Section HEA 11.04 - Terms of loans(1) Eligible borrowers may receive up to $2500 a year. The exact loan amount will be equal to the borrower's cost of education minus the need-based aid the borrower is offered. Loans for students which are need based may be replaced in the package of aid by the minority teacher loan program.(2) The total the borrower receives under this program 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% annually 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.(4) The initial date of repayment will be determined by the board in each instance beginning no sooner than the date a borrower withdrew from school or graduated.Wis. Admin. Code Higher Educational Aids Board HEA 11.04
Cr. Register, April, 1992, No. 436, eff. 5-1-92.