Terms Used In Maine Revised Statutes > Title 20-A > Part 5 > Chapter 439 - Maine Science, Technology, Engineering and Mathematics Loan Program

• Authority: means the Finance Authority of Maine. See Maine Revised Statutes Title 20-A Sec. 12921
• Fund: means the Maine Science, Technology, Engineering and Mathematics Loan Fund established in section 12923. 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}
• Principal: means the person who supervises the operation and management of a school and school property as determined necessary by the superintendent under policies established by the school board. See Maine Revised Statutes Title 20-A Sec. 1
• 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