§12534.__Loan repayment agreement application

Beginning January 1, 2006, an eligible individual who has outstanding student loans from financial institutions may apply to obtain one or more program loan repayment agreements under section 12533.__Applications must be submitted to the authority at a time and in a format to be determined by the authority.

§12535.__Maximum loan repayment; participation

The maximum program loan repayment amount available to each eligible individual is $5,000 per year for a maximum of 4 years.

§12536.__Payment provisions

The authority shall enter into a program loan repayment agreement with an eligible individual on terms and conditions that are acceptable to the authority and that at a minimum must require the eligible individual and the eligible individual's employer to certify annually, before payment of any installment by the authority under the program loan repayment agreement, that the eligible individual has been employed in an eligible employment position for the preceding 12-month period. Payment of any installment by the authority, including matching funds provided to the authority by the employer, must be made directly for credit to the eligible individual's account at the financial institution certified by the eligible individual as responsible for administration of that individual's student loans.

§12537.__Nonlapsing revolving fund

1.__Creation of fund. The Maine Recruitment and Retention Program Fund, referred to in this section as "the fund," is created as a nonlapsing, interest-earning, revolving fund to carry out the purposes of this chapter. The fund must be deposited with and maintained and administered by the authority. Any unexpended balance in the fund carries over for continued use under this chapter. The authority may receive, invest and expend on behalf of the fund money from gifts, grants, bequests, loans and donations in addition to money appropriated or allocated by the State. Money received by the authority on behalf of the fund, except interest income, must be used for the purposes of this chapter; interest income may be used for the purposes of this chapter or to pay administrative costs incurred by the authority, as determined appropriate by the authority.