Wisconsin Administrative Code
Higher Educational Aids Board
Chapter HEA 10 - Independent student grant
Section HEA 10.06 - Terms of repayment
Current through February 26, 2024
(1) Repayment of the grant is not required if the student earns an associate or bachelor's degree within 5 years of receiving the last grant award. Students who do not earn either degree, or who leave Wisconsin prior to earning either degree shall repay the grant amounts received with interest. If repayment is required, it is to begin 5 years after receiving the last grant award.
(2) The minimum monthly payment shall be $50 including principal and accrued interest. Accrued interest shall be deducted first from each monthly payment. The board shall determine the monthly repayment schedule, although a student may request a schedule with a higher monthly payment.
(3) A student shall repay the grant within a maximum of 10 years not counting periods of deferment granted by the board. Interest shall not accrue during periods of board authorized deferments.
(4) Students may prepay any or all of their grant account without penalty whether in school, in prepayment or in deferment.
(5) If a student dies, or becomes totally disabled as certified by a physician, his or her obligation to make any further payment of principal and interest on the grant is canceled.
