- (1) Eligible borrowers may receive up to $2500 a year. The exact loan amount will be equal to the borrower’s cost of education minus the need-based aid the borrower is offered. Loans for students which are need based may be replaced in the package of aid by the minority teacher loan program.
- (2) The total the borrower receives under this program shall not exceed $5,000 in outstanding principal.
- (3) For loans which are not forgiven but must be repaid, the interest rate shall be 5% annually on the unpaid principal balance with accrual beginning upon the initial date of repayment. Interest shall not accrue during periods of full-time enrollment; employment for forgiveness; or during board authorized periods of deferment from repayment.
- (4) The initial date of repayment will be determined by the board in each instance beginning no sooner than the date a borrower withdrew from school or graduated.
History
History: Cr. Register, April, 1992, No. 436, eff. 5-1-92.