The authority shall establish by rule the allocation of funds available under this chapter. [PL 2003, c. 427, §5 (AMD).]

Loans in an amount to be determined annually by the authority based on available funds, but in no event less than $3,000 per academic year for eligible undergraduate students and $2,000 per academic year for eligible students pursuing postbaccalaureate certification, may be made. Selected full-time undergraduate students may receive loans for a period not to exceed 8 semesters at the institution they attend. Selected full-time and part-time students pursuing postbaccalaureate certifications may receive loans for a period not to exceed 4 semesters or the equivalent thereof at the institution they attend. An individual who has received an Educators for Maine loan as an undergraduate may also receive a loan for students pursuing postbaccalaureate certification. Loans are for one academic year and are renewable if the recipient maintains a grade point average of at least 2.5 based on a 4.0 grade point system or the equivalent and submits a complete renewal application by the deadline annually. [PL 2019, c. 303, §6 (AMD).]