§ 116‑74.43. Terms ofloans; receipt and disbursement of funds.
(a) (Effective untilJanuary 1, 2009) All scholarship loans shall be evidenced by notes madepayable to the State Education Assistance Authority that bear interest at therate of ten percent (10%) per year beginning 90 days after completion of theschool administrator program, or 90 days after termination of the scholarshiploan, whichever is earlier. The scholarship loan may be terminated upon therecipient's withdrawal from school or by the recipient's failure to meet thestandards set by the Commission.
(a) (EffectiveJanuary 1, 2009) All scholarship loans shall be evidenced by notes madepayable to the State Education Assistance Authority that bear interest at arate not to exceed ten percent (10%) per year as set by the Authority andbeginning 90 days after completion of the school administrator program, or 90days after termination of the scholarship loan, whichever is earlier. Thescholarship loan may be terminated upon the recipient's withdrawal from schoolor by the recipient's failure to meet the standards set by the Commission.
(b) The State EducationAssistance Authority shall forgive the loan and any interest accrued on theloan if, within six years after graduation from a school administrator program,exclusive of any authorized deferment for extenuating circumstances, therecipient serves for four years as a school administrator at a North Carolinapublic school or at a school operated by the United States government in NorthCarolina. The SEAA shall also forgive the loan if it finds that it isimpossible for the recipient to work for four years, within six years aftercompletion of the two‑year school administrator program supported by thescholarship loan at a North Carolina public school, or at a school operated bythe United States government in North Carolina, because of the death orpermanent disability of the recipient. If the recipient repays the scholarshiploan by cash payments, all indebtedness shall be repaid within 12 years aftercompletion of the two‑year school administrator program supported by thescholarship loan. If the recipient completes the school administrator program,payment of principal and interest shall begin no later than 27 months after thecompletion of the program. Should a recipient present extenuatingcircumstances, the State Education Assistance Authority may extend the periodto repay the loan in cash to no more than a total of 15 years.
(c) All fundsappropriated to, or otherwise received by, the Principal Fellows Program forscholarships, all funds received as repayment of scholarship loans, and allinterest earned on these funds, shall be placed in a university trust fund.This university trust fund may be used only for scholarship loans granted underthe Principal Fellows Program and administrative costs associated with therecovery of funds advanced under the program. (1993, c. 321, s. 85(a); 1993 (Reg. Sess., 1994), c.677, s. 12(a); 2008‑204, s. 5.3.)
§ 116‑74.43. Terms ofloans; receipt and disbursement of funds.
(a) (Effective untilJanuary 1, 2009) All scholarship loans shall be evidenced by notes madepayable to the State Education Assistance Authority that bear interest at therate of ten percent (10%) per year beginning 90 days after completion of theschool administrator program, or 90 days after termination of the scholarshiploan, whichever is earlier. The scholarship loan may be terminated upon therecipient's withdrawal from school or by the recipient's failure to meet thestandards set by the Commission.
(a) (EffectiveJanuary 1, 2009) All scholarship loans shall be evidenced by notes madepayable to the State Education Assistance Authority that bear interest at arate not to exceed ten percent (10%) per year as set by the Authority andbeginning 90 days after completion of the school administrator program, or 90days after termination of the scholarship loan, whichever is earlier. Thescholarship loan may be terminated upon the recipient's withdrawal from schoolor by the recipient's failure to meet the standards set by the Commission.
(b) The State EducationAssistance Authority shall forgive the loan and any interest accrued on theloan if, within six years after graduation from a school administrator program,exclusive of any authorized deferment for extenuating circumstances, therecipient serves for four years as a school administrator at a North Carolinapublic school or at a school operated by the United States government in NorthCarolina. The SEAA shall also forgive the loan if it finds that it isimpossible for the recipient to work for four years, within six years aftercompletion of the two‑year school administrator program supported by thescholarship loan at a North Carolina public school, or at a school operated bythe United States government in North Carolina, because of the death orpermanent disability of the recipient. If the recipient repays the scholarshiploan by cash payments, all indebtedness shall be repaid within 12 years aftercompletion of the two‑year school administrator program supported by thescholarship loan. If the recipient completes the school administrator program,payment of principal and interest shall begin no later than 27 months after thecompletion of the program. Should a recipient present extenuatingcircumstances, the State Education Assistance Authority may extend the periodto repay the loan in cash to no more than a total of 15 years.
(c) All fundsappropriated to, or otherwise received by, the Principal Fellows Program forscholarships, all funds received as repayment of scholarship loans, and allinterest earned on these funds, shall be placed in a university trust fund.This university trust fund may be used only for scholarship loans granted underthe Principal Fellows Program and administrative costs associated with therecovery of funds advanced under the program. (1993, c. 321, s. 85(a); 1993 (Reg. Sess., 1994), c.677, s. 12(a); 2008‑204, s. 5.3.)
§ 116‑74.43. Terms ofloans; receipt and disbursement of funds.
(a) (Effective untilJanuary 1, 2009) All scholarship loans shall be evidenced by notes madepayable to the State Education Assistance Authority that bear interest at therate of ten percent (10%) per year beginning 90 days after completion of theschool administrator program, or 90 days after termination of the scholarshiploan, whichever is earlier. The scholarship loan may be terminated upon therecipient's withdrawal from school or by the recipient's failure to meet thestandards set by the Commission.
(a) (EffectiveJanuary 1, 2009) All scholarship loans shall be evidenced by notes madepayable to the State Education Assistance Authority that bear interest at arate not to exceed ten percent (10%) per year as set by the Authority andbeginning 90 days after completion of the school administrator program, or 90days after termination of the scholarship loan, whichever is earlier. Thescholarship loan may be terminated upon the recipient's withdrawal from schoolor by the recipient's failure to meet the standards set by the Commission.
(b) The State EducationAssistance Authority shall forgive the loan and any interest accrued on theloan if, within six years after graduation from a school administrator program,exclusive of any authorized deferment for extenuating circumstances, therecipient serves for four years as a school administrator at a North Carolinapublic school or at a school operated by the United States government in NorthCarolina. The SEAA shall also forgive the loan if it finds that it isimpossible for the recipient to work for four years, within six years aftercompletion of the two‑year school administrator program supported by thescholarship loan at a North Carolina public school, or at a school operated bythe United States government in North Carolina, because of the death orpermanent disability of the recipient. If the recipient repays the scholarshiploan by cash payments, all indebtedness shall be repaid within 12 years aftercompletion of the two‑year school administrator program supported by thescholarship loan. If the recipient completes the school administrator program,payment of principal and interest shall begin no later than 27 months after thecompletion of the program. Should a recipient present extenuatingcircumstances, the State Education Assistance Authority may extend the periodto repay the loan in cash to no more than a total of 15 years.
(c) All fundsappropriated to, or otherwise received by, the Principal Fellows Program forscholarships, all funds received as repayment of scholarship loans, and allinterest earned on these funds, shall be placed in a university trust fund.This university trust fund may be used only for scholarship loans granted underthe Principal Fellows Program and administrative costs associated with therecovery of funds advanced under the program. (1993, c. 321, s. 85(a); 1993 (Reg. Sess., 1994), c.677, s. 12(a); 2008‑204, s. 5.3.)
