Section R. 390.1441 - Eligibility for federal interest benefitsRule 41.
(1) A borrower who obtained a loan after November 7, 1965, may be eligible for federal interest benefits if the borrower meets the eligibility requirements set forth in the act.(2) A student loan disbursed before November 8, 1965, is not eligible for federal interest benefits. Interest accruing on such a loan shall be deferred and made a part of the principal when the repayment period begins.(3) For a loan disbursed before November 8, 1965, a payment of 3% simple interest accrued on a loan before inception of the repayment period shall be made by the authority if the borrower has graduated or completed the originally intended course of study. The borrower shall pay the entire 6% simple interest during the repayment period.Mich. Admin. Code R. 390.1441
1979 AC; 1984 AACS; 1990 AACS