Maine Statutes
§ 20-A §12924 — Loan agreement; repayment
Maine·Title 20-A EDUCATION·Part 5 POST-SECONDARY EDUCATION·Ch. 439 MAINE SCIENCE, TECHNOLOGY, ENGINEERING AND MATHEMATICS LOAN PROGRAM
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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Legislative History
PL 2015, c. 435, §1 (NEW).
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