Or. Admin. Code § 575-050-0040 - Interest for Medical, Dental, and Veterinary Student Borrowers

(1) Borrowers shall be assessed at least six percent interest per annum on the unpaid balance from the date of the note.

(2) In-school interest payments by the borrower shall be deferred until the borrower ceases to be enrolled full-time:

(a) During the interest deferment period, the Commission shall pay the Division the applicable interest on an annual basis;

(b) The borrower shall reimburse the Commission for these deferred interest payments as provided in OAR 575-050-0030.

(3) The borrower shall commence direct payment of accruing interest to the Division at the time he/she ceases to be enrolled full-time. These payments of interest will be made in quarterly or monthly installments, as specified in the Interim Note and Addendum, until repayment of principal begins, at which time they will be incorporated into the monthly installments of principal and deferred interest.

Notes

Or. Admin. Code § 575-050-0040

SSC 2-1978(Temp), f. & ef. 1-4-78; SSC 3-1978, f. & ef. 2-16-78; SSC 1-1981, f. & ef. 9-3-81; SSC 4-1983, f. & ef. 11-29-83; SSC 1-1987, f. 2-23-87, ef. 2-25-87; OSAC 1-2015, f. & cert. ef. 12/18/2015

Stat. Auth.: ORS 348

Stats. Implemented: ORS 348.040 - 348.095