Section HEA 13.04 - Terms of loan(1) Eligible borrowers shall receive a minimum award of $250. The maximum award amount shall be set annually by the board. The exact amount of the award shall not exceed the borrower's cost of education, as determined by MTEC using recognized federal methodology, minus the need-based aid the borrower is offered. Loans for students that are need-based may be replaced in the package of aid by the Teacher Education Loan.(2) For loans that are not forgiven and must be repaid, the interest rate shall be 5% annually on the unpaid principal balance with accrual beginning upon the initial date of repayment. Interest shall not accrue during periods of full-time enrollment; employment that qualifies for forgiveness; or during board-authorized periods of deferment from repayment.(3) The initial date of repayment shall be determined by the board in each instance beginning no sooner than the day after the borrower withdraws or graduates from school.Wis. Admin. Code Higher Educational Aids Board HEA 13.04
CR 01-078: Cr. Register January 2002 No. 553, eff. 2-1-02.