Code of Maine Rules
94 - INDEPENDENT AGENCIES
457 - FINANCE AUTHORITY OF MAINE (FAME)
Chapter 610 - RULES FOR THE CONDUCT OF THE EDUCATORS FOR MAINE PROGRAM
Section 457-610-6 - LOAN DISBURSEMENT

A. Funds will be paid to each postsecondary institution for all disbursements to be received by loan recipients who are indicated as duly enrolled by the institution prior to the start of each academic term in accordance with the Authority's current notification process. Disbursements to the institution will occur within 60 days following receipt of evidence that recipients are duly enrolled.

B. Loans shall be disbursed in the amounts requested by the institution although the amount requested shall not be less than $3000 per academic year for undergraduate students and $2,000 (or a proportionate amount thereof if attendance is less than full time) per year for post-baccalaureate students and shall be disbursed equally on an academic term basis.

C. The Authority may request supporting evidence of actual direct and indirect educational expenses, including, but not limited to, tuition, transportation, room and board, books and supplies.

D. If a recipient of a loan withdraws from an institution and is entitled to a refund of tuition, fees or other charges, the institution shall pay directly to the Authority from that refund a sum which represents the portion of the loan for the portion of the academic year that the recipient did not complete.

E. Loans may be originated using a master promissory note that allows all Educators for Maine loans provided over a period of up to seven years to be originated on a single promissory note.