S.C. Code Regs. § § 62-131
Current through Register Vol. 48, No. 11, November 22, 2024
Section 62-131 - Loan AdministrationA. All loans shall be secured by a Promissory Note. Loan shall bear interest from the date of disbursement of funds to the borrower at the rate as may be specified by the Commission.B. The proceeds of a loan shall normally be disbursed by academic registration period, but not sooner than required by the student to meet his educational expenses. A check made co-payable to the borrower and to the institution will be forwarded to the institution for distribution to the borrower; provided, however, that in situations in which it is not feasible to issue the check co-payable, the check will be made payable to the borrower alone and forwarded to the institution. Nothing in this section shall preclude loan funds being transferred to the institution by electronic means.(1) Borrowers participating in the Critical Needs Certification Program will receive a single disbursement annually. A check will be made payable to the borrower and forwarded directly to that borrower.C. The student and institution shall agree to return to the Corporation any refunds applicable to these loans to which the student is entitled due to withdrawal of the student from the institution.Added by State Register Volume 10, Issue No. 5, eff May 23, 1986. Amended by State Register Volume 11, Issue No. 5, eff May 22, 1987; State Register Volume 17, Issue No. 2, eff February 26, 1993; State Register Volume 18, Issue No. 3, eff March 25, 1994; State Register Volume 26, Issue No. 5, Part 1, eff May 24, 2002.