Section 210. Terms and conditions of the loans

Part VI. Discontinued Student Loan Program

An institution with a loan program established from previous general fund appropriations may continue the loan program, under such terms and rules as the governing board of the institution may prescribe, but shall not expand the loan program with currently appropriated funds. The loan program shall meet the following requirements:

1. In any one award year no student shall receive a loan or loans from the fund of an institution that would result in that student owing a net outstanding amount at the end of that award year in excess of the tuition and required fees charged by the institution;

2. The annual interest rate charged on loans to students from a fund shall be 3.0%;

3. An institution shall make every effort to collect each loan made from its student loan fund using the provisions of the Virginia Debt Collection Act (§ 2.2-4800 et seq. of the Code of Virginia); and

4. The Auditor of Public Accounts shall at least biennially audit and exhibit the account of student loan funds at each institution.

Historical Notes

Derived from Volume 31, Issue 18, eff. July 1, 2015.

Statutory Authority

§ 23-38.53:4 of the Code of Virginia.