Section 18-3009 – Reports
(a) At the end of each fiscal year, UMBC shall prepare an annual report that includes an accounting of all financial receipts and expenditures that relate to the Program. (b) UMBC shall submit a copy of the report to the General Assembly in accordance with § 2–1257 of the State Government Article.
Section 18-3401 – Definitions
(a) In this subtitle the following words have the meanings indicated. (b) “Higher education loan” means any loan for undergraduate or graduate study that is obtained for tuition, educational expenses, or living expenses from: (1) A college or university, government, or commercial source; or (2) An organization, an institution, an association, a society, or a corporation that is exempt […]
Section 18-3010 – Funding
The Governor annually shall include funds in the State budget for: (1) The reimbursement of internship stipends under this subtitle; and (2) UMBC to administer the Program.
Section 18-3101 – Authority Established
(a) In accordance with this subtitle, Montgomery County is authorized to create a body corporate and politic to be known as the Montgomery County Student Loan Refinancing Authority. (b) The purpose of the Authority is to provide a system of financial assistance consisting of affordable grants, loans, and other aids to enable Montgomery County residents, graduates of […]
Section 18-3102 – Prerequisites to Establishing Authority
(a) Before Montgomery County may establish the Montgomery County Student Loan Refinancing Authority, the county shall: (1) Study aspects of implementing the Authority in accordance with State and county law, including: (i) Performing a feasibility and demand study; (ii) Assessing the potential benefit to recruitment and retention of county and school system employees; and (iii) Studying the operation of similar […]
Section 18-3103 – Requirements for Authority
(a) If Montgomery County establishes the Montgomery County Student Loan Refinancing Authority, the Authority shall meet the requirements of this section. (b) The Montgomery County Student Loan Refinancing Authority shall be subject to: (1) The Montgomery County public ethics law; and (2) The Open Meetings Act under Title 3 of the General Provisions Article. (c) If the Montgomery County Student […]
Section 18-3201 – Definitions
(a) In this subtitle the following words have the meanings indicated. (b) “Foster care recipient” means an individual who was placed in an out–of–home placement by a state’s or unit of a state government’s department of social services for 3 years or more. (c) “Higher education loan” means any loan for undergraduate or graduate study that is obtained […]
Section 18-3202 – Maryland Loan Assistance Repayment Program for Foster Care Recipients
(a) There is a Maryland Loan Assistance Repayment Program for Foster Care Recipients in the State. (b) The Office shall assist in the repayment of higher education loans owed by a foster care recipient who: (1) Is employed for a minimum of 20 hours per week by the State or a county or municipality of the State; (2) Received […]
Section 18-3203 – Amount of Award
(a) Subject to the availability of funds appropriated under subsection (b) of this section, the award amount under the Program shall be equal to the lesser of: (1) $5,000; or (2) 10% of the eligible individual’s total higher education loan debt for each year the individual qualifies for the Program. (b) The Governor annually shall include an appropriation of […]
Section 18-3204 – Term of Award
(a) Each recipient of an award under the Program may hold the award for 3 years if the recipient: (1) Continues to meet the qualifications specified under § 18–3202 of this subtitle; and (2) Signs an agreement at the time of the award to remain employed by the State or a county or municipality of the State for […]