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.

Loans of up to $1,500 $2,000 per academic year or $6,000 $8,000 total may be made to students pursuing postbaccalaureate certification. Loans of up to $3,000 per academic year or $12,000 total may be made to eligible graduating high school seniors and college students. Loans of up to $3,000 per academic year or $6,000 total may be made to eligible child development students pursuing an associate's degree in child development, and loans of up to $3,000 total but not exceeding the cost of tuition, books and fees may be made to child development students pursuing a child development associate certification undergraduate students. An individual who has received a an Educators for Maine loan or a Blaine House Scholars Program loan as a graduating high school senior or as a college student as an undergraduate may also receive a loan for students pursuing postbaccalaureate certification or as a teacher or speech pathologist engaged in graduate education or continuing education. In no event may an individual receive more than $18,000 $20,000 in total Educators for Maine loans. Loans for undergraduate students, postbaccalaureate recipients and child development students pursuing an associate's degree in child development are for one academic year and are automatically renewed renewable if the recipient maintains a grade point average of at least 2.5 based on a 4.0 grade point system or the equivalent and submits a complete renewal application by the deadline annually.

Sec. 6. 20-A MRSA §12505, sub-§1, as amended by PL 1999, c. 441, §9, is further amended to read: