§12921. Definitions As used in this chapter, unless the context otherwise indicates, the following terms have the following meanings. [PL 2015, c. 435, §1 (NEW).] 1. Authority. “Authority” means the Finance Authority of Maine. [PL 2015, c. 435, §1 (NEW).] 2. Fund. “Fund” means the Maine Science, Technology, Engineering and Mathematics Loan Fund […]
§12922. Maine Science, Technology, Engineering and Mathematics Loan Program The Maine Science, Technology, Engineering and Mathematics Loan Program is established to increase the number of students in this State pursuing undergraduate and graduate degrees in the fields of science, computer science, technology, engineering and mathematics. The authority shall provide loans in amounts up to $7,500 […]
§12923. Maine Science, Technology, Engineering and Mathematics Loan Fund 1. Fund established. The Maine Science, Technology, Engineering and Mathematics Loan Fund is created as a nonlapsing, interest-earning, revolving fund to carry out the purposes of this chapter. [PL 2015, c. 435, §1 (NEW).] 2. Funds. The authority may receive, invest and expend on behalf […]
§12924. Loan agreement; repayment A STEM student applying for a loan under section 12922 shall enter into an agreement with the authority that includes the following provisions. [PL 2015, c. 435, §1 (NEW).] 1. Principal; interest. Upon completion of postsecondary education, the STEM student shall repay the entire principal of the loan plus simple […]
§12925. Default If a recipient of a loan under the program agrees to live and work in the State or be employed in the field of science, computer science, technology, engineering or mathematics and that recipient does not remain living and working in the State or does not remain employed in such a field, the […]
§12926. Deferments The authority may grant deferments on the repayment of a loan under the program for causes established by rule. Interest at a rate to be determined by rule of the authority may be assessed during a deferment. The student’s total debt to the authority, including principal and interest, must be repaid. The authority […]
§12927. Administration; rules The authority shall administer the program and the fund. The authority shall adopt rules to carry out the purposes of this chapter. Rules adopted pursuant to this section are routine technical rules pursuant to Title 5, chapter 375, subchapter 2‑A. [PL 2015, c. 435, §1 (NEW).] SECTION HISTORY PL 2015, c. […]
