Each annual payment will be in an amount equal to at least one-eighth (1/8) of the original total principal of the loan plus the accrued interest. In extenuating circumstances, the Board may approve a schedule of payments in which some payments are less than one-eighth (1/8) of the original total principal. The total principal amount of the loan plus all accrued interest must be repaid in full no later than the due date of the eighth annual payment.

Author: Board of Optometric Scholarship and Loan Awards

Statutory Authority: Code of Ala. 1975, §§34-22-60, et seq.

History: Filed September 7, 1984. Amended: Filed February 4, 2014; effective March 11, 2014. Amended: Published June 30, 2025; effective August 14, 2025.