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Ch. 575
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2000 LAWS OF MARYLAND
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certain repayment obligations; making this Act apply retroactively under
certain circumstances; making this Act apply only to certain individuals; and
generally relating to student financial assistance and scholarships administered
by the Maryland Higher Education Commission.
BY adding to
Article - Education
Section 18-112
Annotated Code of Maryland
(1999 Replacement Volume)
BY repealing and reenacting, with amendments,
Article - Education
Section 18-701(e)(1), 18-1102(d)(1), 18-2002(c)(1), 18-2107(b), 18-2204(a), and
18-2306(d)
Annotated Code of Maryland
(1999 Replacement Volume)
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
Article - Education
18-112.
(A) EXCEPT AS OTHERWISE PROVIDED IN THIS TITLE, REPAYMENT
OBLIGATIONS INCURRED BY RECIPIENTS OF STUDENT FINANCIAL ASSISTANCE,
SCHOLARSHIPS, GRANTS, OR LOANS ADMINISTERED BY THE COMMISSION UNDER
THIS TITLE SHALL BE CALCULATED AT AN INTEREST RATE EQUAL TO AND
MATCHING THE INTEREST RATE ESTABLISHED BY THE UNITED STATES
DEPARTMENT OF EDUCATION FOR THE FEDERAL STAFFORD LOAN ON THE FIRST
DAY OF JULY OF EACH YEAR MINUS 1 PERCENT, WITH INTEREST NOT ACCRUING
PRIOR TO NOTIFICATION TO THE COMMISSION OF A RECIPIENT'S GRADUATION OR
TERMINATION FROM AN INSTITUTION OF HIGHER EDUCATION.
(B) A RECIPIENT SHALL COMMENCE REPAYMENT OBLIGATIONS INCURRED
UNDER THIS TITLE UPON GRADUATION OR TERMINATION FROM AN INSTITUTION OF
HIGHER EDUCATION.
18-701.
(e) (1) The recipient of an Economic Development Student Assistance Grant
shall repay the Commission the funds received [plus simple interest that is equal to
the prime rate plus 2 percent calculated from the date of the first payment of the
grant award under this subtitle for any portion of the award not forgiven] AS SET
FORTH IN § 18-112 OF THIS TITLE if the recipient does not:
(i) Complete the specified degree, attain the licensure or
certification required, or fulfill other requirements as provided in this subtitle; and
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