Section 457-610-3 - LOAN TERMSA. Loans in an amount to be determined annually by the Authority based on available funds, but in no event less than $2,000 per academic year to eligible students pursuing post baccalaureate certification and $3,000 per academic year to eligible undergraduate students. Full time undergraduate students may not receive loans for more than 8 semesters, and full time and part time students pursuing post baccalaureate certification may not receive loans for more than 4 full time equivalent semesters. Individuals who have received an Educators (or Teachers) for Maine Program loan as an undergraduate student may also receive a loan for post-baccalaureate certification. In no event may an individual receive loan funds that result in making that individual's total financial aid award greater than the cost of attendance.B. Loans first made prior to July 1, 2011 and any renewals thereof shall accrue interest at a fixed rate set on the date of the approval of the loan, which rate shall be equal to the rate of interest in effect on such date for Federal Stafford Loan Program loans bearing interest at a variable rate, plus three-fourths of one percent (.75%) per annum. Loans first made beginning July 1, 2011 and any renewals thereof shall accrue interest at a fixed rate of five percent (5%) per annum. Interest shall begin to accrue 30 days prior to the date repayment is scheduled to commence in accordance with Section 7 of this rule, without regard to any deferment that may be granted unless the deferment states in writing that interest shall not accrue during this deferment period. In the event a loan is canceled on account of return service, the cancellation shall include interest accrued on the loan amount.C. Loans shall be for one academic year and are generally disbursed on the basis of a two semester academic year. 94- 457 C.M.R. ch. 610, § 3