Sec. 7. 20-A MRSA §12503, as amended by PL 1995, c. 117, Pt. E, §6 and affected by §13, is further amended to read:

§12503. Educators for Maine loan recipients

Each year graduating high school seniors, college students and students pursuing postbaccalaureate teacher certification who show evidence of academic achievement may be considered for recognition as Teachers Educators for Maine loan recipients. Applications must be submitted to the chief executive officer at a time and in a format to be determined by rule of the chief executive officer.

The Governor, after consultation with the chief executive officer, shall announce the names of those individuals selected by the chief executive officer to be Teachers Educators for Maine loan recipients.

Sec. 8. 20-A MRSA §12504, as amended by PL 1997, c. 24, Pt. G, §1, is further amended to read:

§12504. Allocation of funds

The chief executive officer shall establish by rule the allocation of funds available under this chapter.

Loans of up to $1,500 per academic year or $6,000 total may be made to students pursuing postbaccalaureate teacher certification. Loans of up to $3,000 per academic year or $12,000 total may be made to eligible graduating high school seniors and college students. An individual who has received a Teachers Educators for Maine loan or a Blaine House Scholars Program loan as a graduating high school senior or as a college student may also receive a loan for students pursuing postbaccalaureate teacher certification or as a teacher or speech pathologist engaged in graduate education or continuing education. In no event may an individual receive more than $18,000 in total. Loans for undergraduate students and postbaccalaureate recipients are for one academic year and are automatically renewed if the recipient maintains a grade point average of 2.5 based on a 4.0 grade point system or the equivalent.