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20-A §12924. Loan agreement; repayment

20-A ME Rev Stat § 12924 (2019) (N/A)
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§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).

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20-A §12923. Maine Science, Technology, Engineering and Mathematics Loan Fund
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20-A §12925. Default