4.__Contract with State.__Applicants to the program must sign a contract asserting that, if accepted by the program, the applicant will accept and maintain employment in an eligible employment position after the completion of the applicant's postsecondary education.

5.__Loan repayment agreement.__The authority shall enter into loan repayment agreements with participants on terms and conditions acceptable to the authority.

6.__Loan forgiveness.__Following the completion of a participant's postsecondary education, the program shall forgive 15% of the__entire loan amount that was provided to the participant by the program for each full year that the participant is employed in the State.

§12543.__Nonlapsing fund

A nonlapsing, interest-earning, revolving fund under the jurisdiction of the authority is created to carry out the purposes of this chapter.__The authority may receive, invest and expend, on behalf of the fund, money from gifts, grants, bequests and donations in addition to money appropriated or allocated by the State.__Money received by the authority under this chapter must be invested by the authority, as provided by law, with the earned income to be added to the fund.__Money in the fund must be used for the designated purposes of the fund and for the payment of administrative costs incurred by the authority for the operation of the program.

§12544.__Rules

The authority shall establish rules necessary to implement this chapter.__Rules adopted pursuant to this section are routine technical rules as defined in Title 5, chapter 375, subchapter 2- A.

SUMMARY

This bill establishes the Maine Graduate Retention Loan Program to provide loans of 75% of tuition and board to certain eligible students enrolled in postsecondary educational institutions who agree to accept and maintain full-time employment in the State after graduation. The loans may then be forgiven at a rate of 15% per year of eligible employment in the