Minnesota Administrative Rules

4830.5400 AMOUNT, TERMS, AND PAYMENT.

Subpart 1.

Maximum and minimum amounts.

The maximum loan for a loan period and the aggregate principal balance of loans shall be those prescribed in the Higher Education Act of 1965, as amended, published in United States Code, title 20, chapter 28. The minimum amount of a loan shall be $250.

Subp. 2.

Duration.

A loan shall not be approved for a loan period in excess of 12 months.

Subp. 3.

Repayment.

The interest rate, terms, and conditions of repayment shall be those prescribed by the Higher Education Act of 1965, as amended, published in United States Code, title 20, chapter 28.

Subp. 4.

Date of payments.

No check shall be dated more than 30 days before the beginning of the loan period for which the loan is made. A school shall not deliver a check to a student until after the loan period has begun. No payment shall be made after the loan period expires.

Subp. 5.

Failure to enroll, transfer, or withdraw.

The school shall return checks for students who have not enrolled within 30 days of the date enrollment is determined. If a student transfers to another school or withdraws from school before a check is received, the loan is canceled. A student may reapply for a loan at another school. If a student who has received a check does not attend school for the intended loan period, the loan shall be immediately due and payable.

Subp. 6.

Refunds.

Refunds from schools to the office must be made as prescribed in the Higher Education Act of 1965, as amended.

Statutory Authority:

MS s 136A.111; 136A.16; 136A.234; 136A.70; 147.30

History:

8 SR 196; 10 SR 2319; L 1995 c 212 art 3 s 59

Published Electronically:

June 11, 2008