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Maine Revised Statutes Title 20-A. Education ME ST T. § 12924. Loan agreement; repayment

Current as of January 01, 2025 | Updated by Findlaw Staff

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.

Repayment must commence within 6 months following completion of the loan recipient's education, withdrawal from school or discontinuance in school.

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Cite this article: FindLaw.com - Maine Revised Statutes Title 20-A. Education ME ST T. § 12924. Loan agreement; repayment - last updated January 01, 2025 | https://codes.findlaw.com/me/title-20-a-education/me-rev-st-tit-sect-12924/

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