NRS397.0653. Repayment of stipends received on or after July 1, 1995; exceptions.

      1.  The provisions of this section apply only to stipends received by a student on or after July 1, 1995.

      2.  Each student must repay all stipends which the student receives from the Western Interstate Commission for Higher Education unless the student:

      (a) Practices, in Nevada, for the period determined pursuant to NRS 397.0645, the profession which he or she was certified to study.

      (b) Reports his or her practice status annually on forms provided by the Commission.

      (c) Except as otherwise approved by the Commission, commences his or her practice obligation within 1 year after completion or termination of the education, internship or residency for which the student received the stipend.

      (d) Maintains his or her permanent residence in the State of Nevada throughout the period of his or her practice obligation. For the purposes of this section, a person who leaves the State for a limited period of time without forming the intent of changing his or her permanent residence is not considered to have moved his or her residence.

      (e) Graduates with a degree in the area of study for which the student received the stipend.

      (f) Completes his or her practice obligation within the period specified in NRS 397.0645.

      3.  A stipend that must be repaid in accordance with this section must be repaid under the following terms:

      (a) All stipends must bear interest at 8 percent per annum from the first day of the academic term for which the student received the support fee.

      (b) The balance due must be repaid in monthly installments within the following periods:

             (1) Five years for stipends which total, including interest, less than $10,000.

             (2) Eight years for stipends which total, including interest, $10,000 or more but less than $20,000.

             (3) Ten years for stipends which total, including interest, $20,000 or more.

      (Added to NRS by 1995, 355)