Maine § 20-A §12924 Loan agreement; repayment

Maine Statutes

§ 20-A §12924 — Loan agreement; repayment

Maine § 20-A §12924

Title 20-AEDUCATION

Part 5POST-SECONDARY EDUCATION

Ch. 439MAINE SCIENCE, TECHNOLOGY, ENGINEERING AND MATHEMATICS LOAN PROGRAM

This text of Maine § 20-A §12924 (Loan agreement; repayment) 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 §12924 (2026).

Text

A STEM student applying for a loan under section 12922 shall enter into an agreement with the authority that includes the following provisions.

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.

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.

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A STEM student applying for a loan under section 12922 shall enter into an agreement with the authority that includes the following provisions.
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.
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.