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 interest. Interest does not begin to accrue until 6 months following completion of the loan recipient’s education, withdrawal from school or discontinuance in school.

[PL 2015, c. 435, §1 (NEW).]

Terms Used In Maine Revised Statutes Title 20-A Sec. 12924

  • Authority: means the Finance Authority of Maine. See Maine Revised Statutes Title 20-A Sec. 12921
  • Principal: means the person who supervises the operation and management of a school and school property as determined necessary by the superintendent under policies established by the school board. See Maine Revised Statutes Title 20-A Sec. 1
  • STEM student: means an undergraduate or graduate student who is a resident of the State and is engaged in the study of science, computer science, technology, engineering or mathematics at an accredited institution of higher education eligible to receive federal assistance under a federal student assistance program authorized under the federal Higher Education Act of 1965, Title IV and has been selected by the authority pursuant to section 12922 to receive a loan. See Maine Revised Statutes Title 20-A Sec. 12921
2. Term of loan. Loans must be repaid over a term no longer than 10 years, except that the authority may extend a loan recipient’s term as necessary to ensure repayment of the loan.
Repayment must commence within 6 months following completion of the loan recipient’s education, withdrawal from school or discontinuance in school.

[PL 2015, c. 435, §1 (NEW).]

SECTION HISTORY

PL 2015, c. 435, §1 (NEW).
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