There is established the Educators for Maine Program to provide financial assistance for postsecondary education to college undergraduate students, graduating high school seniors and students pursuing postbaccalaureate certification, child development associate certification or an associate's degree in child development who demonstrate academic achievement and an interest in pursuing a career in teaching, speech pathology or child care in this State for postsecondary education and to teachers and speech pathologists for advanced-degree or continued study. The program recognizes outstanding graduating high school seniors, college students and students pursuing postbaccalaureate certification or child development associate certification or an associate's degree in child development. The chief executive officer shall administer the program and shall establish by rule pursuant to rules of the authority the rates of interest or fees to be charged.

Sec. 4. 20-A MRSA §12503, as amended by PL 1999, c. 441, §7, is further amended to read:

§12503. Educators for Maine loan recipients

Each year graduating high school seniors, college students undergraduates and students pursuing postbaccalaureate certification who show evidence of academic achievement may be considered for recognition as Educators for Maine loan recipients. Applications must be submitted to the chief executive officer at a time and in a format to be determined by rule of the chief executive officer authority. In determining loan recipients, the chief executive officer shall consider candidates in 3 categories: graduating high school seniors; undergraduates, other than graduating high school seniors; and students pursuing postbaccalaureate certification.

The Governor, after consultation with the chief executive officer, shall announce the names of those individuals selected by the chief executive officer to be Educators for Maine loan recipients.

Sec. 5. 20-A MRSA §12504, as amended by PL 2001, c. 417, §25, is further amended to read:

§12504. Allocation of funds

The chief executive officer authority shall establish by rule the allocation of funds available under this chapter.