Ala. Admin. Code r. 280-X-7-.03
Current through Register Vol. 43, No. 1, October 31, 2024
Each annual payment will be in an amount equal to at least one-eighth (1/8) of the original total principal of the loan plus the accrued interest. In extenuating circumstances, the Board may approve a schedule of payments in which some payments are less than one-eighth (1/8) of the original total principal. The total principal amount of the loan plus all accrued interest must be repaid in full no later than the due date of the eighth annual payment.
Author:
Ala. Admin. Code r. 280-X-7-.03
Statutory Authority:Code of Ala. 1975, §§ 16-47-76 through 16-47-81.