Wis. Admin. Code Hea § HEA 13.04 - Terms of loan
Current through November 29, 2021
(1) Eligible borrowers shall receive a
minimum award of $250. The maximum award amount shall be set annually by the
board. The exact amount of the award shall not exceed the borrower's cost of
education, as determined by MTEC using recognized federal methodology, minus
the need-based aid the borrower is offered. Loans for students that are
need-based may be replaced in the package of aid by the Teacher Education
Loan.
(2) For loans that are not
forgiven and 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 that qualifies for forgiveness; or during board-authorized periods
of deferment from repayment.
(3)
The initial date of repayment shall be determined by the board in each instance
beginning no sooner than the day after the borrower withdraws or graduates from
school.
Notes
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