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131st MAINE LEGISLATURE |
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LD 632 |
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LR 1763(02) |
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An Act to Amend
the Social Work Education Loan Repayment Program |
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Fiscal Note for
Bill as Amended by Committee Amendment " " |
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Committee: Innovation, Development, Economic
Advancement and Business |
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Fiscal Note Required: Yes |
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| Fiscal Note |
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FY 2023-24 |
FY 2024-25 |
Projections FY 2025-26 |
Projections FY 2026-27 |
| Net Cost
(Savings) |
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General Fund |
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$500,000 |
$500,000 |
$500,000 |
$500,000 |
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| Appropriations/Allocations |
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General Fund |
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$500,000 |
$500,000 |
$500,000 |
$500,000 |
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| Fiscal Detail
and Notes |
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This bill
includes ongoing General Fund appropriations of $500,000 per year beginning
in fiscal year 2023-23 to the Social Worker Education Loan Repayment Program
within the Finance Authority of Maine for the cost to repay up to $20,000 in
loans for up to 25 eligible applicants per year. |
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The Social Work
Education Loan Repayment Program was established in Public Law 2009, c 427
and provides for the repayment of loans for up to 3 applicants per year at up
to $5,000 per loan. This bill
increases the number of applicants that may receive a loan repayment from 3
to 25 as well as increases the maximum amount of the loan repayment from
$5,000 to $20,000. When the law was
enacted, it created a nonlapsing revolving fund that was authorized to accept
money from gifts, grants, bequests and donations in addition to money
appropriated or allocated by the State and any federal funds received by the
State to carry out the purposes of the program. No funding was provided at the time of
enactment and, according to FAME, no money has been received to-date. The General Fund appropriations included in
this bill fully fund the program. |
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