Maine Revised Statutes Title 20-A Sec. 12506 – Payment provisions
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Terms Used In Maine Revised Statutes Title 20-A Sec. 12506
- Authority: means the Finance Authority of Maine. See Maine Revised Statutes Title 20-A Sec. 12501-A
- Duly enrolled: means , for an undergraduate, enrolled full-time and, for a graduate student, enrolled at least part-time at an institution of higher education, as evidenced in a form satisfactory to the authority. See Maine Revised Statutes Title 20-A Sec. 12501-A
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Year: means a calendar year, unless otherwise expressed. See Maine Revised Statutes Title 1 Sec. 72
Payment of loans shall be made directly to the institution for credit to the student’s account and be made within 60 days following evidence that the student has become duly enrolled at the post-secondary institution. [PL 1983, c. 859, Pt. F, §§1, 2 (NEW).]
These loans must only be used to substitute or replace the family contribution or interest-accruing loans. A loan recipient may not receive student financial assistance in excess of the cost of attendance. [PL 2003, c. 427, §9 (AMD).]
If a recipient of a loan withdraws from an institution and if the student is entitled to a refund of tuition, fees or other charges, the institution shall pay directly to the authority from that refund a sum which represents the portion of the loan paid to the student for the portion of the academic year that the student did not complete. [PL 1989, c. 698, §36 (AMD).]
SECTION HISTORY
PL 1983, c. 859, §§F1,F2 (NEW). PL 1989, c. 7, §O5 (AMD). PL 1989, c. 698, §36 (AMD). PL 2003, c. 427, §9 (AMD).