(1)Repayment of the principal of the loans, accruing interest and deferred interest shall commence not later than 12 months after the borrower graduates or otherwise terminates his/her education program. The “education program” may include post-graduate study approved by the Commission. If a borrower enrolls in an approved post-graduate study program after a portion of the above 12-month period has elapsed, then repayment of the principal and deferred interest shall commence following the termination of that program and after any remaining balance of the original 12-month period has elapsed, except that repayment of principal and deferred interest must commence in all cases within 60 months following the borrower’s graduation from the institution.
(2)These payments shall be made in equal successive monthly installments of not less than $50 and shall end not more than 120 months after the beginning of the principal repayment period.
(3)The length of repayment for students who borrow under this program following the commencement of repayment shall be negotiated by the student and the Division at the time the subsequent loan is made.
Rule 575-050-0030 — Repayment,