A. Any institution may make loans from its student loan fund only to needy students who might be unable to attend such institution without such loans and who are duly admitted into degree or certificate programs at the institution. Such loans shall be made upon such terms and according to such rules as may be prescribed by the governing board of the institution.

B. In any one academic year no student may receive a loan or loans from the fund of an institution which would result in that student owing a net outstanding amount at the end of that year in excess of the tuition and required fees charged by the institution.

C. The rate of interest charged on loans to students from a fund shall be three per centum per annum.

History

1978, c. 745; 1991, c. 590.