservative fiscal fashion so
the second-largest source of outstanding debt in
very high, while our default rate on loans is very
that any qualified student who wants a Maine
the U.S., after mortgages. Since 2007 the federal
low and our costs are below the national average.
Maritime education can afford to attend.
student loan balance has more than doubled, to
When viewed in terms of our placement rate into
We struggle to maintain affordability, due, in
almost $1.2 trillion from $516 billion." (Kitro-
jobs within our students' career fields, Maine
part, to the kind of education we provide. our
eff, Natalie. "The Lawsuit Machine Going After
Maritime Academy provides significant value for
specialized curriculum, advanced labs and simu-
Student Debtors." Bloomberg Businessweek, 3
our students, and for their families.
lators, and highly trained and experienced faculty
June 2015.)
We're striving for this balance of providing
al contribute to a distinct and unique experience,
one bright spot in this news is that MMA
value while staying affordable. Alumni are at the
but the cost is prohibitive for many families. A
grads, who have higher-than-average debt, can
center of our success. When I think of how we
significant portion of our student families seek
obtain jobs with an average starting annual com-
add value for our students and their families,
several types of financial assistance, including
pensation package of $100,000-plus. This means
our alumni always come to mind because you
federal and private loans, to help defray expenses.
that alumni can pay off their debt more quickly
help students obtain cadet-shipping billets and
In fact, 87 percent of students in the class of 2014
and default less frequently on their loans (see p.
co-op experiences. But, I don't know how many
borrowed money in order to achieve their degree
32 ). The additional days of instruction that are
in our community realize that MMA alumni are
at MMA.
the hallmark of an MMA education--hands-on
also directly impacting the lives of our students
Scholarships are another way that families seek
training aboard commercial vessels, accruing
by making it financial y possible to obtain a
support, and they are more important than ever
sea time, cooperative education experience,
degree here. Please take a look at the article on
before to our students. In this and the next issue
leadership training--increase costs, but they also
p. 32 about scholarships, and be sure to read the
of the Mariner, we wil focus on scholarships to
provide advantages to our graduates. over the
student profiles in the next issue of the Mariner.
highlight the impact our alumni are having on
past several years we have consistently placed in
MMA alumni are enriching students' lives at
the Maine Maritime community. Alumni give
excess of 90% of our grads in their career fields
the Academy, and that is success worth writing
back generously, and many are directly support-
within 90 days of graduation.
about.
ing students by establishing endowed scholar-
We must ensure that our graduates receive the
mainemaritime.edu
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