(b) The repayment
period begins not later than the day after completion of six months from the
last date on which the borrower was enrolled on at least a half-time basis in
an eligible program, with a first payment due within 45 days after the first
day of the repayment period.
The commission may establish a forbearance, a deferment, or an alternative
repayment schedule with a borrower or endorser to assist a borrower or endorser
in repaying the loan.
regular repayment period is ten years in duration with a repayment schedule
that provides for equal or graduated payments.
(e) The commission may establish a repayment
schedule that provides for the payment amounts to change as a result of the
annual change in variable interest rate. If the effect of the interest rate
change on the repayment schedule would result in a loan not being repaid in the
maximum repayment term, the commission may provide the borrower with a
forbearance extending the repayment period.
A borrower's obligation to commence
is also the obligation of any
(1) begins when the borrower's
(2) is deferred
while the borrower's obligation is deferred;
(3) continues even if the borrower's
obligation to repay the loan is discharged or canceled before the loan is paid
in full, and even if the discharge or cancellation occurs due to the death or
disability of the borrower; and
continues even if the borrower's obligation to repay the loan is determined to
have been discharged in bankruptcy unless the endorser's obligation to repay
the loan has also been determined to have been discharged in the endorser's
commission will credit the entire payment amount first to accrued late charges
or collection costs and then to any outstanding interest and then to
minimum monthly payment amount must be at least $50, unless otherwise agreed to
by the borrower or endorser and the commission.