124th MAINE LEGISLATURE
		LD 711		LR 1238(02)
	An Act To Authorize the Social Work Education Loan Repayment Program
	Fiscal Note for Bill as Amended by Committee Amendment "   "
	Committee: Education and Cultural Affairs
	Fiscal Note Required: Yes
Fiscal Note
Undetermined current biennium cost increase - General Fund
Fiscal Detail and Notes
	This bill establishes the Social Work Education Loan Repayment Program to be administered by the Finance Authority of Maine and creates a nonlapsing, interest-earning, revolving fund which is authorized to receive money from gifts, grants, bequests and donations in addition to money appropriated or allocated by the State and any federal funds received by the State in order to carry out the purposes of the program. The bill also allows the administrative costs incurred by the Authority to be paid out of the revolving fund.  However, this legislation does not identify a source of funding for the program so it is not clear whether there are funds available from these sources to capitalize the fund or to provide ongoing support for the program.  The Finance Authority of Maine has estimated the cost to establish and administer the program to be $21,300 in fiscal 2009-10 and $5,000 per year beginning in fiscal year 2010-11 for the ongoing administrative costs. The cost of the loan repayment program can not be determined at this time and will depend on the number of qualified applicants and the loan repayment amount per applicant in the program.