- (1) Repayment of the loan shall begin within 60 days of the date that the loan is disbursed.
- (2) The minimum payment of $50.00 shall be paid by the borrower or cosigner or cosigners each month.
- (3) The authority may grant forbearance of principal or principal and interest payments to the borrower or cosigner or cosigners in accordance with conditions established by the authority.
- (4) The authority may offer graduated repayments or a modified repayment schedule if the repayment schedule is not in violation of the provisions of subrule (7) of this rule.
- (5) The authority may assess a late charge, which shall not be more than 6 cents for each dollar of each late installment, for a payment that is delinquent for more than 10 days.
- (6) There shall be no penalty for prepayment of a loan.
- (7) A loan shall be repaid in full within the time established by the authority.
History: 1990 AACS; 1995 AACS; 1998-2000 AACS.