Section R. 390.1455 - Deferment of payments; eligibilityRule 55.
(1) To qualify for deferment, a borrower shall meet the following deferment conditions:(a) For loans disbursed before November 8, 1965, a borrower shall meet the deferment conditions established by the authority.(b) For loans disbursed on November 8, 1965, and after, a borrower shall meet the deferment conditions established by the act and by the secretary as set forth in the provisions of 34 C.F.R. S682.210. These provisions are adopted by reference in R 390.1491.(2) Deferment of payment on principal is subject to both of the following conditions: (a) If the loan was disbursed as a result of an application received by the authority before February 28, 1973, a lender may deny the deferment request, except for unemployment deferment requests.(b) A lender does not have an option to deny a deferment request if the loan was disbursed as a result of an application received by the authority on or after March 1, 1973, unless the borrower is considered in default as defined by the secretary in the provisions of 34 C.F.R. SS682.200, 682.402, and 682.411. These provisions are adopted by reference in R 390.1491.Mich. Admin. Code R. 390.1455
1979 AC; 1984 AACS; 1990 AACS