160.281. Loan paid back with interest if student fails to obtain degree--loans may be sold. - Missouri Statutes

Loan paid back with interest if student fails to obtain degree--loansmay be sold.

160.281. If a student ceases his study prior to receivinga degree, any scholarship received under the provisions ofsections 160.276, 160.278, 160.281 and 160.283 shall be treatedas a loan to the student and interest at the rate of nine andone-half percent per year shall be charged upon the unpaidbalance of the amount received from the date the student ceaseshis study until the amount received is paid back to the state.In order to provide for the servicing of such loans, thedepartment of elementary and secondary education may sell suchloans to the higher education loan authority of the state ofMissouri created under sections 173.350 to 173.450, RSMo.

(L. 1985 H.B. 463 § 9 subsec. 5, A.L. 1990 S.B. 740)