§ 20-A §12716 — Financial aid

1.
Scholarships and campus employment.
The board of trustees shall develop and administer programs of scholarships and campus employment for college students. Scholarships must be based on evidence of individual need and worth.
2.
National Guard Scholarship Program.
Members of the Maine National Guard with over 10 years of continuous service may be awarded scholarships on the basis of their guard membership, not to exceed 3 credit hours or the equivalent each semester. The guard shall select those who are to receive scholarships from among those members eligible for admission to a college. The program shall be administered by the board of trustees.
3.
Loan fund revolving accounts.
In compliance with federal regulations, the board of trustees may establish and administer loan fund revolving accounts to provide effective and efficient student loan programs for the colleges. The board of trustees shall adopt rules governing the giving of loans to college students in need of financial aid, repayment plans and other aspects of the loan programs. Each loan fund revolving account authorized and the specific funds associated with it shall be kept in a separate special account and any repayment of loans made from one of these separate special accounts shall be credited to that separate special account for continued use as a loan fund.

Legislative History

PL 1985, c. 695, §11 (NEW). PL 1989, c. 443, §52 (AMD). PL 2017, c. 179, §15 (AMD).