1.__Debt calculation.__The debt must include the total amount of the Workforce for Maine loan less the amount, if any, that has been canceled by in-state employment.

2.__Time for repayment.__The total debt of the recipient under the program must be repaid to the authority within 3 years of the recipient's graduation from the institution of higher education or completion of courses for which the funds were given or within 3 years of repayment of any other loans made pursuant to this chapter.__If the chief executive officer grants a deferment, the time period may be extended up to the period of the deferment.__A repayment schedule including due dates must be set by the chief executive officer.

3.__Deferment.__A recipient of a Workforce for Maine loan may seek a deferment of the annual payments for a period or periods as established by the chief executive officer, who shall make a determination on a case-by-case basis.__The chief executive officer shall grant a one-year deferment for each successful request for deferment.__A recipient may not receive more than 5 one-year deferments.__The decision of the chief executive officer is final.

§12418.__Nonlapsing revolving fund

The Workforce for Maine fund is created under the jurisdiction of the authority as a nonlapsing, interest- earning, revolving fund to carry out the purposes of this chapter.__Any unexpended balance in the Workforce for Maine fund carries over for continued use under this chapter.__The authority may receive, invest and expend, on behalf of the funds, money from gifts, grants, bequests, loans, including loans obtained pursuant to chapter 417-B, and donations, in addition to money appropriated or allocated by the State.__ Loan repayments under this section or other repayments to the authority must be invested by the authority, as provided by law, with the earned income to be added to the fund.__Money received by the authority on behalf of the fund, except interest income, must be used for the designated purpose; interest income may be used for the designated purpose or to pay student financial assistance administrative costs incurred by the authority as determined appropriate by the authority.