AUGUSTA - A measure to establish the Maine Health Care Provider Loan Repayment Program administered by the Finance Authority of Maine (FAME), LD 1327, sponsored by Rep. Kyle Bailey, D-Gorham, was signed into law last week.
The bill builds on efforts from the 129th Legislature to create a new loan repayment program for health care providers. The bill received approval from the 129th Legislature's Innovation, Development, Economic Advancement and Business Committee but did not make it to the full body for a vote before the Legislature adjourned early due to the COVID-19 pandemic.
LD 1327, as amended, provides an opportunity for allied health care workers who agree to live and work in Maine for at least three years and who meet other relevant criteria to receive up to $30,000 per year for student loan debt relief. The program limits total payments to any given recipient to $90,000 or 50% of recipients' eligible student loan balance.
"As we continue to recover from the pandemic, we must invest wisely in workforce development. But in pursuit of better outcomes we must practice fiscal discipline, avoid duplication and streamline costs wherever possible," said Bailey. "LD 1327 will consolidate Maine's health care loan repayment programs to help us work efficiently and effectively in pursuit of Maine's economic development goals, while also making Mainers healthier."
This measure is aligned with Maine's Ten-Year Strategic Economic Development Plan as well as the recommendations from the Governor's Economic Recovery Committee which call for measures to address workforce growth and development needs in Maine. This legislation encourages existing residents to continue their education in order to further contribute to Maine's economy and provides an opportunity to attract new talent to the state by providing student debt relief.
"FAME looks forward to administering this new Maine Health Care Provider Loan Repayment Program," said Bill Norbert, FAME's governmental affairs and communications manager. "Maine faces great health care and workforce needs, and many of our health care professionals have incurred substantial student loan debt related to their fields, but would prefer to live and work in Maine if possible. This new program should help to address some of our workforce needs by repaying some of the student debt of certain eligible program participants, as well as by attracting new talent to live and work in our state in the health care fields."
Bailey is serving his first term in the Maine House and represents part of Gorham and part of Scarborough. He is a member of the Innovation, Development, Economic Advancement and Business Committee.
Contact:
Jackie Merrill [Bailey], 812-1111