Current through 2024-38, September 18, 2024
A.
Application
An 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.
Eligibility
To 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
Agreement
1. 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 Applicants
1. 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
Agreement
1. 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.
