Section 397.070 - Director authorized to negotiate terms of repayment of loan or stipend; collection of debt1. The Commission will, for any stipend that is converted to a loan pursuant to NRS 397.0645: (a) Establish an interest rate not to exceed 8 percent per year; and(b) Schedule the repayment of such a loan for a period: (1) Not to exceed 5 years for a loan that is less than $10,000;(2) Not to exceed 8 years for a loan that is at least $10,000 but less than $20,000; and(3) Not to exceed 10 years for a loan that is $20,000 or more.2. The Director of the Nevada Office may negotiate the terms of repayment of a stipend that is converted to a loan pursuant to NRS 397.0645, including, without limitation, how and when a recipient of such a loan who is in default will be required to make payments.3. If a recipient of a stipend that is converted to a loan pursuant to NRS 397.0645 is in default of payment for 120 days or more, the Director may coordinate debt collection efforts as the Director deems necessary.Nev. Admin. Code § 397.070
Added to NAC by Interstate Comm'n for Higher Education by R047-14, eff. 12/22/2014; A by R188-22A, eff. 1/5/2024NRS 397.020, 397.030, 397.040, 397.0645