The coordinating board is hereby authorized to adopt regulations governing:
- (1) The form, time and method of filing applications;
- (2) The manner and time of repayment of the principal and interest;
- (3) The maximum rate of interest;
- (4) The procedures in the event of default by the borrower;
- (5) The deferral of interest and principal payments based upon teaching in areas of critical need as defined by the state board;
- (6) The forgiveness of principal and interest payments;
- (7) The termination of course of study following the receipt of a loan;
- (8) Collection assistance.
(L. 1985 H.B. 463)