§ 116-73. Joint committee for administration of fund; rules and regulations. - North Carolina Statutes

§ 116‑73.  Jointcommittee for administration of fund; rules and regulations.

"The Scholarship Loan Fund for Prospective College Teachers"shall be the responsibility of the Board of Governors of the University ofNorth Carolina and the State Board of Education and will be administered bythem through a joint committee, "The College Scholarship LoanCommittee." This Committee will operate under the following rules andregulations and under such further rules and regulations as the Board of Governorsof the University of North Carolina and the State Board of Education shalljointly promulgate.

(1)        The nomination of applicants and recommendations of renewalsshall be the responsibility of the College Scholarship Loan Committee.

(2)        Loans should be made for a single academic year (ninemonths) with renewal possible for two successive years for studentssuccessfully pursuing masters or doctoral programs. Loans shall not exceed twothousand dollars ($2,000) for single students and three thousand dollars($3,000) for married students.

(3)        All scholarship loans shall be evidenced by notes, withsufficient sureties, made payable to the State Board of Education, and shallbear interest at the rate of four percent (4%) per annum from and afterSeptember 1 following the awarding of the candidate's degree.

(4)        Recipients of loans may have them repaid by teaching in acollege or other educational institution beyond the high school level in NorthCarolina upon completion of their masters or doctorate degree program, at the rateof one hundred dollars ($100.00) per month for each month of such teaching. Ifa student supported by a loan in this program should fail to so teach in aNorth Carolina institution, the  loan would become repayable to the State, withinterest, for  that part of the teaching commitment not met, said note to berepaid according to the terms thereof.

(5)        Loans for 12 weeks of summer study, carrying stipends not toexceed five hundred dollars ($500.00) for single and married students, shouldbe available to students who do not plan to attend postgraduate school as full‑timestudents during the regular academic year. Recipients should be eligible for upto three renewals over a four‑year period. The obligation to teach in aNorth Carolina college or other educational institution, or failing that, torepay the State, shall apply proportionally as indicated above. (1965, c. 1148, s. 1; 1971, c. 1244, s. 14.)