Maine Revised Statutes
Chapter 439: MAINE SCIENCE, TECHNOLOGY, ENGINEERING AND MATHEMATICS LOAN PROGRAM
20-A §12924. Loan agreement; repayment

§12924. Loan agreement; repayment
A STEM student applying for a loan under section 12922 shall enter into an agreement with the authority that includes the following provisions.   [PL 2015, c. 435, §1 (NEW).]
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.  
[PL 2015, c. 435, §1 (NEW).]
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.  
Repayment must commence within 6 months following completion of the loan recipient's education, withdrawal from school or discontinuance in school.  
[PL 2015, c. 435, §1 (NEW).]
SECTION HISTORY
PL 2015, c. 435, §1 (NEW).

Structure Maine Revised Statutes