CHAPTER 455

S.P. 579 - L.D. 1625

An Act To Provide Affordable Loans for Higher Education

Be it enacted by the People of the State of Maine as follows:

Sec. 1. 10 MRSA §969-A, sub-§14-C is enacted to read:

14-C.__Student loan secondary market.__Take all actions necessary to implement and administer a student loan secondary market;

Sec. 2. 20-A MRSA c. 417-F is enacted to read:

CHAPTER 417-F

HIGHER EDUCATION LOAN PURCHASE PROGRAM

§11491.__Purpose; program established

The Legislature finds and declares that the provision of a higher education for all residents of this State and for nonresidents attending institutions of higher education within this State who desire a higher education and are properly qualified is important to the welfare and security of this State and consequently is an important public purpose.__Many qualified students are deterred by financial considerations from completing their education, with a consequent irreparable loss to the State of talents vital to the welfare of the State and its citizens.__ Accordingly, there is established the Higher Education Loan