Section 457-620-2 - LOAN REPAYMENT PROGRAMA.ApplicationAn applicant shall apply for a loan on forms designated by the Authority. Applications for a loan repayment agreement must be received at the Authority on or before the applicable deadline as set by the Authority. Applications will be considered by the Authority as long as sufficient funds remain in the fund.
To be considered for an award under this chapter, as part of the application, the applicant must submit documentation, in a manner identified by the authority, validating:
(1) The applicant's outstanding student loan balance upon application;(2) Remaining number of payments left on current student loan balance; (3) Current payment amounts on the student loan, including information on any federal student loan repayment plan described in 20 United States Code, Section 1098 e;(4) Copy of health provider's licensure or certification in Maine;(5) Employment: Submit an employer certification form certifying the applicant's employment status and salary or hourly wage; and(6) Intention to work in field: Submit a signed statement of intent in a form acceptable to the authority to work in the applicant's identified health care profession in the State and establish residency in the state for a minimum of three years after acceptance into the program.B.EligibilityTo be eligible for loan repayment under the program, an applicant must:
1. Qualify as an eligible health care provider in the State of Maine as defined above and/or as determined by the Authority;2. Have qualifying outstanding education loans;3. Be employed as a health care provider as determined by the Authority;4. Submit evidence acceptable to the Authority of outstanding educational loan debt; and 5. Not be benefitting currently from a loan forgiveness or loan repayment program administered by the Authority or another entity. The Authority shall review the application for eligibility and, if the Authority determines the applicant is eligible, may authorize a loan repayment agreement between it and the borrower.
C.Loan Repayment Agreement1. A successful applicant will receive repayment of outstanding education loans at a rate of up to $25,000 per year or, in aggregate, the lesser of $75,000 or 50% of the participant's outstanding loan balance, for up to three years as long as the applicant continues to serve as a health care provider at an employer originally approved by the Authority or a substitute employer approved by the Authority. 2. Payments by the Authority under the loan repayment agreement will be made directly to the holder/servicer of the education loan(s) annually at the end of each year of qualifying full-time employment. The health care provider must provide evidence of total outstanding education loan debt from all lending institutions and instructions for payment to a specific holder at time of requested disbursement. 3. The loan repayment agreement will provide that the participant must repay amounts paid under the agreement if applied to ineligible purposes. D.Prioritization of Applicants1. The Authority will prioritize the applications received for loan repayment. The Authority may consider each of the following criteria when determining which applicant(s) receive(s) a loan repayment agreement: a. Access to health care for the population where the health care provider intends to practice, such as number of vacancies within a local provider system; timeliness of appointments; and whether they or their employer accept Medicaid; b. Monthly student debt obligation payment as a percentage of gross monthly income;c. Need for specific health care practitioners in a given employment region as determined by measures such as available state or industry labor data and other information related to vacancy rates or professions needed most in the area in order to maintain access to the most critical services;d. Workforce needs of Maine health care providers, with special emphasis on the following occupations: Nurses Occupational Therapists Certified Occupational Therapy Assistants Physical Therapists Speech Therapists Behavioral health care workers, including, but not limited to, applied behavioral analysts and board certified behavior analysts, as well as Licensed Clinical Professional Counselors Licensed Clinical Social Workers Dental Hygienists Dental Therapists Medical assistants Pharmacists Health Care Technicians, including, but not limited to, respiratory therapists, surgical technicians, and imaging technicians such as MRI technicians and Ultrasonographers 2. Final determinations will be made by the chief executive officer.E.Disbursement from the Fund: Upon approval of an application, the Authority shall determine the amount to be disbursed from the fund directly to the borrower's loan holder/servicer. F.Breach of Loan Repayment Agreement1. If a program participant fails to complete the required period of service under a loan repayment agreement, the Authority may terminate the loan repayment agreement and award any remaining funds under another loan repayment agreement with another eligible applicant.2. In the event that an employer chooses not to renew the contract and/or employment of any individual receiving loan repayment, the Authority is not under any obligation to locate another employer which will accept the individual. The loan repayment agreement will terminate and the Authority may offer the funds available to eligible applicants. The loan repayment recipient may reapply for loan repayment at another employer.94-457 C.M.R. ch. 620, § 2