Section 8.07. Terms of repayment.

 

(1)  Borrowers shall repay a loan if not employed as a nurse in Wisconsin. Repayment shall be required of borrowers who are employed for periods of time but who do not complete their forgiveness within the time allowed under s. HEA 8.06 (1) and (2) .

(2)  The minimum monthly payment shall be $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 10 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 a borrower dies or becomes totally and permanently disabled, his or her obligation to make any further payment of principal and interest on the loan is canceled.

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