Section 14.07. Terms of repayment.

 

(1)  Borrowers shall repay a loan if not employed, at least part-time, as a teacher of visually impaired pupils or as an orientation and mobility instructor in a Wisconsin school district, the Wisconsin Center for the Blind or an educational service agency. Repayment shall be required of borrowers who are employed for periods of time but who do not complete their forgiveness within the time allowed.

(2)  The monthly payment shall be a minimum of $50 including principal and accrued interest. Accrued interest shall be paid first each month from the payment received. The board shall determine the monthly repayment schedule, although a borrower may request a schedule with a higher monthly payment.

(3)  A borrower shall repay the loan within a maximum of 15 years not counting periods of deferment granted by the board. Interest shall not accrue during periods of deferment authorized by the board.

(4)  Borrowers may prepay any or all of their loan account without penalty whether the borrower is in school, forgiveness, repayment or deferment.

(5)  If the borrower dies or becomes totally and permanently disabled, all obligation to make any further payment of principal and interest on the loan shall be canceled.

History: CR 01-079 : Cr. Register January 2002 No. 553 , eff. 2-1-02.