Or. Admin. Code § 575-070-0050 - Terms of Oregon Teacher Corps Loans
(1) Loans under this program shall be
evidenced by a written obligation but no additional security shall be required.
(2) The Commission may require
co-signers.
(3) Loans under this
program shall accrue interest from the date of the loan at no less than 7%
interest per annum on the unpaid balance.
(4) Interest rates shall be set by the
Commission annually at a rate equal to the current "initial loan" interest rate
for loans made under the Federal Family Loan Program.
(5) Loans shall not exceed the following
limits:
(a) $2,000 in a single academic year
for an undergraduate student;
(b)
$4,000 in a single academic year for a graduate student;
(c) $8,000 for all loans to an individual
student.
(6) Repayment
of principal and interest shall begin on the first day of the eleventh month
following completion of the approved teacher education program, or following
cessation of documentable enrollment in that program.
(7) The duration of the repayment period
shall be a maximum of 120 months from the time repayment commences.
(8) Minimum monthly payments shall be $50 per
month.
(9) Early repayment of
these loans may be made without penalty.
(10) The Commission may extend the beginning
of the repayment period under circumstances set forth in OAR
575-070-0070 of these rules.
(11) If a borrower in repayment
satisfies the criteria for loan cancellation set forth in OAR
575-070-0080(1),
then all payments made by that borrower will be returned.
Notes
Stat. Auth.: ORS 348
Stats. Implemented: ORS 329.757 - 329.780
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