§12302.__Maine Dental Education Loan Program

1.__Establishment; positions.__The Maine Dental Education Loan Program, referred to in this chapter as the "program" is established.__The authority shall administer the program.__Under this program, the chief executive officer shall award up to 3 loans annually for Maine students at schools of dental education up to an aggregate of 8 loans.

2.__Application process.__Students shall apply directly to the authority.

3.__Eligibility.__Loans are available to state residents pursuing dental education who meet eligibility criteria established by rule of the authority, which at a minimum must require:

A.__That the student be a state resident;

B.__That the student has been accepted into dental school; and

C.__That priority be given to students:

(1)__Who previously received a loan pursuant to this section;

(2)__Who exhibit financial need; and

(3)__Who demonstrate an interest in serving an underserved population or in an underserved area.

4.__Maximum loan amount.__The maximum loan amount available to each recipient is $20,000 per year for a period of up to 4 years.

5.__Loan agreement; forgiveness.__The student shall enter into a loan agreement as set out in this subsection.

A.__Upon completion of professional education, the student shall repay the loan in accordance with this paragraph.

(1)__A loan recipient who does not obtain loan forgiveness pursuant to subparagraph (2) shall repay the entire principal of the loan plus simple interest at a rate to be determined by rule of the authority.__