{"data":{"id":"us-me/20-a-m.r.s.-12924","jurisdiction":"us-me","citation":"20-A M.R.S. §12924","heading":"Loan agreement; repayment","body":"A STEM student applying for a loan under section 12922 shall enter into an agreement with the authority that includes the following provisions.\n1.  Principal; interest.  Upon completion of postsecondary education, the STEM student shall repay the entire principal of the loan plus simple interest.  Interest does not begin to accrue until 6 months following completion of the loan recipient's education, withdrawal from school or discontinuance in school.\n2.  Term of loan.  Loans must be repaid over a term no longer than 10 years, except that the authority may extend a loan recipient's term as necessary to ensure repayment of the loan.\nRepayment must commence within 6 months following completion of the loan recipient's education, withdrawal from school or discontinuance in school.","path":["TITLE 20-A: EDUCATION","PART 5: POST-SECONDARY EDUCATION","CHAPTER 439: MAINE SCIENCE, TECHNOLOGY, ENGINEERING AND MATHEMATICS LOAN PROGRAM"],"source_url":"https://legislature.maine.gov/statutes/20-A/title20-Asec12924.html","current_through":"October 1, 2025","vintage":"","retrieved_at":"2026-09-04T15:12:30Z","sha256":"bf170693330129aa98dadeb54740241d3557ac6a0c72754f12dc4401959ba12e","source_id":"us-me","stale":false,"prev":"us-me/20-a-m.r.s.-12923","next":"us-me/20-a-m.r.s.-12925"},"notice":"GroundRules: Original legal text. Not legal advice."}