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MARVIN MANDEL, Governor 3545
read as follows:
Article 43A - Higher Education Loan Program
5.
(a) (1) To lend money, upon such terms and
conditions as the board may prescribe, within the
limitations contained in this article, to persons who are
residents of this State and who have been accepted for
enrollment or who are in good standing at eligible
colleges or vocational schools in this State or
elsewhere, to assist them in meeting their expenses of
education. Any such person shall be eligible to borrow
for at least six academic years or their equivalent.
Maximum loan amounts shall be established by the board
within limits established by federal law and regulations
prescribed by the Commissioner, and
(2) To guarantee the loan of money, upon
such terms and conditions as the board may prescribe,
within the limitations contained in this article, to
persons who are residents of this State and who have been
accepted for enrollment or who are in good standing at
eligible colleges or vocational schools in this State or
elsewhere, to assist them in meeting their expenses of
education. Any such person shall be eligible to borrow
for at least six academic years or their equivalent.
Maximum loan amounts shall be established by the board
within limits established by federal law and regulations
prescribed by the Commissioner, and
(3) Students who have been accepted for
enrollment or who are in good standing at eligible
colleges or vocational schools on a part-time basis shall
be eligible for loans hereunder provided that they carry
at least one-half the normal full-time academic work load
as determined by the college or vocational school. The
board may, by rule, establish other minimum
qualifications for a person to be deemed a part-time
student for the purposes hereof.
(4) The board shall have the power to
procure a policy or policies of group life insurance to
insure the repayment of loans made or guaranteed by the
corporation in the event of the death of an individual to
whom a loan is made or guaranteed hereunder.
(5) No collateral security or endorsements
shall be required on any loan made or guaranteed by the
corporation unless by specific authority of the board.
(6) To pay a service fee of [twenty-five
dollars ($25.00)] $75 $40 to any lending institution upon
the processing, approval and granting of a loan or
conversion to a "pay—out" program for an existing loan on
behalf of any student who receives a loan for higher
education as provided in this article.
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