Current through Register Vol. 48, No. 34, August 23, 2024
Section 62-521 - Loan AdministrationA. All loans shall be secured by a Promissory Note and shall bear interest from the date of disbursement of funds to the borrower at the rate of 12% per annum.B. The proceeds of a loan shall normally be disbursed by academic registration period, but not sooner than required by the student to meet his educational expenses. A check made co-payable to the borrower and to the institution will be forwarded to the institution for distribution to the borrower; provided, however, that in situations in which it is not feasible to issue the check co-payable, the check will be made payable to the borrower alone and forwarded to the institution.C. Student and institution shall agree to return to the Corporation any refunds applicable to these loans to which the student is entitled due to withdrawal of the student from the institution.Added by State Register Volume 16, Issue No. 3, eff March 27, 1992.