LD 1655 (subjects: COLLEGES AND UNIVERSITIES , STUDENT FINANCIAL AID )
Official bill page at mainelegislature.org: http://www.mainelegislature.org/legis/bills/display_ps.asp?ld=1655&PID=1456&snum=127
|3/16/2016||Senate||Committee on EDUCATION AND CULTURAL AFFAIRS
suggested and ordered printed
On motion by Senator Mason of Androscoggin REFERRED to the Committee on EDUCATION AND CULTURAL AFFAIRS
Ordered sent down forthwith for concurrence.
|3/17/2016||House||Bill REFERRED to the Committee on EDUCATION AND CULTURAL AFFAIRS.
In concurrence. ORDERED SENT FORTHWITH.
On motion by Senator LANGLEY of Hancock the Majority Ought to Pass as Amended Report ACCEPTED.
Committee Amendment “A” (S-446) READ and ADOPTED.
Under suspension of the Rules, READ A SECOND TIME and PASSED TO BE ENGROSSED AS AMENDED BY Committee Amendment “A” (S-446)
Ordered sent down forthwith for concurrence
On motion of Representative KORNFIELD of Bangor, the Majority Ought to Pass as Amended Report was ACCEPTED.
The Bill was READ ONCE.
Committee Amendment “A” (S-446) was READ and ADOPTED.
Under suspension of the rules, the Bill was given its SECOND READING without REFERENCE to the Committee on Bills in the Second Reading.
The Bill was PASSED TO BE ENGROSSED as Amended by Committee Amendment “A” (S-446).
In concurrence. ORDERED SENT FORTHWITH.
|4/1/2016||House||PASSED TO BE ENACTED.
Sent for concurrence. ORDERED SENT FORTHWITH.
|4/4/2016||Senate||PASSED TO BE ENACTED, in concurrence.|
An Act To Increase the Number of Science, Technology, Engineering and Mathematics Professionals in the State
Sec. 1. 20-A MRSA c. 439 is enacted to read:
MAINE SCIENCE, TECHNOLOGY, ENGINEERING AND MATHEMATICS LOAN AND LOAN REPAYMENT PROGRAMS
As used in this chapter, unless the context otherwise indicates, the following terms have the following meanings.
12922. Maine Science, Technology, Engineering and Mathematics Loan Program
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 4 years to selected STEM students.
12923. Maine Science, Technology, Engineering and Mathematics Loan Fund
12924. Loan agreement; repayment
A STEM student applying for a loan under section 12922 shall enter into an agreement with the authority that includes the following provisions.
Repayment must commence within 6 months following completion of the loan recipient’s education, withdrawal from school or discontinuance in school.
If a recipient of a loan under the program agrees to live and work in the State or be employed in the field of science, computer science, technology, engineering or mathematics and that recipient does not remain living and working in the State or does not remain employed in such a field, the interest rate on the loan held by that recipient is subject to change in accordance with the interest rates set forth in section 12922. A recipient who fails to pay the loan is liable to the authority for an amount equal to the sum of the total amount paid by or on behalf of the authority to or on behalf of the recipient under the agreement under section 12924 plus interest at a rate determined by the authority. Exceptions may be made by the authority for good cause.
The authority may grant deferments on the repayment of a loan under the program for causes established by rule. Interest at a rate to be determined by rule of the authority may be assessed during a deferment. The student’s total debt to the authority, including principal and interest, must be repaid. The authority shall make determinations of deferment on a case-by-case basis. The decision of the authority regarding deferment is final.
12927. Administration; rules
The authority shall administer the program and the fund. The authority shall adopt rules to carry out the purposes of this chapter. Rules adopted pursuant to this section are routine technical rules pursuant to Title 5, chapter 375, subchapter 2-A.
Sec. 2. 20-A MRSA 15689-A, sub- 27 is enacted to read:
The purpose of this bill is to increase the number of students pursuing graduate and undergraduate degrees in the fields of science, computer science, technology, engineering and mathematics. This bill creates the Maine Science, Technology, Engineering and Mathematics Loan Program administered by the Finance Authority of Maine. Under the bill, loans with varying interest rates will be provided to participating students depending on their future residency and employment: loans bearing an interest rate of 0% annually will be available to students who remain in or return to the State and work in the fields of science, computer science, technology, engineering and mathematics upon graduation; loans bearing an interest rate of 5% annually will be available to students who remain in or return to the State upon graduation but are not employed in the fields of science, computer science, technology, engineering and mathematics; and loans bearing an interest rate of 8% annually will be available for students who live and work outside the State upon graduation. The bill also authorizes the Commissioner of Education to grant funds to the program’s Maine Science, Technology, Engineering and Mathematics Loan Fund if they become available.
Pattern of Cosponsorship by Region:
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Pattern of Cosponsorship by Party:
Pattern of Cosponsorship by Campaign Finance Classification:
Note: Maine Clean Elections Act (MCEA) Qualified candidates only accept a small dollar value of initial contributions early in their campaigns, pledge not to accept further campaign contributions from private sources, and receive public funding for their campaigns. MCEA Non-Qualified candidates choose not to obtain public funding and instead are free to accept campaign contributions from individuals, party committees, political action committees and business sources.
In The News…
Recent news stories featuring LD 1655:
- Portland Press Herald: Panel backs bill that would give Maine residents a break on student loans
This information about LD 1655 was last updated on 2016-05-13.
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