Md. Code Regs. 13B.08.18.12

Current through Register Vol. 51, No. 22, November 1, 2024

Section 13B.08.18.12 - Repayment

A. If a recipient fails to carry out the obligations required under this chapter, the recipient shall repay the State the amount of the award provided plus interest.

B. Repayment may be prorated if the recipient partially fulfills the employment obligation, as determined under Regulation .10 of this chapter.

C. If repayment is required, interest on the funds provided to the recipient shall accrue at an interest rate equal to the interest rate established by the U.S. Department of Education for the Federal Stafford Loan on the first day of July of each year.

D. Interest shall begin accruing as of the date the funds are provided to the student.

Md. Code Regs. 13B.08.18.12

Regulation .12 adopted effective 45:15 Md. R. 727, eff. 7/30/2018