Education Policy, Business and Technology

LePage urges passage of $50 million in bonds to pay for interest-free student loans

Press Herald: Gov. Paul LePage urged lawmakers to approve $50 million in bonds to provide zero-interest student loans to Mainers attending school in-state while allowing others to refinance if they stay in Maine after college.

With Maine facing a “demographic winter” as more of the workforce approaches retirement-age, the state needs a multi-pronged approach to convincing recent college graduates to stay in Maine or move to the state, LePage said. The governor is proposing a Finance Authority of Maine program to provide zero-interest loans – backed by $50 million in voter-approved bonds – to college students who live and work in the state for at least five years after graduation, with possible extensions if they remain in the state longer.

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