NRS397.063. Western Interstate Commission for Higher Education’s Fund for Student Loans; use of money in Fund; required terms of student loans made before July 1, 1985.

      1.  All contributions from students must be accounted for in the Western Interstate Commission for Higher Education’s Fund for Student Loans which is hereby created as an enterprise fund.

      2.  The three Nevada State Commissioners, acting jointly, shall administer the Fund, and the money in the Fund must be used solely to provide:

      (a) Loans to; and

      (b) Contractual arrangements for educational services and facilities for,

Ê residents of Nevada who are certified to attend graduate or professional schools in accordance with the provisions of the Western Regional Higher Education Compact.

      3.  Loans from the Western Interstate Commission for Higher Education’s Fund for Student Loans, before July 1, 1985, and loans made to students classified as continuing students before July 1, 1985, must be made upon the following terms:

      (a) All student loans must bear interest at 5 percent per annum from the date when the student receives the loan.

      (b) Each student receiving a loan must repay the loan with interest following the termination of the student’s education or completion of the student’s internship in accordance with the following schedule:

             (1) Within 5 years for loans which total less than $10,000.

             (2) Within 8 years for loans which total $10,000 or more but less than $20,000.

             (3) Within 10 years for loans which total $20,000 or more.

      (c) No student loan may exceed 50 percent of the student fees for any academic year.

      (Added to NRS by 1977, 428; A 1983, 312; 1985, 849; 1997, 125; 2001, 2753; 2003, 940)