191.530. Interest on loans--repayment terms--temporary deferral. - Missouri Statutes

Interest on loans--repayment terms--temporary deferral.

191.530. Interest at the rate of nine and one-half percentper year shall be charged on all loans made under sections191.500 to 191.550 but one-fourth of the interest and principalof the total loan at the time of the awarding of the degree shallbe forgiven for each year of participation by an applicant in thepractice of his profession in a rural area or an area of definedneed. The department shall grant a deferral of interest andprincipal payments to a loan recipient who is pursuing aninternship or a residency in primary care. The deferral shallnot exceed three years. The status of each loan recipientreceiving a deferral shall be reviewed annually by the departmentto ensure compliance with the intent of this provision. The loanrecipient will repay the loan beginning with the calendar yearfollowing completion of his internship or his primary careresidency in accordance with the loan contract.

(L. 1978 H.B. 884 § 7, A.L. 1988 H.B. 1380)