Rule 390.1630

Mich. Admin. Code R. 390.1630

Loan disbursement.

(By authority conferred on the Michigan higher education student loan authority by sections 4, 4a, and 12 of 1975 PA 222, MCL 390.1154, 390.1154a, and 390.1162)Student Financial Services Board

(1) Loan proceeds shall not be disbursed more than 1 month before the start of the loan period as specified on the application.
(2) Loans may be disbursed after the loan period has expired if authorized by the authority.
(3) The interest and reserve fee, if applicable, shall be refunded if the disbursed funds are returned to the authority within 30 days of the date of the disbursement.

History: 1990 AACS; 1995 AACS; 1998-2000 AACS.