Me. Stat. tit. 20-A § 12924

Current through 131st (2023-2024) Legislature Chapter 684

Section 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. [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.

[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.

[2015, c. 435, §1(NEW).]

20-A M.R.S. § 12924

Added by 2016, c. 435,§ 1, eff. 7/29/2016.