| 124th MAINE LEGISLATURE | ||||||
| LD 352 | LR 342(04) | |||||
| An Act To Encourage Veterinary Practice in Maine | ||||||
| Fiscal Note for Bill as Amended by Committee Amendment " " | ||||||
| Committee: Education and Cultural Affairs | ||||||
| Fiscal Note Required: Yes | ||||||
| Fiscal Note | ||||||
| Potential future biennium savings - Veterinary Medicine Loan Program | ||||||
| Fiscal Detail and Notes | ||||||
| This bill creates the Maine Veterinary Medicine Loan Program to be administered by the Finance Authority of Maine (FAME) and provides that, beginning January 1, 2011, the Authority may award up to 2 loans per year up to an aggregate of 8 loans depending on the availability of resources. The maximum loan amount for each eligible participant is set at $25,000 per year for up to 4 years. The Finance Authority of Maine has indicated that one loan per year can be funded within the existing resources of the Access to Medical Education program and the Health Professions Loan Program. Additional funding will be required from General Fund appropriations or other sources to support the costs of providing a second loan each year. Because this legislation provides that loans be awarded only if funds are available, no General Fund appropriations are required. FAME has indicated that the costs of administering the loan program can be absorbed within existing budgeted resources. | ||||||
| Changing the Health Professions Loan Program from a forgivable loan program to a program that provides loans at varying interest rates as well as eliminating loans from this program to optometry students will result in more funds being available for loans to eligible students in the future. The amount can not be determined at this time. | ||||||
| Additional costs to the Department of Agriculture, Food and Rural Resources associated with rulemaking can be absorbed within existing budgeted resources. The impact of changes to the Department of Health and Human Services' role in evaluating requests for loan forgiveness or an interest rate benefit are expected to be minor and can be absorbed by the department utilizing existing budgeted resources. | ||||||