Section 11-351-11 - Maximum loan amount; loan terms and restrictions(a) The maximum individual loan amount shall not exceed $10,000 per recipient for any one academic year.(b) The director shall determine the extent and kinds of security required for each loan, if any.(c) No loan shall be granted for a period exceeding five years. The following guidelines shall be used by the department in establishing loan terms: (1) All loans shall be made before June 30, 1995.(2) All repayments of loans shall be made before the close of business on June 30, 2000, at which time the funds from the nursing student loan program shall lapse into the general fund.(d) Each loan shall bear a simple interest rate not to exceed five per cent per year.(e) Loans shall be granted for the entire period required to complete studies, up to a maximum of five years. Allocations will be made each semester/quarter to the loan beneficiary upon submission of: (1) Transcripts from the previous academic semester indicating that the loan recipient has a minimum grade point average of 2.0 (on a 4.0 scale);(2) A copy of the recipient's registration for courses for the upcoming academic semester/ quarter; and(3) Letter from the school of nursing confirming the recipient's enrollment, as requested by the director.(f) Should the recipient determine that the loan amount will need to be increased after the original loan amount is awarded, the recipient shall submit a request for additional funds in writing to the loan advisory committee along with justification for the increase (e.g., increased tuition). The increased amount, if approved by the director, will be applied to the upcoming academic semester.[Eff JUN 25 1992] (Auth: §§ 321-24, 321-25, 321-26) (Imp: §§ 321-24, 32125, 321-26)