OAR 575-070-0050
Terms of Oregon Teacher Corps Loans
(1)
Loans under this program shall be evidenced by a written obligation but no additional security shall be required.(2)
The Commission may require co-signers.(3)
Loans under this program shall accrue interest from the date of the loan at no less than 7% interest per annum on the unpaid balance.(4)
Interest rates shall be set by the Commission annually at a rate equal to the current “initial loan” interest rate for loans made under the Federal Family Loan Program.(5)
Loans shall not exceed the following limits:(a)
$2,000 in a single academic year for an undergraduate student;(b)
$4,000 in a single academic year for a graduate student;(c)
$8,000 for all loans to an individual student.(6)
Repayment of principal and interest shall begin on the first day of the eleventh month following completion of the approved teacher education program, or following cessation of documentable enrollment in that program.(7)
The duration of the repayment period shall be a maximum of 120 months from the time repayment commences.(8)
Minimum monthly payments shall be $50 per month.(9)
Early repayment of these loans may be made without penalty.(10)
The Commission may extend the beginning of the repayment period under circumstances set forth in OAR 575-070-0070 (Authorized Deferment of Repayment) of these rules.(11)
If a borrower in repayment satisfies the criteria for loan cancellation set forth in OAR 575-070-0080 (Complete Cancellation of Loans)(1), then all payments made by that borrower will be returned.
Source:
Rule 575-070-0050 — Terms of Oregon Teacher Corps Loans, https://secure.sos.state.or.us/oard/view.action?ruleNumber=575-070-0050.