Texas Education Code § 56.166 Terms Of Loan

Sec. 56.166. TERMS OF LOAN. (a) A loan must be evidenced by a promissory note that provides for the repayment of the loan with interest and for the charging of necessary collection costs.

(b) Except as provided by Sections 56.168 and 56.169 of this code, a loan must be repayable, at the option of the board, in equal monthly installments over a period beginning with the first day of the seventh month after the date on which the recipient ceases to be enrolled in a graduate program at an institution.

(c) A loan must bear simple interest at a rate determined by the board.

(d) A loan provided under this subchapter may not exceed $14,000 each year for a maximum of four years.

(e) The board shall determine the other terms of a loan.

Added by Acts 1993, 73rd Leg., ch. 75, Sec. 1, eff. May 4, 1993.

Section: Previous  56.145  56.147  56.161  56.162  56.163  56.164  56.165  56.166  56.167  56.168  56.169  56.170  56.171  56.201  56.2011  Next

Last modified: September 28, 2016