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USA Statutes : maine
Title : Title 20-A. EDUCATION
Chapter : Chapter 417-C. HIGHER EDUCATION LOAN PROGRAM (HEADING. PL 1991, c. 824, Pt. A, @35 (new))
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Title 20-A - §11458. Program established
Title 20-A: EDUCATION
Part 5: POST-SECONDARY EDUCATION
Chapter 417-C: HIGHER EDUCATION LOAN PROGRAM (HEADING: PL 1991, c. 824, Pt. A, @35 (new))
§11458. Program established
There is established the Higher Education Loan Program, administered by the Finance Authority of Maine, to carry out the purposes
of this chapter.
[1991, c. 824, Pt. A, §35 (new).]
Section History:
PL 1991,
Ch. 824,
§A35
(NEW).
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007Title 20-A - §11459. Definitions
Title 20-A: EDUCATION
Part 5: POST-SECONDARY EDUCATION
Chapter 417-C: HIGHER EDUCATION LOAN PROGRAM (HEADING: PL 1991, c. 824, Pt. A, @35 (new))
§11459. Definitions
As used in this chapter, unless the context otherwise indicates, the following terms have the following meanings.
[1991, c. 824, Pt. A, §35 (new).]
1. Authority. "Authority" means the Finance Authority of Maine.
[1991, c. 824, Pt. A, §35 (new).]
2. Eligible program of study. "Eligible program of study" means a certificate program of at least one year, an associate degree program, a baccalaureate
degree program or a graduate degree program.
[1991, c. 824, Pt. A, §35 (new).]
3. Institution of higher education. "Institution of higher education" means an accredited institution of higher education located within the United States.
[1991, c. 824, Pt. A, §35 (new).]
4. Unmet need. "Unmet need" means the difference between the total cost of attendance for an academic year at an institution of higher
education and the total of all sources of financial assistance, including loans, grants, work-study programs and all other
available sources, as determined by the authority by rules adopted in accordance with Title 5, chapter 375.
[1991, c. 824, Pt. A, §35 (new).]
Section History:
PL 1991,
Ch. 824,
§A35
(NEW).
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007Title 20-A - §11460. Eligibility
Title 20-A: EDUCATION
Part 5: POST-SECONDARY EDUCATION
Chapter 417-C: HIGHER EDUCATION LOAN PROGRAM (HEADING: PL 1991, c. 824, Pt. A, @35 (new))
§11460. Eligibility
Loans under this chapter are available only to or for the benefit of a resident of the State who:
[1991, c. 824, Pt. A, §35 (new).]
1. Graduated. Has graduated from an approved secondary school, matriculated at a postsecondary school prior to high school graduation
or successfully completed a high school equivalency diploma or its equivalent;
[1991, c. 824, Pt. A, §35 (new).]
2. Accepted as undergraduate. Has been accepted for enrollment as an undergraduate or graduate student or is in good standing as an undergraduate or graduate
student at an institution of higher education in an eligible program of study and has not previously received the degree for
which the student is enrolled;
[1991, c. 824, Pt. A, §35 (new).]
3. Application. Has applied for a loan under the program according to schedules and procedures and on forms specified by the authority and
has provided or caused to be provided all information determined necessary by the authority in order to determine eligibility;
[1991, c. 824, Pt. A, §35 (new).]
4. Unmet need. Has been determined by the authority to have an unmet need for financial assistance that, if not met, will prevent the student
from attending the institution of higher education of that student's choice;
[1991, c. 824, Pt. A, §35 (new).]
5. Residency. Meets the state residency requirements that may be established by the authority by rule;
[1991, c. 824, Pt. A, §35 (new).]
6. Loan repayment. Has been determined by the authority to have a reasonable prospect of being able to repay the loan. In appropriate cases,
the authority may allow repayments to be deferred and subordinated to repayment of other student loans for such period of
time as may be necessary for the borrower to be able to afford to repay the loan; and
[1991, c. 824, Pt. A, §35 (new).]
7. Academic standing. Is maintaining a grade point average of at least 2.0 on a scale of 4.0, or the equivalent as determined by the authority,
provided, however, that the authority may waive the minimum grade point average in the case of a student demonstrating special
circumstances and a substantial likelihood of improvement.
[1991, c. 824, Pt. A, §35 (new).]
Section History:
PL 1991,
Ch. 824,
§A35
(NEW).
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007Title 20-A - §11461. Higher Education Loan Program Fund
Title 20-A: EDUCATION
Part 5: POST-SECONDARY EDUCATION
Chapter 417-C: HIGHER EDUCATION LOAN PROGRAM (HEADING: PL 1991, c. 824, Pt. A, @35 (new))
§11461. Higher Education Loan Program Fund
1. Establishment. The Higher Education Loan Program Fund is established to be used by the authority as a nonlapsing, revolving fund for carrying
out this chapter. In its discretion, the authority may combine this fund with other funds of the authority for accounting
purposes and may establish separate accounts for loans and for a reserve for loan default payments. Money in the fund currently
not needed to meet the obligations of the authority as lender or insurer is deposited with the authority to the credit of
the fund or may be invested as provided by law.
[1991, c. 824, Pt. A, §35 (new).]
2. Charges and credits. All amounts received by the authority for deposit to the fund pursuant to this chapter or otherwise must be deposited in
the fund. All expenses of the authority in carrying out this chapter, including interest, principal and fee payments required
by loan defaults, must be charged to the fund, except that bond proceeds and principal repayments must be used only for loans
and not for administrative expenses of the program or other current expenditures.
[1991, c. 824, Pt. A, §35 (new).]
Section History:
PL 1991,
Ch. 824,
§A35
(NEW).
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007Title 20-A - §11462. Loans to minors
Title 20-A: EDUCATION
Part 5: POST-SECONDARY EDUCATION
Chapter 417-C: HIGHER EDUCATION LOAN PROGRAM (HEADING: PL 1991, c. 824, Pt. A, @35 (new))
§11462. Loans to minors
Notwithstanding any other law, if the borrower on a loan made or insured under this program is a minor, an otherwise valid
note or other written agreement executed by the borrower for the purpose of the loan creates a binding obligation.
[1991, c. 824, Pt. A, §35 (new).]
Section History:
PL 1991,
Ch. 824,
§A35
(NEW).
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007
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