AGENCY: 94-457 - Finance Authority of Maine (FAME)
CHAPTER NUMBER AND TITLE: Ch. 607, Access to Medical Education and Health Professions Loan Programs, Amendment 9
ADOPTED RULE NUMBER: 2010-605
CONCISE SUMMARY: The rule amendment limits extension of the benefits of the Access to Medical Education Program to new students after the award of positions to students of osteopathic and allopathic medicine pursuant to contracts with the Authority in effect prior to January 1, 2010 and to students of veterinary medicine pursuant to contracts in effect prior to January 1, 2011. The rule amendment sets forth the criteria applicable to recipients of Health Professions Loan Programs loans first made prior to January 1, 2011.
CHAPTER NUMBER AND TITLE: Ch. 617, Health Professions Loan Program
ADOPTED RULE NUMBER: 2010-606
CONCISE SUMMARY: This rule establishes the criteria to be met by students of allopathic, osteopathic and veterinary medicine or dentistry to obtain loans, for students obtaining first Program loans beginning in 2011. The rule implements P.L. 2009, Ch. 488, which transitions the existing Health Professions Loan Program from forgivable loans to loans which must be repaid at varying interest rates, including 0%, depending upon the type and location of the service provided. Loans will be available in amounts up to $25,000, except that students benefiting from the Doctors for Maine’s Future Scholarship Program may be eligible for loans up to $10,000. Loans are need-based and are renewable for up to 4 years.
CHAPTER NUMBER AND TITLE: Ch. 618, Maine Veterinary Medicine Loan Program
ADOPTED RULE NUMBER: 2010-607
CONCISE SUMMARY: This rule establishes the criteria to be met by students commencing veterinary medical education after December 31, 2010. The Program will provide up to two new loans annually, up to $25,000, renewable up to 4 years, to students who evidence an intent to provide veterinary services to livestock in underserved areas of Maine upon completion of professional education. The loans are forgivable depending upon the level of such service provided, or are otherwise repayable with interest at 5%.
EFFECTIVE DATE: January 1, 2011
AGENCY CONTACT PERSON: Katryn Gabrielson, Finance Authority of Maine, 5 Community Drive, Augusta, ME 04332. Telephone: (207) 623-3263. E-mail: KGabrielson@famemaine.com .