W. Va. Code R. § 133-34-8

Current through Register Vol. XLI, No. 50, December 13, 2024

Section 133-34-8 - Loan Repayment

8.1. A borrower shall be allowed a maximum of ten (10) years to repay the loan (principal and interest). Periods of authorized deferment (approved additional medical training, including internships, residencies, and fellowships, or required military service, not to exceed five years) are not included as part of the ten-year repayment period. However, the minimum repayment amoxmt shall be no less than fifty dollars ($50.00) per month.

8.2. The first payment shall not be due and payable until one (1) year following the date that the borrower ceases to be a fixU-time student at a school of medicine eUgible to participate in the Medical Student Loan Program. Payments are not due for periods of authorized deferment.

8.3. There shall be no penalty for early repayment of the loan.

8.4. The rate of interest charged on outstanding loans not in repayment shall be the prevailing rate for graduate subsidized Federal Stafford Loans in effort at the beginning of the repayment period and such rate shall be in force for the duration of the repayment period. Interest shall not accrue during the grace period or authorized periods of deferment as described within the promissory note.

8.5. In the event of the borrower's death or permanent and total disabihty, the unpaid balance remaining on the note (principal and interest) shall be cancelled.

W. Va. Code R. § 133-34-8