This bill makes modifications to the Educators for Maine Program administered by the Finance Authority of Maine. The modifications allow for uniform administration of the program by integrating and coordinating amendments that have been made over several years. The changes allow for consistent treatment for all undergraduate candidates, notwithstanding their course of study.

It repeals the existing definition section and replaces it with updated definitions. New definitions are added for "child care provider qualifications," "cost of attendance" and "undergraduate." The definition of "preservice" was removed because all loan recipients now are required to show an interest in providing return service.

It eliminates distinctions in program participants other than as undergraduate and postbaccalaureate students.

It increases the maximum loan amounts available to students pursuing postbaccalaureate teacher certification from $1,500 annually to $2,000 and from up to $6,000 total to a maximum aggregate loan of $8,000.

It clarifies that there are only 2 categories of eligible students: undergraduate and postbaccalaureate.

It clarifies that no loan recipient may receive loan funds that result in making the total financial aid award exceed the amount it costs the recipient to attend the school.

It provides that individuals may provide return service as a child care worker if they received their first loan after January 1, 2000, the first year that Educators for Maine funds were available to students pursuing a career in child care. The bill also clarifies that the authority may allow for partial loan forgiveness for individuals who are teaching part-time. A reference to educator shortage areas is removed because the Department of Education no longer designates educator shortage areas.

It changes the maximum time to repay the debt to 11 years, to provide for the period between graduation and commencement of the repayment period. It provides that the authority may limit by rule the number of deferments granted to any one student.

It allows the authority to forgive loans made to individuals who die or become permanently disabled.