Section 8.04. Terms of loans.

 

(1)  Eligible borrowers may receive up to $2,500 a year based upon their financial need as determined through use of the national needs analysis as used under s. 39.435 , Stats. The exact loan amount will be equal to the borrower's cost of education minus the student and parental contribution, minus the grant aid the borrower is offered.

(2)  The total the borrower may borrow from the board shall not exceed $5,000 in outstanding principal.

(3)  For loans which are not forgiven but must be repaid, the interest rate shall be 5% per annum 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 for forgiveness; or during board authorized periods of deferment from repayment.

History: Cr. Register, November, 1988, No. 395 , eff. 12-1-88.