Maine § 20-A §12005 Agreement for osteopathic loan students after July 1, 1981 and prior to January 1, 1993

Maine Statutes

§ 20-A §12005 — Agreement for osteopathic loan students after July 1, 1981 and prior to January 1, 1993

Maine·Title 20-A EDUCATION·Part 5 POST-SECONDARY EDUCATION·Ch. 423 LOANS FOR CANDIDATES FOR PRACTICE OF OSTEOPATHIC MEDICINE

1.Agreement. Any osteopathic loan student commencing professional education on or after July 1, 1981 and prior to January 1, 1993 shall, as a condition precedent to receiving the loan, enter into an agreement with the authority stating that following completion of professional education including internship, residency, fellowship, obligated public health service or obligated national service the student will pay the State an amount of money equal to the loan received.

2.Repayment. This amount is payable at 9% simple annual interest over a period not to exceed 10 years; however, students may extend the repayment period by one to 10 years with the approval of the chief executive officer for a total repayment period not to exceed 20 years. These payments commence at such time as the student

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1.
Agreement.
Any osteopathic loan student commencing professional education on or after July 1, 1981 and prior to January 1, 1993 shall, as a condition precedent to receiving the loan, enter into an agreement with the authority stating that following completion of professional education including internship, residency, fellowship, obligated public health service or obligated national service the student will pay the State an amount of money equal to the loan received.
2.
Repayment.
This amount is payable at 9% simple annual interest over a period not to exceed 10 years; however, students may extend the repayment period by one to 10 years with the approval of the chief executive officer for a total repayment period not to exceed 20 years. These payments commence at such time as the student concludes professional education under rules adopted by the authority.
3.
Deferment.
Any student who has received a loan under this section who, during the repayment period, either returns to a Maine practice and then leaves the State or initially remains out of state and then returns to a Maine practice may seek a deferment of the annual principal and interest payments while outside the State for a period of time not to exceed 3 years. Interest must be assessed during this time and the student's total debt to the authority, including principal and interest, must be repaid either through return service or cash payments within 10 years from the date that marks the beginning of the repayment period. Requests for deferments must be made to the chief executive officer, who shall make a determination on a case-by-case basis. The decision of the chief executive officer is final.
4.
Forgiveness.
Any student who, upon the conclusion of the student's professional education, including, if applicable, internship, residency, fellowship, obligated public health service and obligated national service as defined in section 11802, subsection 7, elects to serve as a practitioner of osteopathic medicine in a designated, underserved area, as determined by the Commissioner of Health and Human Services and as defined in section 11802, subsection 6, in the State is forgiven 25% of the original outstanding indebtedness for each year of that practice.

Maine § 20-A §12005 (Agreement for osteopathic loan students after July 1, 1981 and prior to January 1, 1993) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

PL 1981, c. 693, §§5,8 (NEW). PL 1985, c. 756, §§1-3 (AMD). PL 1989, c. 698, §30 (AMD). PL 1989, c. 700, §A62 (AMD). PL 1991, c. 612, §§10,11 (AMD). PL 1991, c. 832, §9 (AMD). PL 2003, c. 689, §B7 (REV).