Maine § 20-A §12122 Maine Veterinary Medicine Loan Program

Maine Statutes

§ 20-A §12122 — Maine Veterinary Medicine Loan Program

Maine § 20-A §12122

Title 20-AEDUCATION

Part 5POST-SECONDARY EDUCATION

Ch. 424-AMAINE VETERINARY MEDICINE LOAN PROGRAM

This text of Maine § 20-A §12122 (Maine Veterinary Medicine Loan Program) is published on Counsel Stack Legal Research, covering Maine primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Me. Rev. Stat. tit. 20-A, § 20-A §12122 (2026).

Text

1.Establishment. The Maine Veterinary Medicine Loan Program is established. The authority shall administer the program. Beginning January 1, 2011 and until December 31, 2022, the chief executive officer shall, as resources allow, award up to 2 loans annually up to an aggregate of 8. Beginning January 1, 2023, the chief executive officer shall, as resources allow, award up to 8 loans annually up to an aggregate of 32. At least half, and no fewer than 2, of the annual loans awarded must be awarded to applicants who have demonstrated a likelihood to practice livestock veterinary medicine in the State unless the authority does not receive enough qualified applicants to meet this requirement, in which case the chief executive officer may award the remaining loans to other eligible applicants.

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1.
Establishment.
The Maine Veterinary Medicine Loan Program is established. The authority shall administer the program. Beginning January 1, 2011 and until December 31, 2022, the chief executive officer shall, as resources allow, award up to 2 loans annually up to an aggregate of 8. Beginning January 1, 2023, the chief executive officer shall, as resources allow, award up to 8 loans annually up to an aggregate of 32. At least half, and no fewer than 2, of the annual loans awarded must be awarded to applicants who have demonstrated a likelihood to practice livestock veterinary medicine in the State unless the authority does not receive enough qualified applicants to meet this requirement, in which case the chief executive officer may award the remaining loans to other eligible applicants. Loans are available to Maine residents enrolled in a school of veterinary medicine.
2.
Application process.
Application for participation in the program must be made directly to the authority.
3.
Eligibility.
To be eligible to participate in the program, a person must be a Maine resident, be enrolled in a school of veterinary medicine and meet additional eligibility criteria established in rules adopted under section 12124. In selecting recipients, priority must be given to a student who:
4.
Maximum amount.
The maximum loan amount available under the program to each participant is $35,000 per year for a period of up to 4 years.
5.
Loan agreement; forgiveness.
A student selected as a loan recipient shall enter into a loan agreement as set out in this subsection.
6.
Default.
A loan recipient under the program who agrees to practice in an area of the State with insufficient veterinary services or in an underserved geographic region and who fails to complete the period of service required to pay off the loan is liable to the authority for an amount equal to the sum of the total amount paid by or on behalf of the authority to or on behalf of the recipient under the agreement plus interest at a rate determined by the authority. Credit for practicing in an area with insufficient veterinary services or in an underserved geographic region is awarded for each consecutive 12-month period served. Exceptions may be made by the authority in accordance with subsection 7.
7.
Deferments.
Deferments on the repayment of a loan under the program may be granted for causes established by rule of the authority. Interest at a rate to be determined by rule of the authority must be assessed during the deferment. The loan recipient's total debt to the authority, including principal and interest, must be repaid either through return service or cash payments. The chief executive officer shall make determinations of deferment on a case-by-case basis. The decision of the chief executive officer is final.