Section 36-9-82 - Repayment of loans from education assistance program by employment. - South Dakota Statutes

36-9-82. Repayment of loans from education assistance program by employment. Any loans made from the nurses' education assistance loan program to qualified applicants may be repaid by nursing employment in South Dakota after graduation as follows:
(1) Within sixty days after graduation or South Dakota nursing employment, loan recipients desiring this method of repayment shall provide the South Dakota Board of Nursing with the name and address of their South Dakota employer;
(2) The loan including accrued interest shall be deemed repaid at the rate of one dollar per hour of South Dakota nursing employment;
(3) Employment repayment may only be accomplished when a completed, notarized employment affidavit is received from the nursing employer. Employment affidavits may be submitted by the loan recipients monthly, quarterly or annually. Upon receipt of the notarized employment affidavit the loan recipient shall be given loan repayment credit in accordance with the provisions of this section. Upon payment in full of the loan amount plus accrued interest, the notes shall be cancelled and returned to the loan recipient;
(4) If a loan recipient's South Dakota nursing employment is terminated before the complete repayment of the loan amount plus accrued interest, the loan recipient shall immediately contact the South Dakota Board of Nursing and establish a repayment program for the remaining balance of the loan amount plus accrued interest in accordance with the provisions of § 36-9-83.

Source: SL 1989, ch 325, § 7.