Section 18A:71C-4 - Federal loan evidenced by note; interest rate; method of payment; securityEach federal loan made under this article shall:
a. be evidenced by a note or other obligation approved by the authority;b. bear interest at a rate not exceeding the maximum percentage per annum permitted under 20 U.S.C.s. 1071 et seq. and implementing rules and regulations;c. be payable in such manner or in such installments as permitted under 20 U.S.C.s. 1071 et seq. and implementing rules and regulations; andd. be secured only by the personal liability of the maker, and not by any endorsers, co-maker's collateral, or other security, except as may be permitted under 20 U.S.C.s. 1071 et seq. and implementing rules and regulations.