Loans made or insured under this chapter must be either student loans or consolidation loans. Loans made or insured under this chapter are available only to or for the benefit of a resident of the State or an individual attending an institution of higher education in the State who: [PL 2015, c. 103, §2 (AMD).]
1. Graduated. For a student loan, has graduated from an approved secondary school, matriculated at a postsecondary school prior to high school graduation or successfully completed a high school equivalency diploma or its equivalent;

[PL 2015, c. 103, §2 (AMD).]

Terms Used In Maine Revised Statutes Title 20-A Sec. 11460

  • Authority: means the Finance Authority of Maine. See Maine Revised Statutes Title 20-A Sec. 11459
  • Eligible program of study: means a certificate program of at least one year, an associate degree program, a baccalaureate degree program or a graduate degree program. See Maine Revised Statutes Title 20-A Sec. 11459
  • Institution of higher education: means an accredited institution of higher education located within the United States. See Maine Revised Statutes Title 20-A Sec. 11459
  • Secondary school: means that portion of a school that provides instruction in any combination of grades 9 through 12. See Maine Revised Statutes Title 20-A Sec. 1
  • Student loan: means a loan under this chapter to or for the benefit of a student enrolled or to be enrolled in an eligible program of study at an institution of higher education that meets the other requirements of this chapter. See Maine Revised Statutes Title 20-A Sec. 11459
  • Unmet need: means the difference between the total cost of attendance for an academic year at an institution of higher education and the total of all sources of financial assistance, including loans, grants, work-study programs and all other available sources, as determined by the authority by rules adopted in accordance with Title 5, chapter 375. See Maine Revised Statutes Title 20-A Sec. 11459
2. Accepted. For a student loan, has been accepted for enrollment as an undergraduate or graduate student or is in good standing as an undergraduate or graduate student at an institution of higher education in an eligible program of study;

[PL 2015, c. 103, §2 (AMD).]

3. Application. Has applied for a loan under the program and has provided or caused to be provided all information determined necessary by the authority in order to determine eligibility;

[PL 2013, c. 34, §5 (AMD).]

4. Unmet need. For a student loan, has been determined by the authority to have an unmet need for financial assistance that, if not met, will prevent the student from attending the institution of higher education of that student’s choice;

[PL 2015, c. 103, §2 (AMD).]

5. Residency. Meets the state residency or, for a student loan, school attendance requirements that may be established by the authority by rule;

[PL 2015, c. 103, §2 (AMD).]

6. Loan repayment. Has been determined by the authority to have a reasonable prospect of being able to repay the loan. In appropriate cases, the authority may allow repayments to be deferred and subordinated to repayment of other student loans for such period of time as may be necessary for the borrower to be able to afford to repay the loan; and

[PL 1991, c. 824, Pt. A, §35 (NEW).]

7. Minimum academic progress. For a student loan, is making satisfactory academic progress in accordance with the standards of that institution of higher education.

[PL 2015, c. 103, §2 (AMD).]

SECTION HISTORY

PL 1991, c. 824, §A35 (NEW). PL 2013, c. 34, §5 (AMD). PL 2015, c. 103, §2 (AMD).
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