2.__Applicable years; repayment.__The program applies to engineering students who are enrolled in a state postsecondary educational institution beginning with the school year starting September 2003 who will be eligible for repayment of student loans pursuant to this chapter after graduation in 2007.

§12523.__Maine Engineers Recruitment and Retention Advisory

Committee established

The Maine Engineers Recruitment and Retention Advisory Committee, referred to in this section as "the committee," is established.__The committee shall assist the chief executive officer in determining program loan repayment recipients under section 12524 annually.__The committee consists of the following 5 members appointed by the chief executive officer:

1.__University of Maine System.__One member representing the University of Maine System recommended by the Chancellor of the University of Maine System;

2.__Maine engineers.__Two members, each representing a statewide organization representing engineers in the State; and

3.__Public members.__Two members of the public representing businesses that employ engineers to perform a substantial part of their business.

Members serve for terms of 3 years and may be reappointed.

Members of the committee are compensated in accordance with Title 5, chapter 379.

§12524.__Loan repayment agreement recipients

Each year eligible employers seeking to fill eligible employment positions may apply on behalf of individuals with an eligible degree seeking eligible employment positions who have outstanding student loans from financial institutions to obtain one or more program loan repayment agreements.__ Applications must be submitted to the authority at a time and in a format to be determined by the authority.

§12525.__Maximum loan repayment; participation

The maximum program loan repayment amount available to each employee is $2,500 per year, for a maximum of 4 years.__No more than 10 program loan repayment agreements may be awarded in any year.