Nevada Administrative Code
Chapter 397 - Western Interstate Commission for Higher Education
Section 397.070 - Director authorized to negotiate terms of repayment of loan or stipend; collection of debt

Universal Citation: NV Admin Code 397.070

Current through December 12, 2024

1. The Commission will, for any stipend that is converted to a loan pursuant to NRS 397.0645:

(a) Establish an interest rate not to exceed 8 percent per year; and

(b) Schedule the repayment of such a loan for a period:
(1) Not to exceed 5 years for a loan that is less than $10,000;

(2) Not to exceed 8 years for a loan that is at least $10,000 but less than $20,000; and

(3) Not to exceed 10 years for a loan that is $20,000 or more.

2. The Director of the Nevada Office may negotiate the terms of repayment of a stipend that is converted to a loan pursuant to NRS 397.0645, including, without limitation, how and when a recipient of such a loan who is in default will be required to make payments.

3. If a recipient of a stipend that is converted to a loan pursuant to NRS 397.0645 is in default of payment for 120 days or more, the Director may coordinate debt collection efforts as the Director deems necessary.

Added to NAC by Interstate Comm'n for Higher Education by R047-14, eff. 12/22/2014; A by R188-22A, eff. 1/5/2024

NRS 397.020, 397.030, 397.040, 397.0645

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