8 Va. Admin. Code § 40-132-210

Current through Register Vol. 40, No. 22, June 17, 2024

Section 8VAC40-132-210 - Terms and conditions of the loans

An institution with a loan program established from previous general fund appropriations may continue the loan program, under such terms and rules as the governing board of the institution may prescribe, but shall not expand the loan program with currently appropriated funds. The loan program shall meet the following requirements:

1. In any one award year no student shall receive a loan from the fund of an institution that would result in that student owing a net outstanding amount at the end of that award year in excess of the tuition and required fees charged by the institution;

2. The annual interest rate charged on loans to students from a fund shall be 3.0%;

3. An institution shall make every effort to collect each loan made from its student loan fund using the provisions of the Virginia Debt Collection Act (§ 2.2-4800 et seq. of the Code of Virginia); and

4. The Auditor of Public Accounts shall at least biennially audit and exhibit the account of student loan funds at each institution.

8 Va. Admin. Code § 40-132-210

Derived From Virginia Register Volume 34, Issue 5, eff. 11/1/2017.

Statutory Authority: § 23.1-636 of the Code of Virginia.