- (a) A loan must be evidenced by a promissory note that provides for the repayment of the loan with interest and for the charging of necessary collection costs.
- (b) Except as provided by Sections 56.168 and 56.169 of this code, a loan must be repayable, at the option of the board, in equal monthly installments over a period beginning with the first day of the seventh month after the date on which the recipient ceases to be enrolled in a graduate program at an institution.
- (c) A loan must bear simple interest at a rate determined by the board.
- (d) A loan provided under this subchapter may not exceed $14,000 each year for a maximum of four years.
- (e) The board shall determine the other terms of a loan.
Added by Acts 1993, 73rd Leg., ch. 75, Sec. 1, eff. May 4, 1993.