The Maine Science, Technology, Engineering and Mathematics Loan Program is established to increase the number of students in this State pursuing undergraduate and graduate degrees in the fields of science, computer science, technology, engineering and mathematics. The authority shall provide loans in amounts up to $7,500 per year for a maximum of 5 years to selected STEM students. As used in this section, “employed in the field of science, computer science, technology, engineering or mathematics” includes a person employed as an educator in any of those fields. [PL 2015, c. 435, §1 (NEW).]
1. Annual interest rate of 0%. A STEM student may receive a loan bearing an annual interest rate of 0% if the student upon graduation:
A. Remains in or returns to the State to live and work; and [PL 2015, c. 435, §1 (NEW).]
B. Is employed in the field of science, computer science, technology, engineering or mathematics. [PL 2015, c. 435, §1 (NEW).]

[PL 2015, c. 435, §1 (NEW).]

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Terms Used In Maine Revised Statutes Title 20-A Sec. 12922

  • Authority: means the Finance Authority of Maine. See Maine Revised Statutes Title 20-A Sec. 12921
  • Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
  • Program: means the Maine Science, Technology, Engineering and Mathematics Loan Program established in section 12922. See Maine Revised Statutes Title 20-A Sec. 12921
  • STEM student: means an undergraduate or graduate student who is a resident of the State and is engaged in the study of science, computer science, technology, engineering or mathematics at an accredited institution of higher education eligible to receive federal assistance under a federal student assistance program authorized under the federal Higher Education Act of 1965, Title IV and has been selected by the authority pursuant to section 12922 to receive a loan. See Maine Revised Statutes Title 20-A Sec. 12921
  • Year: means a calendar year, unless otherwise expressed. See Maine Revised Statutes Title 1 Sec. 72
2. Annual interest rate of 5%. A STEM student may receive a loan bearing an annual interest rate of 5% if the student upon graduation:
A. Remains in or returns to the State to live and work; and [PL 2015, c. 435, §1 (NEW).]
B. Is not employed in the field of science, computer science, technology, engineering or mathematics. [PL 2015, c. 435, §1 (NEW).]

[PL 2015, c. 435, §1 (NEW).]

3. Annual interest rate of 8%. A STEM student may receive a loan bearing an annual interest rate of 8% if the student does not remain in or return to the State to live and work upon graduation.

[PL 2015, c. 435, §1 (NEW).]

SECTION HISTORY

PL 2015, c. 435, §1 (NEW).